Luxottica Group S.p.A. saw net sales increase 12.8% (at constant exchange rates) to reach 1.21 billion ($1.54 billion) in the third quarter, due in large part to the companys acquisition of Oakley 11 months ago.
Oakley grew 16% in U.S. dollars during the quarter, seeing double-digit growth in both the optics and the apparel and accessories categories. On a geographic basis, revenues in the U.S. grew at a significant double-digits rate, as did most of the international arenas lead by Australia, Brazil, Canada and Japan, offset a little by the Europe integration.
In the U.S. market, both the wholesale and retail channels were said to have performed “very well and above market trends.”
The company remains cautious about the upcoming season. “We know that from a market share standpoint, we have strengthened our market share but unfortunately, it's of a smaller number of people as some people choose to delay the further purchases,” said Kerry Bradley, COO. “We also know that the people that are coming into the stores are buying one great pair of glasses and that's the good news. They're spending on premium product. The bad news for us is that [with other brands] people would buy a second or third pair that was discretionary and optional, [but with Oakley] they're just buying the one great pair.”
