Safilo lowers 2020 targets, to cut 700 jobs in Italy

Safilo Group S.p.A. expects to close the 2019 fiscal year with the net sales of the continuing operations substantially stable compared to 2018, while the wholesale business is estimated to grow by approximately 3 percent at constant exchange rates, reflecting the positive performance achieved by the group’s own core brands, Carrera, Polaroid and Smith, in their key markets. For 2020, the group now forecasts net revenues of 960 to 1,000 million euros versus the 1,000 to 1,020 million euros target provided on August 2, 2018, and an adjusted EBITDA margin at around 6 percent of sales compared to the previous objective of an 8 percent to 10 percent. The company also plans to cut 700 jobs in Italy next year to boost profitability amid sluggish sales.