Luxottica announced a 20.6 per cent decline in net profit during the third quarter of 2009 compared to the same period in 2008, but claimed the worst of the worldwide recession was now over.
Despite the drop in profits, the quarter was actually Luxottica's best so far in terms of sales, according to Luxottica chief executive Andrea Guerra. Sales for the period reached €1,223.3m, an increase of 0.9 per cent on sales of €1,212m in the third quarter of 2008.
Guerra said: 'Now that we are approaching the end of a year as demanding as 2009, we believe that the worst is behind us.' Revealing Luxottica's 2010 outlook he added: 'Today we are optimistic about the future. We are working to make sure that 2010 is again a normal year in which we enjoy growth in sales and a solid improvement in profitability greater than the growth in sales.'
Acknowledging that the first nine months of 2009 were the toughest in the last decade for the eyewear manufacturer, Guerra disclosed that a sunless summer in eastern America had severely impacted sunglass sales. With 60 per cent of Luxottica's business in America, poor sunwear sales significantly impacted its financial results.
Guerra revealed that sales of luxury and premium eyewear suffered during the quarter, although he said that sales of Ray-Ban and Oakley were not suffering at all and that both have strong momentum. He also pointed out that optical sales were improving significantly, adding that sunglass sales aside, results for the third quarter would have been the same as in 2008.