Luxottica Reports Record Profits

Luxottica SpA (Milan) announced its net profit in the second quarter rose 30 percent, beating analysts’ expectations and putting the company on track to meet its full-year targets. The luxury eyewear company attributes the strong results to sales of its Ray-Ban and Oakley brands, the rebounding U.S. market and improved profitability in both wholesale and retail channels, according to an article in The Wall Street Journal.

The results are an “excellent basis for us to look with confidence at the second half of the year,” says ceo Andrea Guerra.

The company reports U.S. sales grew 8 percent, while the wholesale division posted its best sales performance in the group's history as key emerging markets recorded 30 percent growth. Comparable store sales at Sunglass Hut, the company's main retail store chain, increased 4.6 percent.

Luxottica oversees manufacturing, wholesale and retail operations for several fashion licenses, including Prada and Dolce & Gabbana, along with proprietary brands such as Ray-Ban and Oakley. The company also recently added low-cost and prescription eye wear.