Luxottica Group posted its financial results for the second quarter on June 30, showing group consolidated sales of €1.35 billion ($2.13 bn) with €583.4 million ($915.9 mm) coming in from wholesale third parties and €771.1 million ($1.21 bn) from retail. Luxottica’s operating margin for the quarter was 17%, with 25.1% from wholesale and 11.2% from retail.

“This year our group is facing two significant challenges: the further significant devaluation in the U.S. currency against the Euro… and a slowdown in the global economy,” said CEO Andrea Guerra. “We have been taking steps to proactively tackle the second challenge, including significant transactions such as the merger with Oakley. In fact, we are already seeing the benefits of these actions: for the quarter, consolidated sales at constant exchange rates rose by 12.6%, while net income in U.S. dollars rose by 8%. This resulted in an outstanding net income margin for the quarter of nearly 10%.”

Total wholesale sales for the quarter, including Oakley, rose year-over-year by 21.2%, reflecting the 13th consecutive quarter of double-digit growth. “Oakley… was outstanding across all regions, due in part to strong performances by its athletes and anticipation of the brand’s expected strong visibility at the upcoming Olympics in Beijing.”
One-time charges in connection with the Oakley merger are now expected to reach a total of €20 million ($31.4 mm), compared with the previously expected €25 million ($39.2 mm).