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Safilo Reduces Loss in 2018

MILAN — Safilo Group SpA cut its loss in 2018 and chief executive officer Angelo Trocchia told analysts on Wednesday that he stood by the plan to return to profitability in 2020.
In the 12 months ended Dec. 31, adjusted net losses totaled 26.7 million euros, compared with an adjusted net loss of 47.1 million euros in 2017.
Cost saving helped improve Safilo’s adjusted earnings before interest, taxes, depreciation and amortization, which were up 15.5 percent to 47.5 million euros, compared to 41.1 million euros in 2017.
Confirming preliminary sales, 2018 revenues totaled 962.9 million euros, down 7 percent, compared with 1.03 billion euros in 2017. At constant exchange, sales decreased 4 percent. Revenues accelerated in the fourth quarter, growing 1.8 percent to 249.1 million euros, compared with the same period in 2017.
Trocchia, who joined Safilo in April last year, said the results were in line with expectations, after “quite an intense period.” The executive underscored that the second half of the year was key for the Italian eyewear group as it started to implement the 2020 plan and it secured a capital increase of 150 million euros and a new debt financing. “We are focusing on clear priorities and shaping a new

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Via:: https://wwd.com/accessories-news/eyewear/safilo-reduces-loss-in-1203083566/