Luxottica Announces Record Results for 2010, Expects Acceleration in 2011

The makers of Ray-Ban and Oakley sunglasses were expected to declare good results for the year 2010 as the average forecast by 21 banks and brokerages polled by Reuters was 5.72 billion Euros The results declared on Monday did even better than that, with net sales hitting a record 5.8 billion Euros. It was a result of a more customer focused retail business and an improvement in the consumer confidence in the key US market.

Andrea Guerra, the Chief Executive of the company was confident about the future and hoped that 2011 will see more accelerated growth. If they continue doing more of the same, then Luxottica will continue to post solid, stable growth and increased profitability. The recovery of the luxury goods industry is evident after its worst slump in decades. The growth has come mainly on the back of buoyant demand from Asia and a recovery in the mature markets.

Luxottica depends on the US markets for 60% if its turnover. The quarter on quarter results are even better as it shows a definite improving trend. The fourth-quarter sales rose 16.4 percent to 1.35 billion Euros to record the best retail performance of the last four years. Luxottica also makes eyewear for Chanel, Prada, Tiffany and Burberry. The start of 2011 for them has been promising and it is expecting acceleration in emerging markets, mainly China.

Via: reuters

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