Luxottica: After new record sales in 2012 Luxottica sees strong start to the year

BUY, Fair Value EUR35 (+4%)

News published on January Wednesday 30, 2013
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Yesterday evening Luxottica announced 2012 sales of EUR7,086m (+13.9% in reported terms and +7.5% in constant currency), globally in line with our expectations of EUR7,094m and consensus (EUR7,107m). In Q4 11 alone, sales came out at EUR1,632m (+5.1% CC), implying a slight deceleration vs. 9M (+8.2%) which was expected given the demanding comparison base (Q4 11: +11.2% vs. +9.6% over 9M 11). Management will only communicate on the FY13 outlook on March 1st but since the Q3 results it confirmed several times that 2013 would be a “continuity of 2012”. Buy recommendation and FV of EUR35 reiterated.

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