(Alliance News) - Safilo Group Spa reported preliminary net sales in the last quarter of 2023 of EUR238.7 million from EUR245.4 million in the same period of 2022, representing growth of 1.7 percent at constant exchange rates and a decline of 2.7 percent at current exchange rates, and 3.3 percent net of sales in the former GrandVision chains.

In the full year, preliminary net sales amounted to EUR1.02 billion down from EUR1.08 billion in 2022.

At the adjusted Ebitda level, the company writes in a note, the year ended with a margin of about 9 percent, compared with adjusted gross operating margins that improved in the fourth quarter from the same quarter in 2022.

The adjusted Ebitda performance excludes expected nonrecurring charges on the year of around EUR29 million, mainly due to the Longarone plant sale transaction, and the closure of exiting brand operations. Most of the above charges do not have a monetary impact on cash.

On a preliminary basis, group net debt as of Dec. 31, 2023 decreased to approximately EUR83 million from the EUR113.4 million recorded as of Dec. 31, 2022.

In the fourth quarter, Free Cash Flow was positive by about EUR13 million, including the expected negative impact from the completed sale of the Longarone plant.

Safilo Group closed Tuesday down 1.9 percent to EUR1.00 per share.

By Chiara Bruschi, Alliance News reporter

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