Safilo Shares Fall After Release of First-Half Results

News

Fashion / News 30 Views 0

MILAN — Safilo Group shares tumbled on Friday, declining as much as 7 percent and closing down 5.33 percent to 4 euros following the release of the firm’s first-half figures a day earlier that showed a steeper loss and a fall in revenues. In the six months ended June 30, the adjusted net loss totaled 10.4 million euros, compared with a net loss of 6.6 million euros in the first half of 2017, and a 10 percent decrease in sales to 492.2 million euros, as reported. The conference call with analysts held Friday morning to present the update on the 2020 plan did not help ease concerns about the Italian eyewear-maker as chief executive officer Angelo Trocchia said the company was looking at streamlining the organization and cutting costs and that a meeting with the unions was planned for later in the day. Business trends are expected to improve in the second half, with the foreign exchange impact expected to ease, but a full recovery was not expected this year, said Trocchia, who defined 2018 as “a year of transition, as we put the house in order.” He touted Safilo’s 140 years of experience, and its position as the second biggest player in the industry,

Follow WWD on Twitter or become a fan on Facebook.

Read More...

Comments