MILAN — Gains in the U.S. and Asia, the continuing recovery of luxury brands in its portfolio and a positive performance of owned labels Ray-Ban and Oakley lifted Luxottica Group SpA’s preliminary 2010 net profits up 35 percent to 400 million euros, or $528 million, compared with 299.1 million euros, or $415.7 million, in the previous fiscal year.
Dollar figures were converted at average exchange rates for the periods to which they refer. In the year ended Dec. 31, the Italian eyewear maker, which holds licenses with brands such as Bulgari, Burberry, Chanel, Dolce & Gabbana, Donna Karan, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Tiffany and Versace, is expected to post record revenues of 5.79 billion euros, or $7.64 billion, up 13.8 percent, compared with 5.09 billion euros, or $7.08 billion, in 2009. Andrea Guerra, chief executive officer of Luxottica, said 2010 “was a year of discontinuities. The new world in which we find ourselves operating has shown us that success is possible through innovation, investment, determination, simplicity and speed.”
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The executive said the company posted increasingly improving results throughout the year, both in terms of revenues and profitability. He added that “the start of the new year already looks encouraging.”
As of Dec. 31, 2010, net debt is expected to decline to about 2.14 billion euros, or $2.82 billion, compared with 2.33 billion euros, or $3.24 billion, at the end of December 2009. Full 2010 results will be released on March 1.