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Group S.p.A. (NYSE: LUX; MTA: LUX), the global leader in the eyewear sector, today announced consolidated U.S. GAAP results for the three- and nine-month periods ended September 30, 2006. Consolidated results for both periods reflect the sale of the Things Remembered business in September of this year, which is reported under U.S. GAAP as a discontinued operation. Consequently, results of the Things Remembered business for the three- and nine-month periods ended September 30, 2005 and 2006 are not included in the Group’s consolidated sales, operating income and net income from continuing operations reported today.
 
Financial highlights for the respective periods were as follows:
Third quarter of 2006
• Consolidated sales: €1,120.4 million (+9.8%) (+13.8% excluding effect of exchange rates)
- Retail sales: €838.6 million (+4.8%); Retail comparable store sales2: +6.0%
- Total wholesale sales: €359.5 million (+26.7%)
• Consolidated operating income: €186.5 million (+20.5%); Operating margin: 16.6%
- Retail operating income: €112.6 million (+8.8%); Retail operating margin: 13.4%
- Wholesale operating income: €88.0 million (+39.1%); Wholesale operating margin: 24.5%
• Consolidated net income from continuing operations3: €107.0 million (+19.3%); Net margin: 9.6%
• Earnings per share: €0.24 (US$0.30 per ADS)
First nine months of 20064
• Consolidated sales: €3,565.6 million (+15.1%)
- Retail sales: €2,525.0 million (+10.0%); Retail comparable store sales5: +7.0%
- Total wholesale sales: €1,301.5 million (+33.0%)
• Consolidated operating income: €591.1 million (+30.7%); Operating margin: 16.6%
- Retail operating income: €345.5 million (+25.7%); Retail operating margin: 13.7%
- Wholesale operating income: €341.6 million (+47.7%); Wholesale operating margin: 26.2%
• Consolidated net income from continuing operations6: €330.0 million (+29.6%); Net margin: 9.3%
• Earnings per share: €0.73 (US$0.91 per ADS)
 
Andrea Guerra, chief executive officer of Luxottica Group, commented: “After nine months of extremely positive results, today our business is strong with both wholesale and retail on track to deliver a record year. Thanks to these results, today we are able to confirm our full year guidance of earnings per share (EPS) of between €0.93 and €0.94 even though our business no longer includes the results of Things Remembered, which historically has been contributing EPS of €0.03 on a yearly basis. Today this reflects an year-over-year growth in EPS from continuing operations of 28 percent.”
 
Mr. Guerra continued: “Cash flow generation was again one of the highlights of our results, with €129 million for the quarter.” Consolidated results for the third quarter continued to be strong all around, in all regions and in both the wholesale and retail businesses. The Group continued to outpace the sector, gaining additional penetration in key markets as well as greater visibility for its portfolio of leading luxury and fashion brands. This resulted in further improvements in profitability, with operating margin rising significantly by 140 basis points to 16.6%.
The third quarter was a record period for the Group’s wholesale business, with sales to third parties – a key measure of the wholesale business – rising by 27.8% and operating margin up by 220 basis points to 24.5%, in line with all-time highs for the wholesale division. Main drivers of this performance were another exceptional quarter by Ray-Ban and the strength and further improved penetration of the Group’s luxury and fashion brands – mainly Bvlgari, Chanel, Dolce & Gabbana, Prada and Versace. In the retail business, the Group enjoyed another quarter of particularly strong results, especially from operations in North America. LensCrafters posted another above-average quarter, while Sunglass Hut’s comparable store sales rose by over 6.0%. Similarly, Pearle Vision posted its first full year of growth, with comparable store sales up to mid-single digits and further improvements in profitability. In Asia-Pacific, the Group’s optical business posted a positive quarter. Overall, operating margin for all of the Group’s retail operations was a strong 13.4% for the quarter and 13.7% for the year-to-date period.
On September 30, 2006, Luxottica Group’s consolidated net outstanding debt was €1,299.8 million.
Results for the quarter and the year-to-date period reflect the impact of non-cash expenses for stock options of €7.7 million and €28.7 million, respectively, compared with €5.8 million and €12.4 million for the comparable periods last year.
Luxottica Group’s consolidated results for the third quarter and first nine months of 2006 were approved today by its Board of Directors.
 
Source : communiqué de presse

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