Cautious growth for Luxottica

Italian eyewear group Luxottica has reported a 1.2% rise in underlying third-quarter revenues and said it was on track to hit its full-year target, but remained cautious over expectations for a further rise in profits next year.

Luxottica said sales adjusted for accounting changes rose to €2.225bn in the third quarter, in line with forecasts, as good weather boosted sales of sunglasses at opticians across Europe and at Sunglass Hut. A 4% rise in retail sales offset a drop in wholesale revenues caused by a management reorganisation following the return of founder and main shareholder Leonardo Del Vecchio two years ago.

Despite increasing investments in the expansion of its retail network, the company halved its forecast for full-year sales growth in July to 2-3%. It had been predicted that growth would be in the mid-to-high digits.