Safilo's Q3 net sales decline by 3.4 percent

Safilo’s net sales at 225.4 million euros were down 3.4 percent at constant exchange rates in the third quarter. Gross margin at 59.1 percent increased 140 bps, and adjusted EBITDA margin at 7.9 percent, improved 20 bps.

In the first nine months of 2024, net sales at 757.4 million euros declined 2.7 percent at constant exchange rates. Gross margin at 59.7 percent was up 120 bps and adjusted EBITDA margin at 10 percent, improved 40 bps.

Commenting on the financial results, Angelo Trocchia, Safilo CEO, said: “In July and August, sales performance continued to be affected by a soft summer season characterised by uncertainties in various key markets. In September, the business showed a recovery, particularly in Europe, where the launch of our new collections had a promising start to order collection.”

Highlights of Safilo’s Q3 and nine months results

The company said in a release that among brands, Carrera, David Beckham, Tommy Hilfiger, and Marc Jacobs experienced the most significant growth, while Polaroid and other brands were influenced by their higher exposure to sun products. In the sport segment, Smith’s performance remained affected by a still cautious market environment.

Sales in North America amounted to 103.7 million euros, down 4.3 percent at constant exchange and 5.3 percent at current exchange rates. In the first nine months, sales in North America totalled 321.4 million euros, down 5.4 percent at constant exchange rates and 5.8 percent at current exchange rates.

Sales in Europe amounted to 85.1 million euros in the third quarter, down 1.4 percent at constant exchange rates and 0.3 percent at current exchange rates, while year-to-date sales were 324.2 million euros, up 2.2 percent at constant exchange rates and 1 percent at current exchange rates.

Third quarter sales in Asia Pacific amounted to 13.5 million euros, down 12 percent at constant exchange and 11 percent at current exchange rates, while sales totalled 40 million euros in the nine month period, down 7.8 percent at constant exchange rates and 8.7 percent at current exchange.

Sales in the Rest of the World amounted to 23 million euros, down 1 percent at constant exchange rates and 7.1 percent, and sales in the nine month period were 71.8 million euros, down 8.1 percent at constant exchange and 9.3 percent at current exchange rates.