Strong year start for Safilo

Safilo reported strong first quarter results with an increase in all margins and decline in net debt, boosted by the success of brands Carrera and David Beckham.

Overall net sales declined by -1.8% to €277.2m, attributed to the exit of the Jimmy Choo licence, a ‘subdued’ winter in North America and temporary slowdown of some emerging markets.

However, sales in Europe increased by 5.8% to €125.3m in quarter one with progress noted in France, the central and eastern European markets plus Poland and Turkey.

Gross margin increased from 58.4% to 60.0% and the EBITDA margin grew from 11.3% to 11.5%, while net debt reduced from €82.7 M to €81.3 M.