Luxottica: forecasts confirmed despite slowdown in Q3.
(CercleFinance.com) - Excluding currency effects, eyewear maker Luxottica's sales, with the group currently involved in a mega-merger with France's Essilor, slowed in Q3, coming in slightly below the consensus.
Management of this Italian group, which is very exposed to North America, attributed this performance to the hurricane season which has hit the month of September. However, the group has confirmed its annual forecasts.
After increasing by 1.8% at constant exchange rates in H1, driven by the retail division (+4%), net sales slowed significantly in Q3 (+0.8% to 2.1 billion euros), while the growth in retail sales was limited to 1.3%. This means that over nine months, the rate was reduced to 1.5%, with net sales of 7.1 billion euros.
Luxottica has announced an "acceleration" of its sales in July and August, followed by a decline in September. In North America (57% of sales), the hurricanes resulted in the closure of about 800 points of sale last month, resulting in the loss of 4,000 working days.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Management of this Italian group, which is very exposed to North America, attributed this performance to the hurricane season which has hit the month of September. However, the group has confirmed its annual forecasts.
After increasing by 1.8% at constant exchange rates in H1, driven by the retail division (+4%), net sales slowed significantly in Q3 (+0.8% to 2.1 billion euros), while the growth in retail sales was limited to 1.3%. This means that over nine months, the rate was reduced to 1.5%, with net sales of 7.1 billion euros.
Luxottica has announced an "acceleration" of its sales in July and August, followed by a decline in September. In North America (57% of sales), the hurricanes resulted in the closure of about 800 points of sale last month, resulting in the loss of 4,000 working days.
Copyright (c) 2017 CercleFinance.com. All rights reserved.