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Luxottica net income up 10% in Q3

Published October 30, 2014

MILAN, Italy (BRAIN) — Luxottica Group SpA, parent of optical brands including Oakley and Ray Ban, reported this week that third-quarter net income rose 10 percent to 162 million euros ($204 million) fueled in part by strong sales growth of more than 30 percent in emerging markets including China, Brazil, India and the Middle East. Overall net sales rose 5.5 percent to 5.79 billion euros.

The Wholesale Division’s net sales rose by 9.3 percent to 750 million euros, while the Retail Division sales ticked up 2.9 percent to 1.13 billion euros.

“Brand portfolio highlights include continued global success at Ray-Ban and Oakley and the overall solid performance of our licensed brands,” Luxottica stated in a press release.

The quarterly earnings report was the first since Luxottica went through a controversial management shake-up that saw two CEOs resign within six weeks of each other this fall. In the aftermath, Luxottica established a dual-CEO structure, elevating COO Massimo Vian to co-CEO alongside longtime Procter & Gamble manager Adil Mehboob-Khan.

Luxottica is publicly on the New York Stock Exchange under the symbol LUX. Its stock performance is tracked on the BRAIN stock chart.

 

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