Luxottica sees strong sales in Asia Pacific retail business

05 Oct '05

2 min read

Eyewear leader Luxottica Group S.p.A. announced that it now expects to post earnings per share (EPS) for fiscal year 2005 of between € 0.74 and € 0.75, up from the previously announced EPS of between €0.68 and €0.70. This would reflect an expected improvement in net income over the previous year of between 16 percent and 18 percent.

Andrea Guerra, Chief Executive Officer of Luxottica Group commented that with one full year of Cole National integration behind us and thanks to the improvements in profitability seen in the retail business in Asia Pacific, today they are comfortable raising their estimates for the current year.

After a strong first half of the year – both at the retail and wholesale level – they now look forward to a very positive final stretch. While remaining fully focused on execution in the short term, their teams around the world are already at work for a 2006 during which they expect to reap additional benefits, especially in terms of profitability, from the good work and many initiatives carried out this year.

The improved forecast is now based on a €1 = US$1.26 average exchange rate for the full year. In US Dollars, Luxottica Group currently expects to post EPS per ADS (EPADS) for fiscal year 2005 of between US$ 0.93 and US$ 0.94.

Luxottica Group also announced that, in accordance with Italian Law, at a meeting held today its Board of Directors approved the Consolidated Financial Statements for the six-month period ended June 30, 2005, based for the first time on International Financial Reporting Standards (IFRS).

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