Luxottica: hit by FX factors in Q1

(CercleFinance.com) - The Luxottica stock is slipping 0.
1% in Milan this morning after the eyewear company's Friday night publication - with the group soon hoping to merge with the French player Essilor - of quarterly sales of 2.14 billion euros, down 10.7% y-o-y.

This drop in net sales essentially reflects negative FX factors, without which they would only have fallen by 0.8%, with 1.3% growth in retail sales, which largely offset a 4.2% decline in wholesale revenues.

The Italian group, whose portfolio includes the brands Ray-Ban, Oakley and Vogue Eyewear, explains this decline due to a temporary slowdown in Europe that is related to a late summer season and the restructuring of its wholesale business in China.

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