Safilo Q1 sales rise on demand pickup in Europe, North America resilience

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Illustration shows Safilo logo

MILAN (Reuters) – Italian eyewear group Safilo posted on Tuesday a 8.4% rise in first-quarter sales at constant exchange rates, driven by the resilience of the prescription frames business and a rebound of sunglass sales, particularly in Europe.

The maker of frames for Hugo Boss and Tommy Hilfiger said in a statement that January-to-March sales came in at 282.6 million euros ($297.61 million), while adjusted core profit margins rose to 11.3% from 10.3% a year earlier.

The company said it had witnessed a demand pick-up in Europe thanks to its own brands and key licences, and that North America remained a strong market despite a “tough comparison basis.”

It added however that revenues in the Asia-Pacific (APAC) region fell 9.3% at constant currencies due to the impact of renewed COVID-19 lockdowns in China.

“We remain confident that the resilience of the eyewear sector and the effectiveness of our strategy will continue to support the group’s sales and margin growth also in 2022,” Chief Executive Angelo Trocchia said in the statement.

($1 = 0.9496 euros)

(Reporting by Federico Maccioni; Editing by Keith Weir)