Safilo Group SpA, based in Padova, Italy, posted robust earnings on solid top-line growth for the second-quarter and first-half period Tuesday.
In the second quarter, earnings more than doubled to 13.4 million euros, or about $18 million, from 5.5 million euros, or $7 million, in the prior year as sales rose 7.6 percent to 326.4 million euros, or $447 million. Dollar figures are at the average exchange rate.
For the first-half period, net earnings gained 52.5 percent to 33.3 million euros, or $45 million, from 21.8 million euros, or about $28 million, in the same period last year. Sales in the half rose 10.3 percent to 667.8 million euros, or $915.4 million.
The company attributed its strong growth to a number of factors including positive results from strategic brands and new licenses, a stronger contribution from the retail channel and favorable exchange rate trends.
"I would like to express my satisfaction for the growth achieved by Safilo Group in these six months, especially in consideration of the particularly strong results achieved in the preceding quarters," said Vittorio Tabacchi, chairman of Safilo Group, in a statement.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)