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By
Reuters
Published
Apr 29, 2010
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Luxottica first quarter net up, sees growth in 2010

By
Reuters
Published
Apr 29, 2010

MILAN, April 29 (Reuters) - Italy's Luxottica (LUX.MI), the world's biggest eyewear group, said on Thursday 29 April it expected profits to grow faster than sales this year, after first-quarter net income jumped 21 percent, echoing optimism among other luxury goods companies.

Luxottica

The Milan-based maker of Ray-Ban and Oakley sunglasses said in a statement emerging and North American markets performed strongly in the first quarter, while others still faced a challenging environment.

"We look to this year with confidence, aware that the recovery will likely be more selective," Chief Executive Andrea Guerra said in the statement.

The company said in March it expected a mid-single digit revenue growth in 2010.

On Thursday 29 April Guerra said he expected "a more than proportionate increase in profitability".

In the first quarter of 2010, net sales rose by 6 percent at current exchange rates to 1.39 billion euros ($1.9 billion).

Net profit was 95.1 million euros. Seven analysts polled by Thomson Reuters I/B/E/S had forecast net profit between 92.3 million euros and 111 million.

Shares, nearly 70 percent owned by the Del Vecchio family, were up nearly 1 percent at 21.3 euros after the results.

Echoing comments from other fashion groups, French retail and luxury group PPR (PRTP.PA) said on Thursday 29 April it aimed to improve profitability in 2010 after returning to growth in the first quarter of the year.

(Reporting by Antonella Ciancio and Cristina Carlevaro, Editing by David Holmes)

($1=.7508 Euro)

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