Luxottica's Q1 2007 results show improving sales & net income
30 Apr '07
4 min read
Luxottica Group S.p.A. the global leader in the eyewear sector announced consolidated U.S. GAAP results (1) for the three-month period ended March 31, 2007 (2). Financial highlights were as follows:
Andrea Guerra, chief executive officer of Luxottica Group, commented on the results for the quarter as follows: “The year started well. At constant exchange rates, consolidated sales for the quarter reflected strong growth (+13.1%), continuing the positive trend of fiscal 2006."
"Operating margin also continued to improve, exceeding 17%, while net income rose by 20.3%, which is a particularly positive result when considering the significant impact of exchange rates on results for the quarter.”
“It is important to mention that this positive performance was achieved while the Group is making significant investments in several markets to improve its ability to capture longer-term growth opportunities. In North America, management is currently focused both on the integration of the acquisitions made over the past 18 months and on the opening of new stores. During the first quarter we opened a record 149 new stores."
"In Asia-Pacific, we continued to work on our China-based retail operations: we are overseeing the building of a strong infrastructure from our new head office in Shanghai. Finally, we entered new markets with Sunglass Hut: in Hong Kong, we opened the chain's first two stores in China, and we entered South Africa through the acquisitions of the Sunglass World and Occhiali for Sunglasses chains.”
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