Safilo's Q1 net sales improve by 3.4 percent

Safilo Group S.p.A. has said that the company closed the first quarter of 2019 with the net sales from continuing operations at 247.3 million euros (277.7 million dollars), up 3.4 percent at current exchange rates and 0.6 percent at constant exchange rates with the wholesale business improving by 0.8 percent.

Safilo’s adjusted EBITDA reached 16.5 million euros (18.5 million dollars) and a margin of 6.7 percent, compared to 16.1 million euros recorded in Q1 2018, which included the income of 9.8 million euros for the early termination of the Gucci license.

The company said, sales performance was supported by the gradual improvement of business trends in Europe, up 1.3 percent at constant exchange rates and 1.8 percent growth of the wholesale business and North America recovering with sales decline of 0.6 percent at constant exchange rates, after the decrease recorded in the last two years. Sales in the Asia-Pacific region were up 17.4 percent at constant exchange rates, while business in the IMEA markets, Safilo said, remained weak.