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Balance sheet results for Salmoiraghi & Viganò

May 25 2007

The Salmoiraghi & Viganò Group, the leading retail optician's with two chains, Salmoiraghi & Viganò and VistaSì, has announced its balance sheet results for the first six months of financial year 2006/2007, which began October 1, 2006 and ended March 31, 2007.

The Group has achieved a very positive six-month result with billings of 70 million euros (+22.1% compared to 2006).
Gross operating margin for the first six months was 10 milllion euros (30% up on the previous year), and pre-tax profits (for the first half-year) were 4 million euros compared to 2.5 million euros last year (+60%).

Growth was driven by an ambitious three-year expansion plan that began about a year ago and during these six months has led to considerable investments in new openings and acquisitions.

With 308 outlets at the end of the finnancial year (September 30, 2006), at the end of the six months the Group had 340 stores. During the last month, this figure grew again and now there are 368 outlets.

Specifically, the Salmoiraghi & Viganò chain, leader of the medium-high segment of the market, had six-month billings of 56 million euros, a gross operating margin of 8 million euros and it opened 21 new stores, which took the number from 224 to a total of 245. One of these was a new associated store in Fiume, Croatia.
The VistaSì chain, which dominates the 'first price' area of the market, had six-month billings of 14 million euros, a gross operating margin of 2 million euros, and it added 16 new outlets, taking the number from 79 to 95.

The latest operation which inaugurated the start of the second six months (and contributed to bringing the Group's total number of outlets to 368) was the acquisition of a controlling share (70%) in Spacciocchiali S.r.l., which was founded by Romeo Iannoccari and was a success in just a few years. With annual billings of over 6 million euros, it has 13 outlets in the North-East and is a new and interesting business: its large stores distribute only its own very fashionable collections at extremely competitive prices and it has an excellent optician-optometrist service.

Dino Tabacchi commented: 'Thanks to aggressive commercial policies, the increasingly widespread domination of all segments of the optics market, and new internal organization, the Salmoiraghi & Viganò Group has been able to increase its margins and, as a consequence, to increase profits in full observaton of the annual and three-year plans. I can state that we are always ready to grow and take all the opportunities that the market offers'.

One of the events that characterized the past six months of the financial year was the return of the Salmoiraghi & Viganò brand to television in a high-impact advertising campaign on the major national networks.
In addition, the new store in Milan was inaugurated. A single area of about 6-thousand square meters in a modern building now hosts the Salmoiraghi & Viganò and VistaSì stores which were previously in various locations. An operation that will improve efficiency and, as a consequence, the quality of the service offered.

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