Luxottica Group's Consolidated Sales for Fiscal Year 2005 Rose by 34.3%1 February 2006
Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX), global leader in the eyewear sector, today announced consolidated U.S. GAAP results for the three-month period and fiscal year ended December 31, 2005.
Financial highlights
Fourth quarter of 2005(1)
* Consolidated sales: euro 1,118.8 million (+18.0%)
-- Retail sales: euro 849.6 million (+15.3%); Retail comparable store
sales(2): +4.9%
-- Total wholesale sales: euro 331.3 million (+28.5%)
* Consolidated operating income: euro 145.5 million (+39.2%); Operating
margin: 13.0%
-- Retail operating income: euro 95.0 million (+27.6%);
Retail operating margin: 11.2%
-- Wholesale operating income: euro 73.0 million (+60.7%); Wholesale
operating margin: 22.0%
* Consolidated net income: euro 85.6 million (+43.2%); Net margin: 7.6%
* Earnings per share: euro 0.19 (US$0.23 per ADS)
Fiscal year 2005(3)
* Consolidated sales: euro 4,370.7 million (+34.3%)
-- Retail sales: euro 3,298.2 million (+40.5%); Retail comparable store
sales(4): +5.5%
-- Total wholesale sales: euro 1,310.3 million (+19.7%)
* Consolidated operating income: euro 602.6 million (+22.3%); Operating
margin: 13.8%
-- Retail operating income: euro 378.4 million (+21.9%);
Retail operating margin: 11.5%
-- Wholesale operating income: euro 304.3 million (+30.5%); Wholesale
operating margin: 23.2%
* Consolidated net income: euro 342.3 million (+19.3%); Net margin: 7.8%
* Earnings per share: euro 0.76 (US$0.95 per ADS)
Andrea Guerra, chief executive officer of Luxottica Group, commented: "Fiscal year 2005 was an exceptional year for our Group, during which we enjoyed strong growth from both wholesale and retail operations, with sales for the year growing by 19.7% and 40.5%, respectively. In wholesale in particular, throughout the entire year we enjoyed significant additional growth in profitability thanks also to improved penetration in key markets. Cash flow generation(5) was another strong feature of our results for the year, at euro 440 million."
In 2005, Luxottica Group successfully completed the operational integration of the former Cole National business, for which the cost synergies already realized in 2005 will contribute to additional improvements in profitability in the current year. As of the fourth quarter, we entered a new stage of the integration, during which we will focus on the future growth of the businesses, especially of the Pearle Vision retail brand.
In the fourth quarter, the Group continued to see particularly strong results from retail operations in North America, with overall performance and comparable store sales growth rates across the entire 5,300-store division above those of the premium retail sector in that market. Behind a robust quarter by LensCrafters thanks to a focus on sales of premium frames and products, Sunglass Hut posted the third quarter in a row of double-digit comparable sales growth, at nearly 12%, and a strong improvement in profitability.
For the fourth quarter, the Group's wholesale business experienced significant additional growth and improved profitability, with sales to third parties rising by 27.5 percent. Operating margin for the entire wholesale division for the quarter improved to 22.0 percent, while operating margin for the year rose by 190 bps to 23.2 percent. The performance of the wholesale business reflected the strength of Luxottica Group's brand portfolio, with yet again more growth from Ray-Ban. Our key luxury brands also posted a strong quarter, in particular Bvlgari, Chanel, Prada and Versace. Results from the October launch of the new Dolce & Gabbana collections were also extremely strong.
Results for the fiscal year ended December 31, 2005, reflected the impact of non-cash expenses for stock options(6) of euro 16.7 million.
Luxottica Group's net debt position on December 31, 2005, reflected significant improvement of euro 280.8 million to consolidated net outstanding debt of euro 1,435.2 million, compared with net outstanding debt of euro 1,716.0 million on December 31, 2004.
Forecast for fiscal year 2006
Luxottica Group, based on a euro 1 = US$1.2444 average exchange rate for the full year, in line with the actual average exchange rate for fiscal year 2005, forecasts the following consolidated results for fiscal year 2006(7):
* Sales of between euro 4.7 billion and euro 4.8 billion, or an increase
of between 8 and 10 percent
* Earnings per share of between euro 0.89 and euro 0.91 (earnings per ADS
of between US$1.11 and US$1.13), or an increase of between 18 and
20 percent
Luxottica Group's consolidated results for the fourth quarter and fiscal year 2005 were approved today by its Board of Directors.
About Luxottica Group S.p.A.
Luxottica Group is a global leader in eyewear, with nearly 5,500 optical and sun retail stores mainly in North America, Asia-Pacific and China and a well-balanced portfolio that comprises leading premium house and licensed brands, including Ray-Ban, the best selling sun and prescription eyewear brand in the world. Among others, the Group's brand portfolio includes house brands Vogue, Persol, Arnette and REVO and license brands Bvlgari, Burberry, Chanel, Dolce & Gabbana, Donna Karan, Prada and Versace. Luxottica Group's global wholesale network touches 120 countries, with a direct presence in the key 28 eyewear markets worldwide. The Group's products are designed and manufactured at its six Italy-based high-quality manufacturing plants and at the only China-based plant wholly-owned by a premium eyewear manufacturer. For fiscal year 2005, Luxottica Group posted consolidated net sales and net income of euro 4.3 billion and euro 342.3 million, respectively. Additional information on the Group is available at http://www.luxottica.com.
Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those which are anticipated. Such risks and uncertainties include, but are not limited to, fluctuations in exchange rates, economic and weather factors affecting consumer spending, the ability to successfully introduce and market new products, the availability of correction alternatives to prescription eyeglasses, the ability to successfully launch initiatives to increase sales and reduce costs, the ability to effectively integrate recently acquired businesses, including Cole National, risks that expected synergies from the acquisition of Cole National will not be realized as planned and that the combination of Luxottica Group's managed vision care business with Cole National will not be as successful as planned, the impact of the application of APB 25 (Accounting for Stock Issued to Employees) and, as of January 1, 2006, the adoption of SFAS 123 (R) as well as other political, economic and technological factors and other risks referred to in Luxottica Group's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof and Luxottica Group does not assume any obligation to update them.
LUXOTTICA GROUP
CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE THREE-MONTH PERIODS ENDED
DECEMBER 31, 2005 AND DECEMBER 31, 2004
KEY FIGURES IN THOUSANDS OF EURO (4)
2005 2004 (5) % Change
NET SALES 1,118,796 948,307 18.0%
NET INCOME 85,580 59,756 43.2%
EARNINGS PER SHARE (ADS) (2) 0.19 0.13
FULLY DILUTED EARNINGS
PER SHARE (ADS) (3) 0.19 0.13
KEY FIGURES IN THOUSANDS OF
U.S. DOLLARS (1) (4)
2005 2004 (5) % Change
NET SALES 1,329,778 1,229,765 8.1%
NET INCOME 101,718 77,491 31.3%
EARNINGS PER SHARE (ADS) (2) 0.23 0.17
FULLY DILUTED EARNINGS
PER SHARE (ADS) (3) 0.22 0.17
Notes: 2005 2004
(1) Average exchange rate
(in U.S. Dollars per Euro) 1.1886 1.2968
(2) Weighted average number of
outstanding shares 451,287,279 448,611,400
(3) Fully diluted average number
of shares 454,929,432 451,054,240
(4) Except earnings per share (ADS), which are expressed in Euro
and U.S. Dollars, respectively
(5) Certain amounts of 2004 have been reclassified to conform to 2005
presentation
LUXOTTICA GROUP
CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE YEARS ENDED
DECEMBER 31, 2005 AND DECEMBER 31, 2004
KEY FIGURES IN THOUSANDS OF EURO (4)
2005 2004 (5) % Change
NET SALES 4,370,744 3,255,300 34.3%
NET INCOME 342,294 286,874 19.3%
EARNINGS PER SHARE (ADS) (2) 0.76 0.64
FULLY DILUTED EARNINGS
PER SHARE (ADS) (3) 0.76 0.64
KEY FIGURES IN THOUSANDS
OF U.S. DOLLARS (1) (4)
2005 2004 (5) % Change
NET SALES 5,438,875 4,047,966 34.4%
NET INCOME 425,945 356,728 19.4%
EARNINGS PER SHARE (ADS) (2) 0.95 0.80
FULLY DILUTED EARNINGS
PER SHARE (ADS) (3) 0.94 0.79
Notes: 2005 2004
(1) Average exchange rate
(in U.S. Dollars per Euro) 1.2444 1.2435
(2) Weighted average number of
outstanding shares 450,179,073 448,275,028
(3) Fully diluted average number
of shares 453,303,426 450,360,942
(4) Except earnings per share (ADS), which are expressed in Euro and U.S.
Dollars, respectively
(5) Certain amounts of 2004 have been reclassified to conform to 2005
presentation
LUXOTTICA GROUP
CONSOLIDATED INCOME STATEMENT
FOR THE THREE-MONTH PERIODS ENDED
DECEMBER 31, 2005 AND DECEMBER 31, 2004
In thousands of Euro (1) % of % of
4Q05 sales 4Q04 (2) sales % Change
NET SALES 1,118,796 100.0% 948,307 100.0% 18.0%
COST OF SALES (360,430) (322,488)
GROSS PROFIT 758,366 67.8% 625,819 66.0% 21.2%
OPERATING EXPENSES:
SELLING EXPENSES (401,176) (352,615)
ROYALTIES (18,502) (13,275)
ADVERTISING EXPENSES (65,472) (49,141)
GENERAL AND
ADMINISTRATIVE
EXPENSES (113,006) (93,106)
TRADEMARK AMORTIZATION (14,755) (13,155)
TOTAL (612,912) (521,292)
OPERATING INCOME 145,454 13.0% 104,526 11.0% 39.2%
OTHER INCOME
(EXPENSE):
INTEREST EXPENSES (17,169) (18,657)
INTEREST INCOME 1,462 2,102
OTHER - NET 8,032 11,415
OTHER INCOME
(EXPENSES) NET (7,675) (5,140)
INCOME BEFORE
PROVISION FOR
INCOME TAXES 137,779 12.3% 99,386 10.5% 38.6%
PROVISION FOR INCOME
TAXES (50,700) (37,632)
INCOME BEFORE MINORITY
INTEREST IN INCOME
OF CONSOLIDATED
SUBSIDIARIES 87,080 61,754
MINORITY INTEREST IN
INCOME OF
CONSOLIDATED
SUBSIDIARIES (1,500) (1,998)
NET INCOME 85,580 7.6% 59,756 6.3% 43.2%
EARNINGS PER SHARE
(ADS) (1) 0.19 0.13
FULLY DILUTED EARNINGS
PER SHARE (ADS) (1) 0.19 0.13
WEIGHTED AVERAGE
NUMBER OF
OUTSTANDING
SHARES 451,287,279 448,611,400
FULLY DILUTED AVERAGE
NUMBER OF SHARES 454,929,432 451,054,240
Notes:
(1) Except earnings per share (ADS), which are expressed in Euro
(2) Certain amounts of 2004 have been reclassified to conform to 2005
presentation
LUXOTTICA GROUP
CONSOLIDATED INCOME STATEMENT
FOR THE YEARS ENDED
DECEMBER 31, 2005 AND DECEMBER 31, 2004
In thousands of Euro % of % of
(1) 2005 sales 2004 sales % Change
NET SALES 4,370,744 100.0% 3,255,300 100.0% 34.3%
COST OF SALES (1,380,653) (1,040,697)
GROSS PROFIT 2,990,091 68.4% 2,214,603 68.0% 35.0%
OPERATING EXPENSES:
SELLING EXPENSES (1,564,006) (1,133,114)
ROYALTIES (67,050) (51,002)
ADVERTISING EXPENSES (278,691) (192,430)
GENERAL AND
ADMINISTRATIVE
EXPENSES (423,619) (300,095)
TRADEMARK AMORTIZATION (54,170) (45,148)
TOTAL (2,387,537) (1,721,789)
OPERATING INCOME 602,554 13.8% 492,814 15.1% 22.3%
OTHER INCOME (EXPENSE):
INTEREST EXPENSES (66,332) (56,115)
INTEREST INCOME 5,650 6,662
OTHER - NET 15,697 13,792
OTHER INCOME (EXPENSES)
NET (44,985) (35,661)
INCOME BEFORE PROVISION
FOR INCOME TAXES 557,569 12.8% 457,153 14.0% 22.0%
PROVISION FOR INCOME
TAXES (206,022) (161,665)
INCOME BEFORE MINORITY
INTEREST IN INCOME OF
CONSOLIDATED
SUBSIDIARIES 351,547 295,488
MINORITY INTEREST IN
INCOME OF
CONSOLIDATED
SUBSIDIARIES (9,253) (8,614)
NET INCOME 342,294 7.8% 286,874 8.8% 19.3%
EARNINGS PER SHARE
(ADS) (1) 0.76 0.64
FULLY DILUTED EARNINGS
PER SHARE (ADS) (1) 0.76 0.64
WEIGHTED AVERAGE NUMBER
OF OUTSTANDING SHARES 450,179,073 448,275,028
FULLY DILUTED AVERAGE
NUMBER OF SHARES 453,303,426 450,360,942
Notes:
(1) Except earnings per share (ADS), which are expressed in Euro
(2) Certain amounts of 2004 have been reclassified to conform to 2005
presentation
LUXOTTICA GROUP
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2005, AND DECEMBER 31, 2004
December December
31, 2005 31, 2004(1)
In thousands of Euro
CURRENT ASSETS:
CASH 372,256 257,349
ACCOUNTS RECEIVABLE 460,738 406,437
SALES AND INCOME TAXES
RECEIVABLE 45,823 33,120
INVENTORIES 404,331 433,158
PREPAID EXPENSES AND OTHER 94,083 69,151
DEFERRED TAX ASSETS - CURRENT 91,777 104,508
ASSETS HELD FOR SALE 10,847 --
TOTAL CURRENT ASSETS 1,479,855 1,303,723
PROPERTY, PLANT AND EQUIPMENT -
NET 735,115 599,245
OTHER ASSETS
INTANGIBLE ASSETS - NET 2,698,564 2,473,053
INVESTMENTS 15,832 156,988
OTHER ASSETS 44,980 23,040
SALES AND INCOME TAXES
RECEIVABLES 730 9
TOTAL OTHER ASSETS 2,760,106 2,653,090
TOTAL 4,975,076 4,556,058
CURRENT LIABILITIES:
BANK OVERDRAFTS 289,708 290,531
CURRENT PORTION OF LONG-TERM
DEBT 97,669 405,369
ACCOUNTS PAYABLE 291,734 222,550
ACCRUED EXPENSES AND OTHER 393,263 376,779
ACCRUAL FOR CUSTOMERS' RIGHT OF
RETURN 7,996 8,802
INCOME TAXES PAYABLE 74,829 12,722
TOTAL CURRENT LIABILITIES 1,155,199 1,316,753
LONG TERM LIABILITIES:
LONG TERM DEBT 1,420,117 1,277,495
LIABILITY FOR TERMINATION
INDEMNITIES 56,600 52,656
DEFERRED TAX LIABILITIES - NON
CURRENT 186,591 215,891
OTHER 188,422 173,896
TOTAL LONG TERM LIABILITIES 1,851,730 1,719,938
COMMITMENTS AND CONTINGENCY:
MINORITY INTERESTS IN
CONSOLIDATED SUBSIDIARIES 13,478 23,760
SHAREHOLDERS' EQUITY:
457,975,723 ORDINARY SHARES
AUTHORIZED AND ISSUED -
451,540,937 SHARES OUTSTANDING 27,479 27,312
NET INCOME 342,294 286,874
RETAINED EARNINGS 1,584,896 1,181,421
TOTAL SHAREHOLDERS' EQUITY 1,954,669 1,495,607
TOTAL 4,975,076 4,556,058
Notes:
(1) Certain amounts of 2004 have been reclassified to conform to 2005
presentation
LUXOTTICA GROUP
CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE YEARS ENDED
DECEMBER 31, 2005 AND DECEMBER 31, 2004
- SEGMENTAL INFORMATION -
In Manufacturing Retail Inter- Consolidated
thousands and Segments
of Wholesale Transaction
Euro and
Corporate
Adj.
2005
Net Sales 1,310,273 3,298,171 (237,700) 4,370,744
EBITDA (3) 353,053 484,481 (45,834) 791,700
% of sales 26.9% 14.7% 18.1%
Operating
income 304,333 378,425 (80,204) 602,554
% of sales 23.2% 11.5% 13.8%
Capital
Expenditure 81,070 148,346 -- 229,416
Depreciation
&
Amortization 48,720 106,056 34,370 189,146
Assets 1,579,372 1,397,084 1,998,620 4,975,076
2004 (1)
Net Sales 1,094,802 2,346,683 (186,185) 3,255,300
EBITDA (3) 280,785 389,903 (25,123) 645,565
% of sales 25.6% 16.6% 19.8%
Operating
income 233,129 310,340 (50,655) 492,814
% of sales 21.3% 13.2% 15.1%
Capital
Expenditure 31,367 86,053 -- 117,420
Depreciation
&
Amortization 47,656 79,563 25,532 152,751
Assets 1,566,086 1,211,781 1,778,190 4,556,058
2004 As
adjusted (2)
Net Sales 1,094,802 3,095,358 (187,120) 4,003,040
EBITDA (3) 280,785 405,358 (25,123) 661,020
% of sales 25.6% 13.1% 16.5%
Operating
income 233,129 308,495 (59,446) 482,178
% of sales 21.3% 10.0% 12.0%
Depreciation
&
Amortization 47,656 96,863 34,323 178,842
Notes:
(1) Certain amounts of 2004 have been reclassified to conform to 2005
presentation
(2) These consolidated adjusted amounts are a non-GAAP measurement. The
company has included this measurement to give comparative information
for the two periods discussed, aligning the consolidation
periods of Cole National for both years 2004 and 2005. They reflect
the consolidation of Cole National results for the whole year 2004
(as it is in 2005). This information does not purport to be
indicative of the actual result that would have been achieved had the
Cole National acquisition been completed as of January 1, 2004.
(3) EBITDA is the sum of Operating Income and Depreciation & Amortization
LUXOTTICA GROUP
NON-GAAP COMPARISON OF CONSOLIDATED NET SALES
FOR THE THREE-MONTH AND THE YEARS ENDED DECEMBER 31, 2005,
AND DECEMBER 31, 2004, ASSUMING CONSTANT EXCHANGE RATES
4Q 2004 4Q 2005 Adjustment 4Q 2005
U.S. GAAP U.S. GAAP for constant adjusted
In million of Euro results results exchange rates results
Consolidated net sales 948.3 1,118.8 -77.3 1,041.5
Manufacturing/
wholesale net sales 257.8 331.3 -12.8 318.5
Retail net sales 737.1 849.6 -69.2 780.4
2004 2005 Adjustment 2005
U.S. GAAP U.S. GAAP for constant adjusted
In million of Euro results results exchange rates results
Consolidated net sales 3,255.3 4,370.7 -16.9 4,353.8
Manufacturing/
wholesale net sales 1,094.8 1,310.3 -7.5 1,302.8
Retail net sales 2,346.7 3,298.2 -10.3 3,287.9
Note:
Luxottica Group uses certain measures of financial performance that
exclude the impact of fluctuations in currency exchange rates in the
translation of operating results into Euro. The Company believes that
these adjusted financial measures provide useful information to both
management and investors by allowing a comparison of operating performance
on a consistent basis. In addition, since the Luxottica Group has
historically reported such adjusted financial measures to the investement
community, the Company believes that their inclusion provides consistency
in its financial reporting.
Further, these adjusted financial measures are one of the primary
indicators management uses for planning and forecasting in future periods.
Operating measures that assume constant exchange rates between the whole
year 2005 and the whole year 2004 and the fourth quarter of 2005 and the
fourth quarter of 2004 are calculated using for each currency the average
exchange rate for the whole year and the three-month period ended December
31, 2004. Operating measures that exclude the impact of fluctuations in
currency exchange rates are not measures of performance under accounting
principles generally accepted in the United States (U.S. GAAP). These non-
GAAP measures are not meant to be considered in isolation or as a
substitute for results prepared in accordance with U.S. GAAP. In addition,
Luxottica Group's method of calculating operating performance excluding
the impact of changes in exchange rates may differ from methods used by
other companies. See table above for a reconciliation of the operating
measures excluding the impact of fluctuations in currency exchange rates
to their most directly comparable U.S. GAAP financial measures. The
adjusted financial measures should be used as a supplement to U.S. GAAP
results to assist the reader in better understanding the operational
performance of the Company
LUXOTTICA GROUP
RECONCILIATION OF THE CONSOLIDATED INCOME STATEMENT
PREPARED IN ACCORDANCE WITH US GAAP AND IAS / IFRS
FOR THE YEAR ENDED DECEMBER 31, 2005,
PURSUANT TO CONSOB REGULATION N. 27021 OF APRIL 7, 2000 AND
IN ACCORDANCE WITH CONSOB
COMMUNICATION DME/5015175 DATED MARCH 10, 2005
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2005
In thousands of Euro (1) US GAAP
2005 IFRS 2 IFRS 3 IAS 19
Business Tfr &
Stock option combination Pension
NET SALES 4,370,744
COST OF SALES (1,380,653) 2,149
GROSS PROFIT 2,990,091 2,149
OPERATING EXPENSES:
SELLING EXPENSES (1,564,006)
ROYALTIES (67,050)
ADVERTISING EXPENSES (278,691)
GENERAL AND ADMINISTRATIVE
EXPENSES (423,619) (7,438) 6,541 2,106
TRADEMARK AMORTIZATION (54,170)
TOTAL (2,387,537) (7,438) 6,541 2,106
OPERATING INCOME 602,554 (7,438) 6,541 4,256
OTHER INCOME (EXPENSE):
INTEREST EXPENSES (66,332)
INTEREST INCOME 5,650
OTHER - NET 15,697
OTHER INCOME (EXPENSES)
NET (44,985)
INCOME BEFORE PROVISION
FOR INCOME TAXES 557,569 (7,438) 6,541 4,256
PROVISION FOR INCOME TAXES (206,022) (2,616) (1,512)
INCOME BEFORE MINORITY
INTEREST IN INCOME OF
CONSOLIDATED SUBSIDIARIES 351,547 (7,438) 3,925 2,744
MINORITY INTEREST IN INCOME
OF CONSOLIDATED SUBSIDIARIES (9,253)
NET INCOME 342,294 (7,438) 3,925 2,744
EARNINGS PER SHARE (ADS) (1) 0.76
FULLY DILUTED EARNINGS
PER SHARE (ADS) (1) 0.76
WEIGHTED AVERAGE NUMBER
OF OUTSTANDING SHARES 450,179,073
FULLY DILUTED AVERAGE
NUMBER OF SHARES 453,303,426
IAS 38 IAS 39 Total IAS / IFRS (2)
IAS/IFRS 2005
Intangibles Derivatives Adjustment
NET SALES 4,370,744
COST OF SALES 2,149 (1,378,504)
GROSS PROFIT 2,149 2,992,240
OPERATING EXPENSES:
SELLING EXPENSES (1,564,006)
ROYALTIES (67,050)
ADVERTISING EXPENSES (2,914) (2,914) (281,605)
GENERAL AND
ADMINISTRATIVE EXPENSES 1,209 (422,411)
TRADEMARK AMORTIZATION (54,170)
TOTAL (2,914) (1,705) (2,389,242)
OPERATING INCOME (2,914) 444 602,998
OTHER INCOME (EXPENSE):
INTEREST EXPENSES (66,332)
INTEREST INCOME (1,826) (1,826) 3,824
OTHER - NET 15,697
OTHER INCOME
(EXPENSES) NET (1,826) (1,826) (46,811)
INCOME BEFORE
PROVISION FOR
INCOME TAXES (2,914) (1,826) (1,382) 556,187
PROVISION FOR INCOME
TAXES 1,149 680 (2,299) (208,320)
INCOME BEFORE MINORITY
INTEREST IN INCOME
OF CONSOLIDATED
SUBSIDIARIES (1,765) (1,146) (3,681) 347,867
MINORITY INTEREST IN
INCOME OF
CONSOLIDATED
SUBSIDIARIES (9,253)
NET INCOME (1,765) (1,146) (3,681) 338,614
EARNINGS PER
SHARE (ADS) (1) 0.75
FULLY DILUTED EARNINGS
PER SHARE (ADS) (1) 0.75
WEIGHTED AVERAGE NUMBER
OF OUTSTANDING SHARES 450,179,073
FULLY DILUTED AVERAGE
NUMBER OF SHARES 453,303,426
Notes:
(1) Except earnings per share (ADS), which are expressed in Euro
(2) Preliminary data pending Board approval. Final data could differ from
those presented herein, although not for a significant amount.
(1) All comparisons, including percentage changes, are between the
three-month periods ended December 31, 2005, and 2004.
(2) Comparable store sales reflects 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. The
calculation of comparable store sales for the three- and twelve-month
periods ended December 31, 2005, includes relevant stores of the
former Cole National business as if the Cole National acquisition had
been completed as of January 1, 2004. Cole National results are
actually consolidated with Luxottica Group results only as of the
October 4, 2004, acquisition date.
(3) All comparisons, including percentage changes, are between the fiscal
years ended December 31, 2005, and 2004.
(4) Comparable store sales reflects 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. The
calculation of comparable store sales for the three- and twelve-month
periods ended December 31, 2005, includes relevant stores of the
former Cole National business as if the Cole National acquisition had
been completed as of January 1, 2004. Cole National results are
actually consolidated with Luxottica Group results only as of the
October 4, 2004, acquisition date.
(5) Luxottica Group generated cash flow for fiscal year 2005 of euro 440
million before dividends, acquisitions and currency effect.
(6) The non-cash expenses for stock options for the fiscal year ended
December 31, 2005, resulted from the application of APB 25, in advance
of the required adoption of SFAS 123 (R) as of January 1, 2006.
(7) Luxottica Group's forecast for fiscal year 2006 includes the expected
impact of non-cash expenses for stock options, in line with the
adoption of SFAS 123 (R) as of January 1, 2006
Source: prnewswire
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