Safilo sees growth but debt is static

Safilo posted turnover up 8.9 per cent to €561.7m in the six months to June 20 and second-quarter growth of 10.3 per cent.

There was a 34 per cent rise in operating profit at €80.2m compared to the same period last year, with net profit up six times to €24m. The company's net debt at the end of the quarter was €773m, a slight improvement on the same period last year.

Safilo added that in Europe (excluding Italy) there was a strong second quarter performance, up 9.7 per cent, reversing the first-quarter trend. Of this area, the best results were in the Spanish and English markets, with Armani, Gucci, Dior and the owned brand Smith producing the best performances.

'In terms of product lines, the major increase has been seen in the sunglass sector,' it said.