(Alliance News) - Safilo Group Spa reported Tuesday that it closed the first quarter with revenues of EUR277.2 million, down from EUR287.2 in the same period last year.

In the first quarter, gross profit was EUR166.2 million, down 1.0% from EUR167.8 million in the first quarter of 2023, while gross margin improved 160 basis points from 58.4% to 60.0%.

In the first quarter, adjusted Ebitda was EUR32.0 million, down 1.3% from EUR29.3 million in the same period a year earlier, with margin improved to 11.5% from 11.3%.

Thanks to positive cash generation in the first quarter as well, amounting to a free cash flow of EUR1.7 million, group net debt as of March 31, 2024 stood at EUR81.3 million -- or about EUR41.8 million pre-IFRS 16 -- from EUR82.7 million as of December 31, 2023, or EUR43.7 million pre-IFRS 16.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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