Luxottica: Q3 15 Results fairly in line despite price harmonisation in Asia-Pacific

BUY, Fair Value EUR64 (-2%)
News published on October Tuesday 27, 2015
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Yesterday evening Luxottica released Q3 sales of EUR2.12bn (15.4% reported and +5.5% adj. FX-n) fairly in line with CS (EUR2.12bn) although the adj. LFL growth was slightly shy of expectations (+6%e) because of the price adjustments in Greater China. The adj. EBIT came in at EUR351m, a bit above CS (EUR345m), implying a 50bp improvement to 16%. At the conference call, management declared that October was “healthy” and confirmed the FY15 rule-of-thumb, which might be confirmed in 2016 for a seventh consecutive year.

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