Research, Charts & Company Announcements
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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
13 Feb 17
Surface Transforms* (SCE): H1 results confirm operational progress (CORP) | Premaitha Health* (NIPT): European diagnostics partnership (CORP) | Lok'nStore* (LOK): Filling existing stores, developing new ones (CORP) | Victoria* (VCP): Entry into the European flooring market (CORP) | eg solutions* (EGS): Exceptional H2 performance (CORP)
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management