Q2 2024 Safilo Group SpA Earnings Call Transcript
Key Points
- Safilo Group SpA (SAFLF) reported strong momentum for its Carrera and David Beckham brands, achieving double-digit growth.
- The company recorded a positive cash flow from operating activities, higher than the previous year, which was reinvested in brand portfolio development.
- Safilo Group SpA (SAFLF) achieved a gross margin improvement to 60.1% in Q2, up from 59.1% in the same period last year.
- The independent optician channel in Europe showed resilience, supported by the advanced B2B platform, You&Safilo.
- The adjusted EBITDA margin improved to 10.1% in Q2, 60 basis points higher than the previous year.
- Total sales performance remained soft in Q2, with a 3.1% decline in revenues.
- The exit of the Jimmy Choo brand had a significant negative impact on sales, particularly in North America and Europe.
- The recovery in North America was softer than expected, with a 4.4% sales drop in Q2.
- Smith's wholesale business faced challenges, particularly in the sports shop channel, due to high stock levels and unseasonal weather.
- Sales in the Asia Pacific region were down 11.3% in Q2, impacted by a challenging comparison base from the previous year.
Good evening, and welcome to the Safilo first-half 2024 results. This call may contain forward-looking statements related to future events and operating, economic, and financial results for the Safilo Group. Such forecasts, due to their nature, imply a component risk of uncertainty due to the fact that they depend on the occurrence of certain future events and developments. The actual results may therefore vary even significantly to those announced in relation to a multitude of factors.
Today's participants are Angelo Trocchia, Chief Executive Officer; Michele Melotti, Chief Financial Officer; and Barbara Ferrante, Director of Investor Relations.
I will now pass the call over to Mr. Angelo Trocchia, Chief Executive Officer. Mr. Trocchia, you may begin, sir.
Thanks very much. Good evening. Good evening, everyone, and thank you for attending today's conference call on Safilo Group's 2024 first-half results and Q2 trading update. The second quarter was mostly a continuation of the main dynamics by market
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