Luxottica confident of road to recovery

The worst effects of the global recession on optics have passed according to Luxottica.

Financial results for the first half of 2009 revealed a 12.7 per cent decline in the company's second-quarter net income to €115.7m from €132.6m over the same period in 2008. However, chief executive Andrea Guerra said in a conference call: 'We believe the worst is over.'

Guerra disclosed that after 'an extremely difficult January and February' the market had stabilised in the following months. Revealing that July was 'another solid, positive month' Guerra said: 'We feel more comfortable today than one month ago, three months ago, six months ago.'