Safilo closed the first half of 2024 with net sales of €532m, down 2.4% at constant exchange rates and 3.3% 

at current exchange rates compared to €550.1m recorded in the same period in 2023. 

Gross profit amounted to €319.2m for the period, declining by 1.4% compared to 2023, while the gross margin reached 60% from the adjusted level of 58.8% in 2023.

The adjusted EBITDA amounted to €57.6 million, up 0.5% compared to 2023, 

while the adjusted EBITDA margin improved to 10.8% of sales from 10.4% recorded in the first half of 2023. 

Sales were impacted by the exit of Jimmy Choo, but the business benefitted from double digit growth delivered by Carrera and David Beckham, 

plus the ongoing momentum of Carolina Herrera and Marc Jacobs. 

Smith and Polaroid were adversely affected by poor weather conditions in Europe, reporting a subdued business environment in stores.

Europe was the strongest performing region with sales totalling €239.1m, up 3.4% at constant exchange rates and 1.4% at current exchange rates compared to €235.7m recorded in the first half of 2023.

Angelo Trocchia, Safilo’s chief executive officer, commented: ‘This first semester ended by confirming the main market dynamics and trends by brand recorded in the first quarter. In Europe, the market was positive despite a second quarter slowed down by poor weather conditions. In the second quarter, total sales performance was more negatively impacted by the Jimmy Choo exit, while benefitting from the strong momentum of Carrera and David Beckham.’

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Source: New York Post