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Luxottica Group, S.p.A. (LUX)
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LUX » Topics » Forecast for fiscal year 2005

These excerpts taken from the LUX 6-K filed Apr 28, 2005.

Forecast for fiscal year 2005

Luxottica Group, based on a €1 = US$1.30 average exchange rate for the full year and an expected tax rate of between 37 percent and 40 percent, confirms the previously announced forecast for fiscal year 2005:

•
Sales: between €4,000 million and €4,150 million

•
Earnings per share: between €0.68 and €0.70 (earnings per ADS between US$0.88 and US$0.91)

Luxottica Group's consolidated results for the first quarter of 2005 were approved today by its Board of Directors.

About Luxottica Group S.p.A.
Luxottica Group is the world leader in the design, manufacture, marketing and distribution of prescription frames and sunglasses in mid- and premium-priced categories. The Group's products are designed and manufactured in its six facilities in Italy and one in the People's Republic of China. The lines manufactured by Luxottica Group include over 2,450 styles in a wide array of colors and sizes and are sold through 21 wholly-owned subsidiaries in the United States, Canada, Italy, France, Spain, Portugal, Sweden, Germany, the United Kingdom, Brazil, Switzerland, Mexico, Belgium, Argentina, South Africa, Finland, Austria, Norway, Japan, Australia and Poland; one 75%-owned subsidiary in Israel; a 70%-owned subsidiary in Greece; three 51%-owned subsidiaries in the Netherlands, Turkey and Singapore; one 49%-owned subsidiary in the United Arab Emirates; and one 44%-owned subsidiary in India. In October 2004, Luxottica Group acquired Cole National Corporation, one of the largest U.S. optical retailers, operating more than 2,100 retail locations through Pearle Vision, Sears Optical, Target Optical and BJ's Optical, and a leading provider of managed vision care services through Cole National Managed Vision. Prior to that, in September 2003, the Group acquired control of OPSM Group, the leading eyewear retailer in Australia, and, in March 2001, Sunglass Hut International, a leading sunglass retailer with approximately 1,900 stores worldwide. This followed the acquisitions of the Bausch & Lomb sunglass business, which includes the prestigious Ray-Ban®, Revo®, ArnetteTM and Killer Loop® brands, in June 1999, and LensCrafters, the largest optical retail chain in North America, in May 1995. For fiscal year 2004, Luxottica Group posted net sales and net income of €3,223.9 million and €286.9 million, respectively. Additional information on the company is available on the web at www.luxottica.com.

Safe Harbor Statement

Certain statements in this press release may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those which are anticipated. Such risks and uncertainties include, but are not limited to, fluctuations in exchange rates, economic and weather factors affecting consumer spending, the ability to successfully introduce and market new products, the ability to successfully launch initiatives to increase sales and reduce costs, the availability of correction alternatives to prescription eyeglasses, the ability to effectively integrate recently acquired businesses, including Cole National, risks that expected synergies from the acquisition of Cole National will not be realized as planned and that the combination of Luxottica Group's managed vision care business with Cole National will not be as successful as planned, as well as other political, economic and technological factors and other risks referred to in Luxottica Group's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof and
Luxottica Group does not assume any obligation to update them.

2


Contacts
Luxottica Group S.p.A.
Luca Biondolillo, Head of Communications
Email: LucaBiondolillo@Luxottica.com

Alessandra Senici, Manager, Investor Relations
Email: AlessandraSenici@Luxottica.com
Tel.: +39 (02) 8633-4062

In the U.S., agency contact:
 Breakstone & Ruth International
Alexander Fudukidis
E-mail: Afudukidis@breakstoneruth.com
Tel.: +1 (646) 536-7012
1
All comparisons, including percentage changes, are between the three-month periods ended March 31, 2005, and 2004.

2
Excludes the impact of fluctuations in currency exchange rates in the translation of operating results into Euro. See notes to attached tables for more information.

3
Comparable store sales reflects the change in sales from one period to another that, for comparison purposes, includes in the calculation only stores open in the more recent period that also were open during the comparable prior period, and applies to both periods the average exchange rate for the prior period and the same geographic area. The calculation of comparable store sales for the first quarter of 2005 includes relevant stores of the former Cole National business as if the Cole National acquisition had been completed as of January 1, 2004. Cole National results are actually consolidated with Luxottica Group results only as of the October 4, 2004, acquisition date.

Forecast for fiscal year 2005

Luxottica Group, based on a €1 = US$1.30 average exchange rate for the full year and an expected tax rate of between 37 percent and 40 percent, confirms the previously announced forecast for fiscal year 2005:

•
Sales: between €4,000 million and €4,150 million

•
Earnings per share: between €0.68 and €0.70 (earnings per ADS between US$0.88 and US$0.91)

Luxottica Group's consolidated results for the first quarter of 2005 were approved today by its Board of Directors.

About Luxottica Group S.p.A.
Luxottica Group is the world leader in the design, manufacture, marketing and distribution of prescription frames and sunglasses in mid- and premium-priced categories. The Group's products are designed and manufactured in its six facilities in Italy and one in the People's Republic of China. The lines manufactured by Luxottica Group include over 2,450 styles in a wide array of colors and sizes and are sold through 21 wholly-owned subsidiaries in the United States, Canada, Italy, France, Spain, Portugal, Sweden, Germany, the United Kingdom, Brazil, Switzerland, Mexico, Belgium, Argentina, South Africa, Finland, Austria, Norway, Japan, Australia and Poland; one 75%-owned subsidiary in Israel; a 70%-owned subsidiary in Greece; three 51%-owned subsidiaries in the Netherlands, Turkey and Singapore; one 49%-owned subsidiary in the United Arab Emirates; and one 44%-owned subsidiary in India. In October 2004, Luxottica Group acquired Cole National Corporation, one of the largest U.S. optical retailers, operating more than 2,100 retail locations through Pearle Vision, Sears Optical, Target Optical and BJ's Optical, and a leading provider of managed vision care services through Cole National Managed Vision. Prior to that, in September 2003, the Group acquired control of OPSM Group, the leading eyewear retailer in Australia, and, in March 2001, Sunglass Hut International, a leading sunglass retailer with approximately 1,900 stores worldwide. This followed the acquisitions of the Bausch & Lomb sunglass business, which includes the prestigious Ray-Ban®, Revo®, ArnetteTM and Killer Loop® brands, in June 1999, and LensCrafters, the largest optical retail chain in North America, in May 1995. For fiscal year 2004, Luxottica Group posted net sales and net income of €3,223.9 million and €286.9 million, respectively. Additional information on the company is available on the web at www.luxottica.com.

Safe Harbor Statement

Certain statements in this press release may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those which are anticipated. Such risks and uncertainties include, but are not limited to, fluctuations in exchange rates, economic and weather factors affecting consumer spending, the ability to successfully introduce and market new products, the ability to successfully launch initiatives to increase sales and reduce costs, the availability of correction alternatives to prescription eyeglasses, the ability to effectively integrate recently acquired businesses, including Cole National, risks that expected synergies from the acquisition of Cole National will not be realized as planned and that the combination of Luxottica Group's managed vision care business with Cole National will not be as successful as planned, as well as other political, economic and technological factors and other risks referred to in Luxottica Group's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof and
Luxottica Group does not assume any obligation to update them.

2


Contacts
Luxottica Group S.p.A.
Luca Biondolillo, Head of Communications
Email: LucaBiondolillo@Luxottica.com

Alessandra Senici, Manager, Investor Relations
Email: AlessandraSenici@Luxottica.com
Tel.: +39 (02) 8633-4062

In the U.S., agency contact:
 Breakstone & Ruth International
Alexander Fudukidis
E-mail: Afudukidis@breakstoneruth.com
Tel.: +1 (646) 536-7012
1
All comparisons, including percentage changes, are between the three-month periods ended March 31, 2005, and 2004.

2
Excludes the impact of fluctuations in currency exchange rates in the translation of operating results into Euro. See notes to attached tables for more information.

3
Comparable store sales reflects the change in sales from one period to another that, for comparison purposes, includes in the calculation only stores open in the more recent period that also were open during the comparable prior period, and applies to both periods the average exchange rate for the prior period and the same geographic area. The calculation of comparable store sales for the first quarter of 2005 includes relevant stores of the former Cole National business as if the Cole National acquisition had been completed as of January 1, 2004. Cole National results are actually consolidated with Luxottica Group results only as of the October 4, 2004, acquisition date.
These excerpts taken from the LUX 6-K filed Feb 15, 2005.
Forecast for fiscal year 2005

 

Luxottica Group, based on a €1 = US$1.30 average exchange rate for the full year and an expected tax rate of between 37 percent and 40 percent, forecasts the following results for fiscal year 2005:

 

•                  Sales: from €4,000 million to €4,150 million

•                  Earnings per share: from €0.68 to €0.70 (earnings per ADS from US$0.88 to US$0.91)

•                  Net debt/EBITDA: from 2.0x to 2.2x(5)

 

Luxottica Group’s consolidated results for the fourth quarter and fiscal year 2004 were approved today by its Board of Directors.

 

Forecast for fiscal year 2005

 

Luxottica Group, based on a €1 = US$1.30 average exchange rate for the full year and an expected tax rate of between 37 percent and 40 percent, forecasts the following results for fiscal year 2005:

 

•                  Sales: from €4,000 million to €4,150 million

•                  Earnings per share: from €0.68 to €0.70 (earnings per ADS from US$0.88 to US$0.91)

•                  Net debt/EBITDA: from 2.0x to 2.2x(5)

 

Luxottica Group’s consolidated results for the fourth quarter and fiscal year 2004 were approved today by its Board of Directors.

 

EXCERPTS ON THIS PAGE:

6-K (2 sections)
Apr 28, 2005
6-K (2 sections)
Feb 15, 2005

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