Safilo suffers 2% drop in group net sales

Full year 2016 financial results for Safilo have showed a 2% drop in group net sales and a 5.5% decline in gross profit, mainly because of the double-digit decline of Gucci in the final year as one of the company’s licensed brands.

Europe was Safilo’s main driver of growth, becoming its biggest region, equal to 42.9% of the total business. In Q4 2016, European net sales grew 6.3% to €138.4m, while full year net sales increased by 5.7% to €537.6m. Sales of the Going Forward Brand portfolio increased 9.2% in 2016, which reflected positive trends in UK, France, Italy and Nordic countries.