Consumer durables: SAFILO (no rating): strong Q1 13 results with no impact of the G. Armani license loss
Yesterday evening Safilo reported Q1 13 results above market expectations. Q1 sales came in at EUR297m, beating the consensus (EUR284m) by 4.5%. Thanks to a double-digit growth in continuing brands, the group’s profitability did not suffer from the loss of G. Armani. Thus, Q1 EBITDA reached EUR34.7m (CS: EUR30.7m), enabling the EBITDA margin to improve 50bp to 11.7%.
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