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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Safilo Group SpA | BIT:SFL | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.005 | -0.52% | 0.95 | 0.94 | 0.964 | 0.961 | 0.946 | 0.96 | 464,519 | 17:00:00 |
Italian eyewear maker Safilo SpA (SFL.MI) said Thursday it aims to eliminate its current EUR240 million in net debt by 2015 as well as boost sales by around 7% a year until then.
Safilo said in a statement it expects to post revenue of up to EUR1.45 billion in 2015, and raise its gross operating profit margin to 15% of sales that year.
Safilo is on course to post EUR1.1 billion in group revenue this year and achieve an earnings before interest, taxes, depreciation and amortization ratio of 11%. Ebitda is a measure of gross operating profitability.
The company said it is still in talks about renewing its license with Giorgio Armani SpA, a prized contract that provides around EUR170 million in annual revenue.
The license with Armani expires in 2012. Armani himself owns a 4.9% stake in Safilo's larger rival, Luxottica SpA (LUX).
Aafilo Chief Executive Roberto Vedovotto will present the company's business plan to analysts in Paris later Thursday.
-By Christopher Emsden, Dow Jones Newswires; +39 06 6976 6920; chris.emsden@dowjones.com
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