By  on May 7, 2012

MILAN — Weak consumer spending in Europe and the phasing out of the Giorgio Armani group licenses hurt Safilo Group SpA’s bottom line in the first quarter ended March 31. The Italian eyewear maker said net profits dropped 34.9 percent to 12 million euros, or $15.7 million, from 18.4 million euros, or $25.7 million, in the same period the previous year.

Revenues in the first three months of 2012 showed a 4 percent drop to 288.7 million euros, or $378.2 million, compared with 300.7 million euros, or $421 million, last year.

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