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Safilo enjoys increased profit

By FashionUnited

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Eyewear is proving very profitable for Safilo, the Italian luxury eyewear specialist. The company posted a 6.1 percent rise in pre-tax operating profits to €162.4 million, up from €153.0 million the year before. Net profits for the year surged tenfold to €37.5 million, on sales up 9.4 percent to €1.12 billion. Turnover was particularly strong in the US and in Italy. The acquisition of the Spanish firm Loop Vision and the development of the US chain Solstice contributed to the increase in group results.

“The increase in profitability is due to the excellent sales results and to the first effects of the industrial (reorganisation) which have compensated for the costs deriving from the termination of a license agreement,” the company said in a statement. “The incidence of sales and general turnover has remained stable.

Eyewear
Safilo