Luxottica Q2 profit soars on higher sales, raises outlook for FY '06
27 Jul '06
5 min read
Luxottica Group SpA, the global leader in the eyewear sector, announced consolidated US GAAP results for the three- and six-month periods ended June 30, 2006. Financial highlights for the respective periods were as follows:
Second quarter of 2006(1)
-- Consolidated sales: €1,294.8 million (+13.0%) -- Retail sales: €907.1 million (+7.6%); Retail comparable store sales (2): +6.4% -- Total wholesale sales: €486.4 million (+32.1%) -- Consolidated net income: €121.2 million (+33.1%); Net margin: 9.4% -- Earnings per share: €0.27 (US$0.34 per ADS)
First half of 2006(3)
-- Consolidated sales: €2,556.8 million (+17.1%) -- Retail sales: €1,798.0 million (+12.4%); Retail comparable store sales (4): +7.3% -- Total wholesale sales: €942.0 million (+35.5%) -- Consolidated net income: €224.5 million (+34.1%); Net margin: 8.8% -- Earnings per share: €0.50 (US$0.61 per ADS)
Andrea Guerra, Chief Executive Officer of Luxottica Group, said, "Results for the first half of 2006 were outstanding all around, in all regions and in both our wholesale and retail businesses. We continued to significantly outpace growth in our sector, gaining additional market share in key markets as well as additional visibility and penetration for our brands. This resulted in an improvement in operating income by 35.3%, with operating margin rising significantly by 220 basis points to 16.0%."
Guerra continued: "Year-to-date, ourbusiness showed signs of strength that we believe are important when looking at the second half of the year and beyond. On the retail front, Pearle Vision's line-by-line P&L improvement proved that its new business model is the right one. Sunglass Hut posted a fifth quarter in a row of double-digit comparable store sales and its new, completely fashion-focused store environment is attracting the right profile of customers. Similarly, LensCrafters' renewed focus on premium fashion and the highest standard of service is paying off. As a result, today we are on track to deliver results for the full year 2006 above our original forecast, with net income expected to grow by up to 24 percent. Growth is then expected to continue beyond 2006 thanks to the many opportunities already existing within our business."
marketing@alchempro.com
