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Safilo Group Q1 profit falls YOY

Safilo Group SpA said its normalized net income for the first quarter was 4 euro cents per share, a decrease of 81.6% from 24 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €2.8 million, a decrease of 81.6% from €15.2 million in the year-earlier period.

The normalized profit margin fell to 0.9% from 5.2% in the year-earlier period.

Total revenue rose 10.6% on an annual basis to €324.3 million from €293.2 million, and total operating expenses grew 13.0% from the prior-year period to €301.0 million from €266.4 million.

Reported net income decreased 91.2% on an annual basis to €1.4 million, or 2 cents per share, from €16.4 million, or 26 cents per share.