Safilo Group S.p.A. (0NJ5) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening and welcome to the Safilo third quarter and first nine months 2024 trading update. This call may contain forward-looking statements related to future events and operating economic and financial results of the Safilo Group. Such forecasts, due to their nature, imply a component of risk and 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. Thanks so much. Good evening, good evening everyone, and thank you for joining us today to review Safilo Quarter 3 2024 Trading Update. As expected in the third quarter, we continue to face a complex and volatile market environment, particularly in July and August, where sales performance was impacted by soft reorders of sunglasses and ongoing uncertainties across several key markets. In September, we saw a recovery, particularly in Europe, where the launch of our new collections delivered a promising start in terms of order collection. Despite the headwinds, we maintain our focus on our long-term priorities and I'm very pleased to report that we ensured growth in margin and in cash generations. The quarterly performance showed ongoing soft trend in North America and Asia, while Europe remained more resilient despite the slowdown, which was due to a subdued sunglasses business. As said, throughout the quarter we stayed committed to improving our operational efficiency, which...