The Randazzo group, Italy's second-largest integrated eyewear chain, headquartered in the Sicilian city of Palermo, will have a total of 142 points of sale by the end of 2005, spread practically throughout the country, against 122 seven months ago. The recent acquisition of three mini-chains of optical retail counters located in supermarkets (see issue #6/7 of EWI, June 7) contributed 36 new outlets to this total, at a cost of €5.5 million. The expansion process is set to continue in 2006, with the target for the year set at 160 outlets.
Revenues increased by 5 percent on a same-store basis in 2005. They are estimated to have reached around €92 million, and they are projected to attain the €100 million level in 2006. Around 10 percent of sales are accounted by sales of photographic equipment in ten stores. This was one of the initial activities of the Sicilian group, led by Angelo Randazzo.
The grop's operating income before amortization and depreciation (EBITDA) rose by an estimated 15 percent in 2005 to a margin 14 percent of revenues, comparable to that of Salmoiraghi, in spite of the investments made this year. Debt remains within a limit of double the EBITDA level. For the individual stores, the operating margin stands at an average of 17.5 percent before amortization. Excluding the extraordinary charges related to the latest acquisitions, net profit for 2005 is estimated at €600,000, an increase of 30 percent compared with 2004.