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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