Fedon doubles profit in the third quarter

The Board of Directors of Giorgio Fedon & Figli has approved the Consolidated Interim Report as at 30 September 2015. Revenue was reported at 53.4 million euro, an increase of 14.3% compared to 30 September 2014, due to improvement in 3 business areas: OEM (optic area manufacturers), optic and leather goods wholesale and direct retail though the single-brand stores. Revenue from OEM clients that includes sales to eyewear manufacturers registered an increase of 12.7% due to new product lines and the acquisition of new clients in Italy and Spain. Wholesale revenue for optic stores and the leather goods distribution network grew by 11.3%. Of particular significance is the growth of turnover from direct retail (Fedon single-brand stores), equal to 28.3% on a likefor- like basis and 66.5% including sales derived from the new opening of the single-brand ‘Fedon 1919’ stores. The net result is equal to 1 million euro, more than double that as at 30 September 2014.