Luxottica posts fall in profits

Luxottica has reported a drop in second quarter net profit of €132,580m in comparison to €154,581m during the second quarter of 2007, a fall of 14.2 per cent.

Despite the fall in profits attributed to the weakness of the dollar against the euro, the company posted an increase in sales revenue to €1,354.4m, a rise of 2.1 per cent at current exchange rates over the same period in 2007.

Luxottica's chief executive, Andrea Guerra, commented: 'Final results for the second quarter confirmed that we are on track to meet the previously announced financial results for the full year.'

Speaking about Ray-Ban and Oakley's positive contributions to financial results Guerra said: 'Both Ray-Ban and Oakley posted another strong quarter, while luxury brands showed some signs of weakness as a result of the overall challenging environment. In particular, Ray-Ban continued to grow due in part, to the strength of the Wayfarer.'