Luxottica Group Net Sales Up 5.2% in 2017 Q1

Monday, May 1 2017 | 00 h 00 min | Financial News, News

Luxottica Group’s first quarter net sales were up 5.2% to Euro 2,384 million, and stockholders at the annual general meeting approved the 2016 financial statements and an ordinary dividend of Euro 0.92 per share, +3.4% versus the ordinary dividend paid in 2016.

The wholesale division’s net sales were up 2.5% to Euro 958 million, while retail sales were up 7.1% to Euro 1,426 million.

Luxottica credits Europe and Latin America, and the strong performance of the Ray-Ban brand and new Ray-Ban stores in China and the United States.

On the retail side, Luxottica Group credits growth in optical retail in China and Australia, the Sunglass Hut in Europe and Latin America, and the consolidation of Salmoiraghi & Viganò’s net sales.

“We close the first quarter of the year with results we consider to be particularly positive as the distribution approach focused on quality sales growth has led to an increase in revenues in line with expectations and an improvement in margins,” commented Leonardo Del Vecchio, Executive Chairman and Massimo Vian, CEO for Product and Operations of Luxottica.

North America’s sales were up 1.1% (-2.5% at constant exchange rates) with wholesale division sales mostly holding steady compared to 2016.

Click HERE to read the full press release.