MILAN — Italian eyewear giant Luxottica Group SpA cut its earnings-per-share forecast by more than 13.5 percent Tuesday after net profits fell for the third straight quarter.
Luxottica, which has licenses with Chanel, Dolce & Gabbana, Prada and Versace, among others, revised down 2008 EPS to between 0.96 euros, or $1.20 at current exchange, and 0.98 euros, or $1.23, from guidance of between 1.11 euros, or $1.39, to 1.14 euros, or $1.43.
Net profits for the three months through Sept. 30 fell 7 percent to 104.6 million euros, or $157.6 million at average exchange, which the company attributed to exchange rate fluctuations and higher financial charges after last year’s acquisition of the Oakley brand.
Revenues for the period gained 5.3 percent to 1.21 billion euros, or 1.82 billion.
“We are in a particularly difficult year,” Luxottica Group chief executive officer Andrea Guerra said. “However, I am satisfied with how Luxottica reacted… [and] I am convinced that Luxottica’s increasingly solid foundation puts us in the best possible position to handle a situation as demanding as the one that is presented to us.”
For complete coverage, see Wednesday’s WWD.