MILAN — Safilo Group SpA is on track with its 2020 plan to recover top-line growth and posted a profit of 8.7 million euros in the first six months of the year compared with a loss of 4.3 million euros in the same period last year. The figure is net of the new IFRS 16 accounting rule.
In the six months ended June 30, revenues at the Italian eyewear group rose 6.5 percent to 495.9 million euros, compared with 465.7 million euros in the same period last year.
Chief executive officer Angelo Trocchia said during a conference call with analysts on Friday at the end of trading in Milan, where Safilo is publicly listed, that the performance of the second quarter was “solid,” with the top line up 9.7 percent thanks to the double-digit growth of Safilo’s own core brands driven by Carrera, Polaroid and Smith. Safilo produces eyewear collections under licensing agreements for brands ranging from Fendi and Marc Jacobs to Moschino.
On a pre-IFRS 16 basis, adjusted earnings before interest, taxes, depreciation and amortization climbed 12.9 percent to 34.2 million euros.
Adjusted operating profit was up 42.7 percent to 12.9 million euros
Sales in Europe were up 2.6 percent to 246.3 million euros,
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