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Safilo Sales Down 9% in Q3

MILAN — Safilo Group SpA’s third-quarter sales dropped 9 percent to 221.5 million euros compared with 243.4 million euros in the same period last year, dented by soft business in North America and Europe and a negative performance in emerging markets, also due to a challenging comparison base.
On the other hand, the group progressed on the cost-saving initiatives, with higher efficiencies at the industrial level and of the ongoing savings in overhead expenses which helped to counterbalance a negative operating leverage and impact from foreign exchanges.
In the first nine months of 2018, sales were down 9.7 percent to 713.7 million euros compared with 790.5 million euros in the same period last year.
Excluding 4.4 million euros of non-recurring costs, adjusted earnings before interest, taxes, depreciation and amortization in the third quarter totaled 12 million euros, down 21.7 percent compared with 15.4 million euros in the same period last year.
In the nine months, adjusted EBITDA was down 13.9 percent to 37.2 million euros, compared with 43.2 million euros last year.
“In the third quarter, we accelerated the important work on the fundamentals on which we aim to build our new 2020 business plan,” said chief executive officer Angelo Trocchia. “In Europe and North

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Via:: https://wwd.com/accessories-news/eyewear/safilo-sales-down-9-in-q3-1202895952/