(Finance) – Safiloa group active in eyewear and listed on Euronext Milan, has closed i 9 months of 2023 with net sales equal to 785.1 million euros, down by 5.6% at current exchange rates and 3.6% at constant exchange rates compared to the 831.3 million euros recorded in the first 9 months of 2022.Adjusted EBITDA was equal to 75.4 million euros and a margin on sales of 9.6%, down respectively by 11.5% and 70 basis points compared to the 85.3 million euros and the margin of 10.3 % recorded in the 9 months of 2022.
“In the third quarterthe sales trend remained weak, but an improvement compared to the second quarter thanks to the return to growth of our sports business in North America, a market in which the performance of eyewear was still negative, especially in the contemporary segment – commented the CEO Angelo Trocchia – As expected, Europe continued to suffer from the decline in business in the former GrandVision chains, net of which sales in the area showed slight growth compared to the same quarter of the previous year, a period which was characterized by the strength of the summer season”.
“This quarter, we achieved another significant expansion in industrial margin, while operating performance remained limited by higher incidence of operating costsinfluenced in particular by the continuation of our IT investments made to accelerate the digital transformation of the Group and in marketing activities to support the future development of our proprietary brands”, he added.
As of September 30, 2023, thenet financial debt of the Group amounted to 96.0 million euros (55.5 million euros pre-IFRS 16, corresponding to a financial leverage, also pre-IFRIC SaaS, of 0.6x), a decrease compared to the 103.0 million euros at 30 June 2023, and 113.4 million euros at 31 December 2022.
Safilo has stipulated a agreement with Multibrands Italy BV, the reference partner of the company, and the CEO Angelo Trocchia, who regulates the renewal of the assignment of the same as managing director for a further three years. Pursuant to the agreement, Multibrands Italy BV has undertaken to confirm Angelo Trocchia in the role of director and, subsequently, CEO of Safilo.