Business News : Luxottica Net Sales Increase 15% In Q1

Oakley Muttergesellschaft Luxottica berichtet starkes Wachstum im ersten Quartal 2012.
Luxottica la société propriétaire d'Oakley a enregistré une forte croissance de son chiffre d'affaire au premier trimestre de 2012.
ओकले माता पिता कंपनी Luxottica 2012 की पहली तिमाही में मजबूत वृद्धि की सूचना दी
Oakley cha mẹ công ty Luxottica báo cáo tăng trưởng mạnh mẽ trong quý đầu tiên của năm 2012   

Oakley parent company Luxottica reported strong growth in its first quarter of 2012, with net income jumping 27% to €146 million and net sales increasing by 15% to €1.8 billion. Here’s the report in full.

Milan, Italy, May 7, 2012 – The Board of Directors of Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), a leader in the design, manufacture and distribution of fashion, luxury and sports eyewear,  met today and approved the consolidated results for the quarter ended March 31, 2012, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IAS/IFRS).
Operating performance for the first quarter of 2012 The results for the first quarter of 2012 confirmed the positive signs seen during the first two months of the year and, more generally, the rapid growth trends reported by both of Luxottica’s
Divisions in all of the geographic areas where the Group operates. The first quarter of 2012 was the best first quarter in Luxottica’s history largely as a result of the various initiatives implemented during the period. Net sales growth in both Divisions increased by double digits compared to the first quarter of 2011, which was also a period characterized by strong growth. Especially strong performance was achieved in emerging markets, which grew by more than 36%, with peak sales growth of approximately 40% in Brazil, India and East Asia. The Group’s performance in the important North American market remained very positive with Luxottica’s first quarter 2012
2 net sales in U.S. dollars growing by 8.5%, mainly due to the performance of the Wholesale Division (+18.1%), which benefited from the successful launch of the Coach brand. LensCrafters and Sunglass Hut also contributed to these positive results with Sunglass Hut reporting a doubledigit increase (+10.3%) in comparable store sales5.
Positive results were also achieved in Western Europe where, despite the difficult economic situation, Luxottica’s sales grew by 6%, primarily due to the strength of Luxottica’s brand portfolio, the dynamism and ability of the organization to build and maintain strong relationships with customers, and the successful implementation of commercial activities.
“In the first quarter, both our Divisions reported solid growth across all geographic areas: it was another quarter of highly positive growth, confirming the acceleration witnessed in 2011,” commented Andrea Guerra, Chief Executive Officer of Luxottica.
“The results that we have achieved show that it is possible to seize growth opportunities wherever they present themselves; that, with passion and determination, we were able to succeed in delivering extremely positive results even in regions currently considered to be challenging; and that it is fundamental to maintain excellent brands and talented people.
“We continued with our stable growth in both ‘traditional’ and ‘new’ emerging markets, which we believe represent incredible opportunities for our future. Highly gratifying results were reported in North America, where we successfully launched the new Coach collection and our retail brands also performed well.
“All of our brands are in excellent shape. The growth of both Ray-Ban, which this year is celebrating its 75th anniversary, and Oakley, which will take center stage at the London Olympic Games, continues at double-digit rates. Additionally, the entire portfolio of premium and luxury brands, led by Burberry, Tiffany and Prada, yielded solid results in the first quarter.
The reorganization measures implemented in Australia also made an impact in the first quarter with comparable store sales5 at OPSM increasing by approximately 9%.
“We are also satisfied with the improvement shown in the operating margin for the period, increasing by 110 basis points at the Group level, confirming the validity of the measures the Group has taken in recent quarters.
“The results achieved in the first quarter of the year are an excellent foundation for the rest of 2012. Many of the markets in which we operate are in good shape, despite the difficult environment in the Mediterranean area of Europe where we see a degree of nervousness and fluctuations in trends, although Luxottica’s performance in this area remained positive in the quarter. As a result, we look towards the rest of the year with optimism, aware of the strength of our brands and the need to continue to be simple and fast in seizing the opportunities that present themselves.”
Consolidated results
Net sales for the first quarter of 2012 were €1,788.2 million, marking an increase of 14.9% compared to the same period of 2011 (+11.1% at constant exchange rates²). GMO and Tecnol, which joined the Group in July 2011 and January 2012, respectively, collectively contributed approximately €40 million in net sales.

Operating performance for the first quarter once again confirmed the trend in Group profitability, with more than proportional growth in this performance metric as compared with net sales. More specifically, adjusted EBITDA3,4 for the first quarter of 2012 rose by 22.1% over the same period of 2011, reaching €345.6 million. The adjusted EBITDA margin3,4 was therefore up from 18.2% recorded in the first quarter of 2011 to 19.3% in the first quarter of 2012.
Adjusted operating income3,4 for the first quarter of 2012 amounted to €258.2 million, up by 24.5%, as compared to the same period of 2011. The Group’s adjusted operating margin3,4 therefore rose from 13.3% in the first quarter of 2011 to 14.4% in the first quarter of 2012 (+110 bps).
Adjusted net income3,4 for the period was €145.9 million, up by 27.2%, from €114.7 million for the first quarter of 2011, corresponding to an adjusted earnings per share (EPS)3,4 of €0.32.
By carefully controlling working capital, the Group generated positive free cash flow4 (€36 million) in a quarter in which free cash flow has historically been negative. Following the closing of the Tecnol acquisition for approximately €90 million during the quarter, net debt4 remained essentially unchanged at March 31, 2012 at €2,047 million (€2,032 million at December 31, 2011).
The ratio of adjusted net debt to EBITDA 3,4 was 1.7x, unchanged from the ratio at year-end.
Overview of performance at the Wholesale Division
The ongoing success of Oakley and Ray-Ban in all markets, strong performance from the premium and luxury segment, the successful launch of the Coach-brand collections in North America along with the Wholesale Division’s consistent ability to promote each brand’s distinctive traits allowed Luxottica to achieve positive quarterly results in terms of both net sales and profitability.
The Division’s net sales rose to €726.8 million from €641.1 million in the first quarter of 2011 (+13.4% at current exchange rates and +11.9% at constant exchange rates2).
In terms of sales performance in Luxottica’s primary geographic markets, Luxottica saw markedly positive results in North America, Brazil, India, China, Germany, France and Italy – all of which are key areas for Luxottica.
The Wholesale Division’s operating income amounted to €172.9 million, up by 17.0% compared with the €147.8 million reported in the first quarter of 2011, which also was successful for the Division. The operating margin stood at 23.8% compared to 23.1% in the first quarter of 2011
(+70 bps).
Overview of Performance at the Retail Division
Net sales for the Retail Division rose to €1,061.4 million from €915.0 million in the first quarter of 2011 (+16.0% at current exchange rates, +10.5% at constant exchange rates2).
In terms of comparable store sales5, the optical business in North America made solid progress (+5.0%), driven by positive results from LensCrafters consistent with the upward trend reported in recent quarters and which is due, in part, to an improving mix and a closer relationship with consumers, owing to the roll-out of the new digital sight measurement system Accufit. Licensed brands also yielded positive comparable store sales.
Comparable store sales5 of the optical business in the Asia-Pacific region increased 6.3%, benefiting from the measures taken in recent quarters and which are expected to yield their full effects in 2012. OPSM comparable store sales5 in Australia increased by approximately 9%. Favorable results were also reported by the Retail Division in Latin America and China, where both net sales and comparable store sales increased and where the sun segment is steadily increasing.
Sunglass Hut also continued its strong performance during the quarter with comparable store sales5 at the global level increasing by 9.6%. Sunglass Hut’s results were driven by the success of initiatives launched during the period, the ability to attract more consumers and involve them in the brand experience and extremely favorable results in the United States (+10.3%) and South Africa.
The Retail Division’s adjusted operating income3,4 increased to €124.8 million in the first quarter of 2012, up by 29.0%, compared to the €96.8 million reported in the first quarter of 2011. The adjusted operating margin3,4 for the Retail Division increased from 10.6% to 11.8% (+120 bps).
The Board of Directors also approved the merger of 100%-controlled subsidiary Luxottica STARS S.r.l into Luxottica Group S.p.A. The results of the first quarter of 2012 will be discussed today at 6:30 p.m. (CET) during a conference call with the financial community. The presentation will be available via live webcast at www.luxottica.com.

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