Italian eyewear group Safilo reports second quarter total net sales of €349.5 million compared to €350.6 million in the previous year’s second quarter, gross profit declined 1.4% to €210.4 million from €213.4 million and gross margin declined 70 basis points to 60.2% from 60.9%.
Adjusted EBITDA increased 9.7% to €33.1 million from €30.2 million and the adjusted EBITDA of the wholesale business was €31.8 million, up 22.0% compared to €26.1 million in Q2 2015.
Group total net sales for the first half of the year decreased 3.5% to €651.1 million from €674.9 million, and wholesale revenues were €612.4 million compared to €627.9 million in 2015.
Gross profit declined 3.7% to €394.6 million from €409.9 million, and adjusted EBITDA declined 7.0% to €58.3 million from €62.7 million in the same period of 2015. The company’s adjusted net result increased 130.6% in the first six months and its net profit increased to €16.3 million from €8.4 million.
Safilo’s Europe segment performed the best for the company increasing 5.3% in net sales in the first half of 2016 and 12.0% in the second quarter of 2016. North America net sales declined 3.9% and 3.6% in the first half and second quarter, respectively; Asia first half sales and second quarter sales dropped 29.2% and 29.5%, respectively; and the Rest of the World net sales decreased 7.9% in the first half and was flat in the second quarter.
The sales performance of going forward brands in the first half was much better increasing 11.8% in Europe, 2.0% in North America, and 7.6% in the Rest of the World, but it also declined 14.4% in Asia.
Luisa Delgado, CEO, commented: “In the first six months, our going forward brands portfolio made good progress, growing by 5.3% at constant exchange rates, thanks to the broad based positive trends across the different market segments in which we are active. In the second quarter, we achieved sales acceleration, recovering a considerable part of the first quarter performance driven by the service shortfalls that had prevented us to fully leverage the sales opportunities of our order book.”
Safilo Group
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