Luxottica Group ends 2015 with total adjusted net sales growth of +17% to Euro 9 billion
Luxottica Group ends 2015 1 with total adjusted 3,5 net sales growth of +17% to Euro 9 billion
The Group simplifies the organizational structure: Leonardo Del Vecchio to take on executive responsibilities for Markets; Adil Khan to leave
Group’s adjusted3,5 net sales for 2015: +17% (+5.5% at constant exchange rates2) to more than Euro 9 billion
- Wholesale division’s net sales +12.5% (+6.9% at constant exchange rates2) to Euro 3.6 billion
- Retail division’s adjusted3,5 net sales +20.3% (+4.5% at constant exchange rates2) to Euro 5.4 billion
Retail Division’s comparable store sales4 +3.9%
Milan (Italy), January 29, 2016 - The Board of Directors of Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), a leader in the design, manufacture, distribution and sale of fashion, luxury and sports eyewear, met today to review the consolidated net sales and preliminary results for the fourth quarter of 2015 and the full fiscal year 2015 in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS).
The Board of Directors today also approved a simplification in the Group's organizational structure with a CEO and an Executive Chairman.
Adil Khan is leaving his role as CEO for Markets and Board Member of Luxottica Group after a productive year at the side of Massimo Vian. Mr. Khan’s profile and international experience enabled him to contribute to the Group’s excellent 2015 financial results and to the deep simplification process started across businesses and geographies in late 2014.
The Chairman Leonardo Del Vecchio, founder and inspirer of the Group culture and strategic vision, will assume the executive responsibilities for Markets; Massimo Vian will continue in his role as CEO for Product and Operations.
Notes on the press release
1 Comparisons, including percentage changes, are between the three-month and twelve-month periods ended December 31, 2014 and December 31, 2015, respectively. The full year and fourth quarter of 2014 for some subsidiaries of the Retail division included 53 and 14 weeks, respectively, compared to 52 and 13 weeks in 2015.
2 Figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the previous year. For further information, please refer to the attached tables.
3 Adjusted net sales is not a measure in accordance with IFRS.
4 “Comps” or “Comparable store sales” reflect 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.
5 The adjusted data for the three-month and twelve-month periods ended December 31, 2015 do not take into account a change in the presentation of a component of EyeMed net sales that was previously included on a gross basis and is currently included on a net basis due to a change in the terms of an insurance underwriting agreement (the “EyeMed Adjustment”), resulting in a reduction to net sales on a reported basis of approximately Euro 44.2 million in the fourth quarter and approximately Euro 174.3 million for the full fiscal year. The adjusted data for the three-month and twelve-month periods ended December 31, 2014 do not take into account the EyeMed Adjustment resulting in a reduction to net sales on a reported basis of approximately Euro 23.9 million in the fourth quarter and Euro 46,6 million for the full fiscal year.