Safilo net sales down 3.5% in Q3 to €225 million

In Q3, Italian eyewear group Safilo recorded net sales worth €225.4 million, down 3.5% at constant exchange rates and 4.1% at current rates. After a below-par performance in May and June, Q3 sales were affected by modest results for the sunglasses category in July and August, while in September the order flow for the Fall/Winter season was more promising. Safilo’s Q3 commercial performance in North America and Asia was weak, and did not manage to counterbalance the impact of Jimmy Choo’s exit.

In January-September, the group’s net revenue was €757.4 million, down 2.7% at constant exchange rates and 3.5% at current rates. As with the Q3 result, the downturn is explained by the exit of Jimmy Choo. Revenue net of the Jimmy Choo effect was virtually flat.

“In such a complex market environment, it has been crucial to continue focusing on our long-term priorities, consolidating our path to economic and financial improvement. We are particularly pleased to have confirmed also in this quarter the growth of our gross margin, and to have improved our operating performance. We also achieved another quarter of financial efficiency, thanks to positive cash generation,” said Angelo Trocchia, CEO of Safilo.