Written by MIDO | 02/03/2019
The Board of Directors of Safilo Group has examined the preliminary net sales of the group for the financial year ended December 31st, 2018. Preliminary net sales for 2018 equaled Euro 962.9 million, down 4.0% at constant exchange rates and 7.0% at current exchange rates compared to Euro 1,035.3 million in 2017. This performance is substantially in line with the expectation formulated by the Group on the net sales for the year (a decline of around 3% at constant exchange rates and around 6% at current exchange rates). The wholesale business declined by 5.1% in 2018 at constant exchange rates. In the fourth quarter of 2018, Safilo’s preliminary net sales equaled Euro 249.1 million, up 1.3% at constant exchange rates and 1.8% at current exchange rates compared to the same period of 2017.The performance of the wholesale business was negative by 4.1% at constant exchange rates. In terms of operating performance, Safilo expects that the cost saving program executed in the second half of the year will allow the Group to close the year with an adjusted EBITDA margin close to 5%, at the high end of its expectation range for the year of 4%-5%. The full year annual results will be approved by the Board of Directors on 13 March, 2019.