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 2014, ended Sept. 30, 2014.

In the third quarter of 2014, the group’s total revenues were €261.2 million, up 7.3 percent compared to €243.4 million recorded in the same quarter of 2013. In the quarter, turnover for the wholesale business increased to €239.2 million from €222.5 million in the third quarter of 2013, an increase of 7.5 percent. Safilo closed the third quarter of the year with a group net profit of €2.4 million, marking an increase compared to €1.7 million recorded in the same period of 2013, an increase of 27.9 percent.

The first nine-months’ sales were €867.5 million compared to €841.8 million in the same period of 2013, an increase of 3.1 percent. Wholesale turnover for the first nine months reached €805.7 million, up 3.3 percent compared to €780.0 million in the same period of 2013. Group net profit for the first nine months of 2014 rose to €33.9 million, up 24.0 percent compared to €27.3 million in the first nine months of 2013.

“Economic results in the third quarter confirm the progress of our product centered strategic and operational direction,” said Luisa Delgado, CEO of Safilo Group. “Brand driven product quality and creative product design have continued to be our hallmark in our latest collections, as evidenced for example by Dior’s iconic sun trendsetters, and the transformation of Fendi eyewear, our most recently acquired license.

“Specifically, our market priorities responded, with Iberia, Germany, North America, Brazil and China leading the growth, while we built up managerial capability in Asia Pacific. Our proprietary brands responded, with Polaroid continuing its very strong development, and Smith gearing up for its global expansion, while we prepare for Carrera’s further acceleration next year. Our licensed brands also responded, with Dior, Celine, Jimmy Choo, Boss, Max Mara, Tommy Hilfiger and Kate Spade leading the way, while we prepare for potential future licenses.

“We are re-investing significantly in the modernization of our organization, chiefly through IT enabled sales, demand and production planning standardization and simplification, and brand building. We are initiating a global supply network overhaul, and organizing product development. At the same time, we register with satisfaction the growth of our group net profit level, both in the quarter and for the first nine months of the year, also due to the significant improvement of our financial management.”

According to the company, the North-American market was the growth driver of the quarter, thanks to the positive performance of the brand portfolio in the independent optician channel and in the department stores. In the American market, revenues for the third quarter amounted to €125.2 million, up 14.1 percent compared to €109.7 million in the same quarter of 2013. In the first nine months, regional sales reached €361.1, up 3.3 percent compared to €349.5 million in the same period of 2013.

The positive market trends were echoed by the good performance of the portfolio, with various brands leading the way in the relevant business segments. Dior, Celine and Jimmy Choo, as well as Boss and Max Mara, excelled in the different areas of the fashion luxury segment, while Polaroid continued its strong development in the mass segment together with the growth of Kate Spade both in and out of the U.S. market. The proprietary brand Smith also outgrew in the quarter as Safilo started a new integration plan to turn the brand into a global player in one of the fastest growing arenas, the sports and outdoor lifestyle segment.

Quarterly sales for Solstice stores in the U.S. equaled €22.0 million, up 5.4 percent compared to €20.9 million registered in the third quarter of 2013. In the first nine months of 2014, the sales performance of the 130 U.S. stores was in line with the previous year, totaling €61.8 million.

At the end of September 2014, Group net debt stood at €158.9 million, declining compared to €166.1 million at the end of June 2014 and €182.5 million as of Dec. 31, 2013.