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Safilo Group Q2 profit falls YOY

Safilo Group SpA said its second-quarter normalized net income came to 13 euro cents per share, a decrease of 45.8% from 25 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €8.4 million, a decrease of 45.4% from €15.3 million in the year-earlier period.

The normalized profit margin dropped to 2.6% from 4.9% in the year-earlier period.

Total revenue rose 12.0% on an annual basis to €350.6 million from €313.1 million, and total operating expenses climbed 16.3% on an annual basis to €332.0 million from €285.4 million.

Reported net income fell 46.2% on an annual basis to €6.9 million, or 11 cents per share, from €12.9 million, or 21 cents per share.