The Italian glasses manufacturer Safilo Group Spa had to accept a decline in sales in the 2024 financial year. This emerges from preliminary figures that the company published on Thursday.
The group generated sales of 993.2 million euros last year. This fell by 3.1 percent compared to 2023. Adjusted to change course changes, they shrank by 2.3 percent.
The company justified the decline in the end of its license partnership with the Jimmy Choo brand. Adjusted for this factor, sales development was “slightly positive”. Solid numbers in Europe could have made up for the persistently weak demand for sunglasses in North America, the group said.
Current proceeds in Europe rose by 1.6 percent, while in North America (-5.2 percent), in the Asian-Pacific area (-2.1 percent) and in the rest of the world (-5.9 percent) missed.
The glasses manufacturer can improve his margins
According to the Group, sales decreased by 1.6 percent (currency -adjusted -1.1 percent) in the fourth quarter. Adjusted for the effect of leaving the Jimmy Choo license, the company achieved an increase of almost two percent.
The glasses manufacturer made progress in profitability last year. According to the available figures, the gross margin rose by 100 basis points to 59.7 percent, the EBITDA margin, which was adjusted for special effects, increased by 40 basis points to 9.4 percent.
The group of companies plans to present its complete results for 2024 on March 11th.