This excerpt taken from the LUX 6-K filed Oct 29, 2008.
Performance in third quarter 2008
In the third quarter, the Group continued to grow in both market share and sales volume despite a particularly challenging economic environment that deteriorated steadily over the period. Further, there was significant depreciation in the major currencies in each of our key markets (including especially the US dollar) against the euro during the period.
In this situation, Luxottica responded with the flexibility and effectiveness of its integrated business model, benefitting from the merger with Oakley, ongoing investments (which amounted to 195 million in the first nine months of 2008, or approximately 5% of consolidated net sales for the period) and efficiency-boosting measures already under way.
We are in a particularly difficult year, commented Luxottica Group CEO Andrea Guerra. Im satisfied, however, with how Luxottica reacted to this new international situation: we made major investments, we have a strong and well-balanced brand portfolio, we are continuing to build on our already solid relationships with clients and were getting faster and more flexible in taking up new business opportunities. I am convinced that Luxotticas increasingly solid foundation puts us in the best possible position to handle a situation as demanding as the one that is presented to us.