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Research Tree provides access to ongoing research coverage, media content and regulatory news on LUXOTTICA GROUP SPA. We currently have 6 research reports from 1 professional analysts.
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LUXOTTICA GROUP SPA
LUXOTTICA GROUP SPA
The slowdown continues in Q3
25 Oct 16
Luxottica maintained its pace of growth in Q3 and posted a low single-digit rate amid a tough backdrop. Adjusted group sales were up 1.4% at constant rates (+1.2% reported) to €2,225m. Retail sales outperformed with a 4.4% surge to €1,425m, while wholesales slipped 3.6% to reach €800m. E-commerce sales surged 18% in Q3 sustained by an important online expansion. By region, the weak momentum in North America reduced sales slightly to €1,347m in Q3 compared to €1,357m a year earlier. This market remains by far the largest one, contributing 61% to the quarter’s sales. The performance in Latin America was notable as sales edged up 6.8% to €134m. In Europe, the company showed a strong resilience, surging 8.3% at constant FX to reach €386m. In Asia Pacific, underlying revenues slipped 0.2% to reach €283m. Other regions dropped 5%. Until September, wholesales amounted €6,944m, i.e. a slight retreat (-0.1% reported) halted by adverse FX moves (in H1) as sales at constant rates edged up 1.5%. Retail was up 2.8% to reach €4,174m while wholesale slid 0.3% to €2,770m. The growth was underpinned by the acceleration in Latin America (+11%) and the strong momentum maintained in Europe (+5.7%). The resilience to the slumping demand in China stemmed the crash in Asian sales to 0.6%. The major market grew 0.2% to €4,085m, boosted by a favourable retail momentum (+1.5%). Some recovery signs saw the light by early Q4 in North America and Hong Kong.
Disappointing Q1 sales growth
18 May 16
Luxottica will no longer publish its first and third quarter earnings release or management statement but will continue to report half-year and full-year consolidated results. Q1 sales adjusted were up 1.8% at CER (2.5% reported) with the wholesale division +2.1% and retail 1.6% adjusted.
Disappointing performance in Q4
22 Mar 16
Q4 operating margin declined 240bp (8.9% vs 11.3%) after 20 consecutive quarters of growth. Over the full year, the operating margin improved by 50bp. Operating CF grew by only 8.8%, due to an increase in inventories (in order to serve clients better) and in taxes paid (+62%).
Q4 sales helped by forex
02 Feb 16
# The co-CEO Adil Khan is to leave. Leonardo Del Vecchio will assume the executive responsibility for Markets. # Q4 sales grew 2% at CER (7.9% reported). FY15 sales grew 4.3% at CER (15.5% reported). Wholesale grew 7.1% at CER in Q4 (6.9% for FY15) and retail -1.2% in Q4 and +2.3% in FY.
A bit disappointing
28 Oct 15
Q3 sales grew by 15.4% as reported and +5.5% at CER (respectively +19.7% and +6.4% for the first nine months). Adjusted operating profit grew by 18.6% (vs +31.4% in Q2). Wholesale net sales were +10.1% (+6.8% at CER) and retail sales +18.8% (+4.7% at CER). Debt-to-adjusted EBITDA amounts to 0.6x despite high capex.
09 Dec 16
Ideagen* (IDEA): Acquisition of IPI Solutions (CORP) | Lombard Risk Management* (LRM): Atos deal improves routes to German market (CORP) | Photo-Me* (PHTM): Upgrade to FY forecasts (CORP) In other news… Frontier Developments* (FDEV): ED coming to Xbox and Planet Coaster update (CORP) | LiDCO* (LID): Analyst interview (CORP) | Rude Health: Analyst interview
Product quality and management depth
07 Dec 16
Yesterday Focusrite held a capital markets day, designed to showcase the range and quality of products and introduce operational management, which shares a passion for music-making and has deep knowledge of the products. This contributes to excellent product support, software innovation and thus customer loyalty, which should sustain the company’s brand leadership.
Civil: No Reflation here, only a Race to the Bottom
05 Dec 16
The strengthening of the US dollar since the election of Trump is adding to the headwinds in the airline industry: over-capacity and falling yields. The airline industry, which is expected to generate $8bn of free cashflow in 2016 on $600bn of capital employed, needs to spend $120bn annually to maintain current delivery rates. Deferrals and down-gauging is now spreading to narrow-bodies as more and more airlines review their capex plans. We expect acceleration of seat densification as airlines look to sweat their existing fleets. We now expect deliveries to fall by 5% over 2015-18 as opposed to our previous forecast of flat growth. Aftermarket may also suffer as seat densification helps cut number of flights. This leads to reduction in our EPS forecasts for key Civil Aerospace names: Rolls-Royce, Meggitt, GKN and Senior.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m