Safilo satisfied with FY profits

Italian eyewear manufacturer Safilo has reported a 4.2 per cent increase in gross profit and a 6.7 per cent increase in net sales in the results for its 2012 financial year. Described as 'satisfactory,' Safilo said the results showed top-line growth broadly in line with profitability and further reduced debt.

Operating profit shrunk by 14.3 per cent to €73.9m and group net profit also fell 7.2 per cent to €25.9m. In the last three months of the year, net sales increased by 16.6 per cent, largely from sales of newly acquired Polaroid products.

Safilo CEO Roberto Vedovotto said: 'Our strategic priority was to focus on the top-line growth of our portfolio and on profitability, as well as to maintain a solid capital structure, despite the expected Armani phase-out negative effect.