Strong Euro, Hurricanes Penalize Luxottica’s Performance in Q3

News

Fashion / News 8 Views 0

MILAN — A stronger euro and extraordinary events impacted Luxottica Group SpA’s performance in the third quarter. In the three months ended Sept. 30, sales at the Italian eyewear giant decreased 3.5 percent to 2.14 billion euros. At constant exchange rates, revenues inched up 0.8 percent. In the first nine months of the year, revenues rose 1.7 percent to 7.06 billion euros. Business accelerated in July and August compared with the first half of the year but was curbed by a drop in September due to the hurricanes that hurt performance, mainly in North America, Mexico and China. Globally, these events led to a closure of about 800 group stores and the total loss of more than 4,000 retail days. Strong growth in Europe and Latin America and an improvement in Asia-Pacific drove the group’s quarterly sales. The restructuring of Oakley’s sport and retail channels and changes in the LensCrafters business still weighed on sales in North America. “The many initiatives taken in the last two years are bringing clear benefits, particularly the ‘MAP [Minimum Advertised Price] policy,’ which in North America supported double-digit growth for Ray-Ban in the sun segment and online,” said executive chairman Leonardo Del Vecchio, in a statement together

Follow WWD on Twitter or become a fan on Facebook.

Read More...

Comments