Updates

Latest Entries

Luxottica Profits Rise 18.1% in First Half

MILAN — Luxottica Group continued to grow profits and revenues in the first half as it heads toward closing its proposed merger with Essilor of France by the end of the year.
The Italian eyewear giant said Monday in regards to the merger that the two companies’ “shared objective in cooperation with the relevant authorities is to close the antitrust process around the end of the year.”
In the six months ended June 30, Luxottica’s net profits rose 18.1 percent to 562 million euros, compared with 476 million euros in the same period last year. Adjusted net profits rose 6.7 percent to 567 million euros, compared with 532 million euros.
Revenues in the first half grew 4.2 percent to 4.91 billion euros, compared with 4.72 billion euros in the same period last year. At constant exchange rates, revenues were up 1.8 percent. The retail division was up 6.8 percent to 2.93 billion euros, while the wholesale channel edged up 0.5 percent to 1.98 billion euros.
“We are very pleased with the results of the first six months. The new strategies and the reorganization of the group are already producing expected results: increased sales, accelerating profitability and strong cash generation,” stated Leonardo Del Vecchio, executive chairman, together

Follow WWD on Twitter or become a fan on Facebook.

Read More…