PADUA, Italy—The board of directors of Safilo Group S.p.A. (SFLG.MI) has approved the results of the third quarter and first nine months of 2015, ended September 30, 2015.

In Q3 2015, Safilo reported total net sales of €284.8 million, up 9.0 percent compared to €261.2 million recorded in the same quarter of 2014, supported by a weaker Euro. Third quarter 2015 group net result equaled a profit of €2.4 million, substantially in line with the group net result recorded in Q3 2014.

In the first nine months of 2015, group net sales totaled €959.7 million, up 10.6 percent compared to €867.5 million recorded in the same period of 2014. Group net result was a profit of €12.4 million, down 63.5 percent compared to the net result of €33.9 million recorded in the same period of 2014.

“In the third quarter we further continued our comprehensive business reinvention, delivering continued growth in revenues, improving our operating leverage, and generating healthy cash flow through our strong focus on working capital management. Third quarter constant currency sales growth in our going-forward portfolio was high-single digits, reflecting the continuing and effective rebalancing of our licensed brand portfolio and development of our proprietary brands, with Polaroid and Smith showing good growth and Carrera registering brand health improvements and changing over to the new collection,” said Luisa Delgado, CEO of Safilo Group.

The nine month 2015 sales momentum was driven by Europe, where Safilo’s business continued to perform well in the third quarter thanks to strong results in France and Italy in particular, and continuing robust performance of Germany and Iberian countries. The nine month 2015 net sales in North America were €403.6 million compared to €327.8 million in the same period of 2014, growing by 23.1 percent. In the third quarter, sales grew to €133.1 million compared to €111.7 million in the third quarter of 2014, up 19.2 percent. The quarterly performance was characterized by two diverging trends, with a further acceleration of the wholesale business and retail sales at Solstice stores declining, driven mainly by the reduced tourism flows and high store exposure to those affected locations.

“Our core markets in Europe and North America and our newly opened markets in the Middle East and Mexico are showing encouraging growth. Our strategic reorientation in Asia, while in a challenging local market environment, is progressing to plan,” continued Delgado. “We are satisfied with the progress in brand building, commercial and supply network, confirming the opportunities identified in the 2020 Strategic Plan. Our eyewear collections were also this season among the most loved and editorially featured eyewear worldwide, and included the season’s best selling iconic designs. We remain committed to the key strategies underpinning our 2020 plan.”

Group net debt for the period ended below the threshold of €100 million for the first time, at €97.1 million, down 11.8 percent compared to €110.1 million at the end of June 2015 and 38.9 percent compared to €158.9 million at the end of September 2014. This reflected the ongoing improvement in net working capital, the proceeds from the sale of shares held in an associate company and, as previously highlighted, the first of the three compensation payments of €30 million from Kering, received in January, the company said.