We operate in two industry segments:
In 2017, Group revenues reached Euro 9,157 million, up 2.2% at constant exchange rates2 (+0.8% at current exchange rates) with accelerating net sales in the fourth quarter (+4.3% at constant exchange rates and -2.3% at current exchange rates). Both divisions including e-commerce activities contributed to the positive performance of the year, despite stricter trade policies in North America and China and the sharp reduction in discounts across all sales channels.
In particular, the last three months were the best of the year for the wholesale business (+4.7% at constant exchange rates and -0.4% at current exchange rates), comparable store sales, Sunglass Hut in the main geographies at constant exchange rates and e-commerce.
In the fourth quarter the Retail division’s net sales rose by 4.1% at constant exchange rates (-3.3% at current exchange rates), thanks to the contribution from new stores and with comparable store sales flat to the fourth quarter of 2016 but showing sequential improvement from the third quarter of 2017. Sunglass Hut revenues were up 5% at constant exchange rates. LensCrafters continued its focus on transforming its business model and reported negative, but improving, sales compared to the third quarter of 2017.
During the fourth quarter of 2017, Ray-Ban continued to grow in every segment and region thanks to a strong global communication strategy and integrated and omnichannel brand management. Oakley, with rising sales, recorded its best quarterly growth when looking at quarterly performance over the previous two-year period.
Segmental information - FY 2017
|KEY FIGURES IN THOUSANDS OF EURO||MANUFACTURING AND WHOLESALE||RETAIL||INTER-SEGMENT TRANSACTIONS AND CORPORATE ADJ.||CONSOLIDATED|
|% OF SALES||22.3%||13.2%||14.2%|
|DEPRECIATION AND AMORTIZATION||178,257||273,331||88,831||540,420|
|% OF SALES||22.9%||13.1%||14.8%|
|DEPRECIATION AND AMORTIZATION||167,115||260,019||85,708||512,842|
(2) For further information, please see the press release