In Q3 2024, Safilo continued to increase margins and cash generation despite weaker summer sales.
The Board of Directors of Safilo Group S.p.A. reviewed and approved the key performance indicators for Q3 and the first nine months of 2024.
Q3 2024
First Nine Months 2024:
NET SALES PERFORMANCE
In Q3, Safilo's net sales amounted to €225.4 million, down by 3.4% at constant exchange rates and by 4.1% at current exchange rates, compared to €235.0 million in Q3 2023. Following a subdued business performance in May and June, Q3 sales were marked by a modest sun season in July and August, followed by a more promising start to the order intake for the autumn/winter season in September. Market conditions did not allow the Group to offset the exit of the Jimmy Choo brand.
Safilo closed the first nine months of 2024 with net revenue of €757.4 million, down by 2.7% at constant exchange rates and by 3.5% at current exchange rates compared to €785.1 million in the first nine months of 2023. As in Q3, the decline in the first nine months was entirely due to the exit of Jimmy Choo. Excluding this impact, the revenue trend remained broadly stable compared to the same period in 2023.
In Q3 2024:
In the first nine months of 2024, despite the unfavorable revenue trend, Safilo successfully consolidated the significant growth of gross profit margin, also improving the adjusted operational performance¹ through effective cost management.