Luxottica: shares up after first-half numbers.
(CercleFinance.com) - Shares in Italian eyewear maker Luxottica rose over 2 per cent on Tuesday in Milan after the group reported net profit up 15% in the first half of 2017.
After the Italian market close on Monday, Luxottica said that net sales grew by 4.2% (+1.8% at constant exchange rates) in the first half, with reported net income attributable to stockholders reaching 562 million euros compared to 476 million euros one year ago.
In a reaction note, Bryan Garnier analysts—who maintain a "buy" rating on the shares—cite "reassuring" results and an "engaging" outlook.
"Adjusted EBIT margin was extremely resilient (...) thanks to a significant reduction in SG&A costs”, the brokerage firm said.
Indeed, operating margin increased by 10 basis points to 18.3% in the first six months of 2017, versus consensus of 17.9%.
"The new strategies and the reorganisation of the group are already producing expected results: increased sales, accelerating profitability and strong cash generation", said executive chairman Leonardo Del Vecchio.
The group also confirmed its outlook for 2017, saying the merger process with France's Essilor is still expected to close the antitrust process towards the end of the year.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
After the Italian market close on Monday, Luxottica said that net sales grew by 4.2% (+1.8% at constant exchange rates) in the first half, with reported net income attributable to stockholders reaching 562 million euros compared to 476 million euros one year ago.
In a reaction note, Bryan Garnier analysts—who maintain a "buy" rating on the shares—cite "reassuring" results and an "engaging" outlook.
"Adjusted EBIT margin was extremely resilient (...) thanks to a significant reduction in SG&A costs”, the brokerage firm said.
Indeed, operating margin increased by 10 basis points to 18.3% in the first six months of 2017, versus consensus of 17.9%.
"The new strategies and the reorganisation of the group are already producing expected results: increased sales, accelerating profitability and strong cash generation", said executive chairman Leonardo Del Vecchio.
The group also confirmed its outlook for 2017, saying the merger process with France's Essilor is still expected to close the antitrust process towards the end of the year.
Copyright (c) 2017 CercleFinance.com. All rights reserved.