Temps de lecture : 4 min

Soyez le premier à commenter cette news
Luxottica Group S.p.A., global leader in the eyewear sector, today announced consolidated U.S. GAAP results for the three- and nine-month periods ended September 30, 2005.
 
Financial highlights
Third Quarter of 2005
• Consolidated sales: €1,069.4 million (+47.3%)
- Retail sales: €849.0 million (+55.2%); Retail comparable store sales: +5.3%
- Total wholesale sales: €283.7 million (+26.0%)
• Consolidated operating income: €154.9 million (+20.1%); Operating margin: 14.5%
- Retail operating income: €106.3 million (+15.1%); Retail operating margin: 12.5%
- Wholesale operating income: €63.3 million (+34.0%); Wholesale operating margin: 22.3%
• Consolidated net income: €89.3 million (+16.0%); Net margin: 8.4%
• Earnings per share: €0.20 (US$0.24 per ADS)
 
Nine-month Period
• Consolidated sales: €3,251.9 million (+41.0%)
- Retail sales: €2,448.6 million (+52.1%); Retail comparable store sales: +5.7%
- Total wholesale sales: €978.9 million (+17.0%)
• Consolidated operating income: €457.1 million (+17.7%); Operating margin: 14.1%
- Retail operating income: €283.4 million (+20.1%); Retail operating margin: 11.6%
- Wholesale operating income: €231.3 million (+23.2%); Wholesale operating margin: 23.6%
• Consolidated net income: €256.7 million (+13.0%); Net margin: 7.9%
• Earnings per share: €0.57 (US$0.72 per ADS)
 
Andrea Guerra, chief executive officer of Luxottica Group, commented: “Results for the third quarter were again strong across our entire business and in all key markets, with both retail and wholesale contributing to continued growth. Cash flow generation was again one of the main highlights of our Group’s results for the quarter, with approximately €140 million excluding non-recurring items5. At the same time, in the first nine months of 2005 we reached the same level of sales posted in 2004 for the full year, which in itself means that the Cole National acquisition has already helped us to achieve a significant result.”
 
Regarding the retail business, the integration of Cole National is now nearly completed and the Group’s retail team in North America is already focusing on the challenges ahead: the growth of the Pearle Vision business and the ongoing repositioning of Sunglass Hut as the destination store for fashion in sun.
Results of the retail division for the third quarter were particularly strong, especially in North America where Sunglass Hut experienced double-digit comparable store sales growth for the second quarter in a row. Retail results were also positive in Asia-Pacific, especially in terms of profitability.
 
For the third quarter, the Group’s wholesale business experienced significant additional growth and improved profitability. Wholesale sales to third parties rose by 23.0 percent, reflecting accelerated growth in the Group’s wholesale business year-to-date compared with 13.0 percent for the first half of the year. Operating margin for the entire wholesale division for the quarter improved to 22.3%, up by 130 bps year-over-year. The performance of the wholesale business reflected the strength of Luxottica Group’s brands portfolio, especially of Ray-Ban, which posted particularly strong results for the quarter.
 
In wholesale, the Group just launched the first Dolce & Gabbana collections and expects a strong first year, in line with the original projection of €120 million in sales. The new collections, together with the Group’s well-balanced portfolio of leading and best-selling house and license brands, are expected to give Luxottica Group’s sales teams additional tools to continue delivering the growth experienced year-to-date in all key markets.
 
The effective tax rate for the quarter was 35 percent, in line with an expected tax rate for the full year of 37 percent. In application of APB 25 (Accounting for Stock Issued to Employees), results for the nine-month period also included non-cash expenses for stock options6 of €12.4 million. The recently announced revised earnings estimates for fiscal year 2005 already fully reflect both the tax rate expectation and the non-cash expenses for
stock options.
On September 30, 2005, Luxottica Group’s consolidated net outstanding debt was €1,557.9 million.
Luxottica Group’s consolidated results for the three- and nine-month periods ended September 30, 2005, were approved today by its Board of Directors. Consolidated results for the quarter and the nine-month period include the consolidation of the Cole National business.
 
Source : communiqué de presse Luxottica

Vous avez la parole !

pour pouvoir poster des commentaires

Nos lecteurs ont aussi lu...

Les dernières news

Voir + de news