Luxottica: Net Sales for 3Q 2011 Grow by 10% at Constant Exchange Rates

The Board of Directors of Luxottica Group S.p.A. LUX met today and approved the consolidated results for the three- and nine- month periods ended September 30, 2011 in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IAS/IFRS). In the third quarter of 2011, net sales rose by 10.0% at constant exchange rates(2) (+4.0% at current exchange rates) to Euro 1,523.8 million from Euro 1,464.7 million in the third quarter of 2010. During the nine-month period, net sales rose by 9.6% at constant exchange rates(2) to Euro 4,713.5 million, from Euro 4,451.5 million in the first nine months of 2010. Adjusted EBITDA(3,4) for the third quarter of 2011 grew over the previous year by 4.7% to Euro 276.0 million, from Euro 263.5 million in the third quarter of 2010. For the first nine months of the year, adjusted EBITDA(3,4) increased to Euro 911.1 million from Euro 841.5 million posted for the same period of 2010. Adjusted operating income(3,4) for the third quarter of 2011 was Euro 197.4 million (Euro 186.4 million for the same period last year, +5.9%), while the Group's adjusted operating margin(3,4) improved from 12.7% in the third quarter of 2010 to 13.0% in the third quarter of 2011. For the first nine months of the year, the adjusted operating income(3,4) amounted to Euro 681.6 million, up 10.6% over the Euro 616.0 million posted for the same period last year. Adjusted net income(3,4) for the third quarter of 2011 increased to Euro 106.1 million, up by +4.1% from Euro 101.9 million in the same period of 2010, resulting in adjusted earnings per share(3,4) (EPS) of Euro 0.23 (at an average Euro/U.S. dollar exchange rate of 1.4127). The adjusted EPS(3,4) in U.S. dollars grew by 13.4% from U.S. $0.29 in the third quarter of 2010 to U.S. $0.33 in the third quarter of 2011.