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MarketScreener Homepage  >  Equities  >  Nyse  >  Luxottica Group SpA    

LUXOTTICA GROUP SPA

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

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10/24/2011 | 11:45am EDT

MILAN, Oct. 24, 2011 /PRNewswire/ -- The Board of Directors of Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), a leader in the design, manufacture and distribution of fashion, luxury and sports eyewear, 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).

Third quarter of 2011(1)





    (In millions of
     Euro)             3Q 2011  3Q 2010                 Change
                                                         (at current
                                                         exchange rates)

                                         +10.0% at
                                         constant
                                         exchange
    Net sales           1,523.8  1,464.7 rates(2)                      +4.0%

    Operating
     income               194.5    186.4                               +4.3%
    Adjusted
     operating
     income(3,4)          197.4    186.4                               +5.9%

    Net income
     attributable
     to Luxottica
     Group
     stockholders         111.2    101.9                +9.1%
    Adjusted net
     income
     attributable
     to Luxottica
     Group
     stockholders(3,4)    106.1    101.9                +4.1%

    Earnings per
     share                 0.24     0.22                               +8.6%
    Adjusted
     earnings per
     share(3,4)            0.23     0.22                               +3.7%

    Earnings per
     share in U.S.        $0.34     0.29         +18.8%
    Adjusted
     earnings per
     share(3,4) in
     U.S.                 $0.33     0.29         +13.4%
    --------------        -----     ----         -----

First nine months of 2011(1)





     (In
     millions
     of
     Euro)                       9M 2011     9M 2010                Change
                                                                           (at current
                                                                                     exchange rates)

                                                      +9.6% at
                                                      constant
     Net                                              exchange
     sales                        4,713.5     4,451.5 rates(2)                     +5.9%

     Operating
     income                         678.8       616.0                             +10.2%
     Adjusted
     operating
     income(3,4)                    681.6       616.0                             +10.6%

     Net
     income
     attributable
     to
     Luxottica
     Group
     stockholders                   388.0       347.1              +11.8%
     Adjusted
     net
     income
     attributable
     to
     Luxottica
     Group
     stockholders(3,4)              382.9       347.1              +10.3%

     Earnings
     per
     share                           0.84        0.76                             +11.4%
     Adjusted
     earnings
     per
     share(3,4)                      0.83        0.76                              +9.9%

     Earnings
     per
     share
     in
     U.S.                           $1.19        0.99         +19.2%
     Adjusted
     earnings
     per
     share(3,4)
     in
     U.S.                           $1.17        0.99         +17.6%


    Adjusted figures do not include: an extraordinary
     gain of approximately Euro 21 million related to
     the acquisition of the 40% stake in Multiopticas
     Internacional; non-recurring costs related to
     Luxottica 50(th) anniversary celebrations of
     approximately Euro 12 million; and non-recurring
     restructuring and start-up costs in the Retail
     Division of approximately Euro 11.8 million.

Operating performance for the third quarter of 2011

During the third quarter of 2011, Luxottica's growth trend continued. In a macroeconomic environment that was, as a whole, positive, the Group benefitted from a very positive and prolonged "sun" season, delivering sales and earnings growth for the eighth straight quarter. The Group achieved particularly solid performance in Emerging Markets (growing more than 35% at constant exchange rates(2)) and in North America during this period. Despite the significant depreciation of the U.S. dollar against the Euro, going from 1.29104 during the third quarter of 2010 to 1.4127 (-8.6%) during the same period in 2011, net sales for the third quarter of 2011 exceeded Euro 1.5 billion and net income exceeded Euro 110 million. Additionally, during the period, Luxottica's 50th anniversary celebrations took place.

"The results achieved in the third quarter of 2011 again testify to the strong commitment, determination and passion of our entire organization in serving our customers and consumers in our key summer sales season," commented Andrea Guerra, Chief Executive Officer of Luxottica. "Both our Wholesale and Retail Divisions showed great energy and enthusiasm: we are more and more successful in establishing true and trusted relationships with our customers, in seizing the opportunities that new technologies provide and in marketing our brands in the most effective ways.

"Growth was solid across the board, from North America - where our net sales in U.S. dollars were strong growing by 7.8% during the quarter - to India, from China to Brazil, from Italy to South East Asia and Latin America, where the retail chain GMO joined our organization.

"Ray-Ban and Oakley continued to record very positive results; among the premium and luxury brands, Burberry, Tiffany and Ralph Lauren's positive performance should also be mentioned. In our Retail Division, Sunglass Hut continued to grow strongly, with net sales increasing by more than 15% during the quarter, while OPSM in Australia is back on a solid growth trajectory.

"Today, there are increased uncertainties generally in international markets, but we believe there are still significant opportunities for growth: in the next few years, the target market for our products could increase by more than 2 billion new consumers. We strongly believe that our profile and results provide an excellent basis for us to look with confidence to the future and to the last quarter of the year."

During the third quarter of the year, Luxottica achieved well-balanced growth in both its Retail and Wholesale Divisions. The results recorded by the Wholesale Division were once again excellent, with strong growth in net sales exceeding Euro 550 million (+10.7% at constant exchange rates(2)). Emerging markets, especially China, Brazil and the Middle East, made a key contribution to our quarterly results, along with Italy, Germany and the UK.

Sunglass Hut also turned in a strong performance for the fifth consecutive quarter, benefitting from an especially positive and prolonged "sun" season and its ability to attract and create meaningful relationships with new consumers. LensCrafters was able to improve on last year's third quarter results, which were the best over the last four years. The Australian and Chinese retail businesses also performed very well in the third quarter.

Consolidated results

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.

For the third quarter of 2011, Luxottica once again generated positive free cash flow(4) (Euro 200 million). Net debt(4) as of September 30, 2011 amounted to Euro 2,078 million (Euro 2,111 million at the end of 2010), with a ratio of net debt to adjusted EBITDA(3,4) of 1.8x as compared with 2.0x at the end of 2010.

Overview of performance at the Wholesale Division

During the third quarter of 2011, the Wholesale Division continued to record excellent results, both in terms of net sales and of profitability, increasing its presence in fast-growing regions and exploiting opportunities across the board. Underlying this performance is the excellent feedback received on our new collections, the ability of the organization to build and maintain strong relationships with customers, the success in promoting Luxottica's brands by highlighting their core values and providing excellent customer service.

During the quarter, Ray-Ban and Oakley's performance were once again exceptional and strong sales of premium and luxury brands such as Burberry, Tiffany and Ralph Lauren were also recorded. The STARS program and the Travel retail business were also very successful this quarter.

The Wholesale Division's net sales rose to Euro 555.1 million in the third quarter of 2011, from Euro 518.3 million in the third quarter of 2010 (+10.7% at constant exchange rates(2) and +7.1% at current exchange rates). In the first nine months of 2011, net sales were Euro 1,900.2 million, up 11.9% at constant exchange rates(2) from the Euro 1,722.9 million recorded for the first nine months of 2010 (+10.3% at current exchange rates).

Operating income for the Wholesale Division amounted to Euro 104.9 million in the third quarter of 2011, up 10.5% compared with the 94.9 million recorded for the third quarter of 2010. The operating margin rose from 18.3% in the third quarter of 2010 to 18.9% for the third quarter of 2011. In the first nine months of 2011, the operating margin was 23.2% (21.6% in the same period of 2010).

Overview of performance at the Retail Division

During the third quarter of 2011, the Retail Division continued to grow, with well balanced performance in all the regions where the Group operates: at constant exchange rates(2), net sales for the Retail Division grew by 9.6%. The depreciation of the U.S. dollar against the Euro did, however, affect the translation of net sales, since approximately 80% derive from sales in North America. Net sales at current exchange rates were Euro 968.7 million for the third quarter of 2011 (Euro 946.5 million in the third quarter 2010, +2.4%). During the first nine months of 2011, net sales were Euro 2,813.3 million, up 8.0% at constant exchange rates(2) from Euro 2,728.6 million recorded for the first nine months of 2010 (+3.1% at current exchange rates).

In terms of comparable store sales(5), the Retail Division overall grew by 4.3%. In particular, sales in the optical business in North America increased +0.4%, with LensCrafters recording a 1.4% increase in comparable store sales(5).

As a result of initiatives launched in recent months, comparable store sales(5) in the optical business in Australia were back on a track with solid growth of 7.0% in the third quarter of 2011 over the same period last year. The optical business in China also posted very good results, with comparable store sales(5) growing by 20.9% over the same period last year.

Once again, Sunglass Hut, the Group's sun specialty chain that operates in a number of countries, posted exceptional results with overall comparable store sales(5) up 8.3% in the third quarter of 2011 and a particularly positive performance in the United States (+10.1%).

Due to the exchange rate effect, adjusted operating income(3,4) of the Division went from Euro 129.3 million in the third quarter of 2010 to Euro 127.4 million in the third quarter of 2011 (-1.5%). During the period, in order to further increase our commitment and service excellence provided to customers, along with allocating more resources to consumer-facing roles, LensCrafters and Pearle Vision restructured their field and store management operations in the U.S. and Canada. The adjusted operating margin(3,4) declined to 13.2% in third quarter of 2011 from 13.7% in third quarter of 2010. On a nine-month basis, the adjusted operating margin(3,4) was 12.6% (13.0% in the same period of 2010).

The Board of Directors also approved the partial demerger of Luxottica S.r.l., a wholly-owned subsidiary of Luxottica Group S.p.A., in favor of Luxottica Group S.p.A., as announced on September 19, 2011.

Results for the third quarter and first nine months of 2011 will be discussed today in a conference call with the financial community starting at 6:30 PM CET. The audio portion and related presentation will be available via live webcast at www.luxottica.com.

The officer responsible for preparing the Company's financial reports, Enrico Cavatorta, declares, pursuant to Article 154-bis, Section 4, of the Consolidated Law on Finance, that the accounting information contained in this press release is consistent with the data in the supporting documents, books of accounts and other accounting records.

Contacts




    Ivan Dompe                              Alessandra Senici
    Group Corporate Communications
     Director                               Group Investor Relations Director
    Tel.: +39 (02) 8633 4726                Tel.: +39 (02) 8633 4038
                                             E-mail:
    E-mail: ivan.dompe@luxottica.com         InvestorRelations@Luxottica.com

www.luxottica.com

Notes on the press release

    1. All comparisons, including percentage changes, refer to the three- and
       nine-month periods ended September 30, 2011 and September 30, 2010,
       respectively.
    2. 2011 figures at constant exchange rates have been calculated using the
       average exchange rates in effect for the corresponding  period in the
       previous year. For further information, please refer to the attached
       tables.
    3. Adjusted figures do not include: an extraordinary gain of approximately
       Euro 21 million related to the acquisition of the 40% stake in
       Multiopticas Internacional; non-recurring costs related to Luxottica's
       50th anniversary celebrations of approximately Euro 12 million; and
       non-recurring restructuring and start-up costs in the Retail Division of
       approximately Euro 11.8 million.
    4. EBITDA, adjusted EBITDA, adjusted operating margin, free cash flow, net
       debt, the ratio of net debt to adjusted EBITDA, adjusted net income,
       adjusted operating income and adjusted earnings per share are not
       measures in accordance with IAS/IFRS. For additional information on
       non-IAS/IFRS measures, please see the attached tables.
    5. Comparable store sales reflect the change in sales from one period to
       another that, for comparison purposes, includes in the calculation only
       stores open in the more recent period that also were open during the
       comparable prior period, and applies to both periods the average exchange
       rate for the prior period and the same geographic area.

Luxottica Group S.p.A.

Luxottica Group is a leader in premium, luxury and sports eyewear with approximately 7,000 optical and sun retail stores in North America, Asia-Pacific, China, South Africa, Latin America and Europe, and a strong, well-balanced brand portfolio. House brands include Ray-Ban, the world's most famous sun eyewear brand, Oakley, Vogue, Persol, Oliver Peoples, Arnette and REVO, while licensed brands include Bvlgari, Burberry, Chanel, Dolce & Gabbana, Donna Karan, Polo Ralph Lauren, Prada, Tiffany and Versace. In addition to a global wholesale network involving 130 different countries, the Group manages leading retail chains in major markets, including LensCrafters, Pearle Vision and ILORI in North America, OPSM and Laubman & Pank in Asia-Pacific, LensCrafters in China, GMO in Latin America and Sunglass Hut worldwide. The Group's products are designed and manufactured at its six manufacturing plants in Italy, two wholly-owned plants in the People's Republic of China and one plant in the United States devoted to the production of sports eyewear. In 2010, Luxottica Group posted net sales of almost Euro 5.8 billion. Additional information on the Group is available at www.luxottica.com.

Safe Harbor Statement

Certain statements in this press release may constitute "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those which are anticipated. Such risks and uncertainties include, but are not limited to, the ability to manage the effects of the current uncertain international economic outlook, the ability to successfully acquire and integrate new businesses, the ability to predict future economic conditions and changes to consumer preferences, the ability to successfully introduce and market new products, the ability to maintain an efficient distribution system, the ability to achieve and manage growth, the ability to negotiate and maintain favourable license agreements, the availability of correction alternatives to prescription eyeglasses, fluctuations in exchange rates, changes in local conditions, the ability to protect intellectual property, the ability to maintain relations with those hosting our stores, computer system problems, inventory-related risks, credit and insurance risks, changes to tax regimes as well as other political, economic and technological factors and other risks and uncertainties referred to in Luxottica Group's filings with the U.S. Securities and Exchange Commission. These forward looking statements are made as of the date hereof and Luxottica Group does not assume any obligation to update them.


                  LUXOTTICA GROUP

         CONSOLIDATED FINANCIAL HIGHLIGHTS
         FOR THE THREE-MONTH PERIODS ENDED
     SEPTEMBER 30, 2011 AND SEPTEMBER 30, 2010

            In accordance with IAS/IFRS




     KEY FIGURES IN THOUSANDS OF EURO  (1)
     ------------------------------------
                                                                                                             2011        2010 % Change

     NET SALES                                                                                          1,523,807   1,464,732      4.0%

     NET INCOME ATTRIBUTABLE TO LUXOTTICA GROUP STOCKHOLDERS                                              111,181     101,934      9.1%


     BASIC EARNINGS PER SHARE (ADS)(2):                                                                      0.24        0.22      8.6%








     KEY FIGURES IN THOUSANDS OF U.S. DOLLARS  (1) (3)
     ------------------------------------------------
                                                                                                             2011        2010 % Change

     NET SALES                                                                                          2,152,682   1,890,969     13.8%

     NET INCOME ATTRIBUTABLE TO LUXOTTICA GROUP STOCKHOLDERS                                              157,065     131,597     19.4%

     BASIC EARNINGS PER SHARE (ADS) (2):                                                                     0.34        0.29     18.8%







     Notes :                                                                                                 2011        2010
     (1)  Except earnings per share (ADS), which are expressed in Euro and U.S. Dollars, respectively
     (2)  Weighted average number of outstanding shares                                               460,505,512 458,527,966
     (3)  Average exchange rate (in U.S. Dollars per Euro)                                                 1.4127      1.2910


                  LUXOTTICA GROUP

         CONSOLIDATED FINANCIAL HIGHLIGHTS
          FOR THE NINE-MONTH PERIODS ENDED
     SEPTEMBER 30, 2011 AND SEPTEMBER 30, 2010

            In accordance with IAS/IFRS



     KEY FIGURES IN THOUSANDS OF EURO  (1)
     ------------------------------------
                                                                                                             2011        2010 % Change

     NET SALES                                                                                          4,713,453   4,451,542      5.9%

     NET INCOME ATTRIBUTABLE TO LUXOTTICA GROUP STOCKHOLDERS                                              387,962     347,077     11.8%

     BASIC EARNINGS PER SHARE (ADS) (2)                                                                      0.84        0.76     11.4%









     KEY FIGURES IN THOUSANDS OF U.S. DOLLARS  (1) (3)
     ------------------------------------------------
                                                                                                             2011        2010 % Change

     NET SALES                                                                                          6,629,471   5,851,552     13.3%

     NET INCOME ATTRIBUTABLE TO LUXOTTICA GROUP STOCKHOLDERS                                              545,669     456,233     19.6%

     BASIC EARNINGS PER SHARE (ADS)(2)                                                                       1.19        0.99     19.2%





     Notes :                                                                                                 2011        2010
     (1)  Except earnings per share (ADS), which are expressed in Euro and U.S. Dollars, respectively
     (2)  Weighted average number of outstanding shares                                               460,249,023 458,544,153
     (3)  Average exchange rate (in U.S. Dollars per Euro)                                                 1.4065      1.3145



                  LUXOTTICA GROUP

           CONSOLIDATED INCOME STATEMENT
         FOR THE THREE-MONTH PERIODS ENDED
     SEPTEMBER 30, 2011 AND SEPTEMBER 30, 2010

            In accordance with IAS/IFRS


     KEY FIGURES IN THOUSANDS OF EURO  (1)
                                                                                             2011  % of sales         2010  % of sales  % Change

     NET SALES                                                                          1,523,807       100.0%   1,464,732       100.0%       4.0%
     COST OF SALES                                                                       (524,657)                (499,849)
     GROSS PROFIT                                                                         999,151        65.6%     964,883        65.9%       3.6%
     OPERATING EXPENSES:
     SELLING EXPENSES                                                                    (505,421)                (490,264)
     ROYALTIES                                                                            (23,070)                 (22,012)
     ADVERTISING EXPENSES                                                                (103,098)                 (89,967)
     GENERAL AND ADMINISTRATIVE EXPENSES                                                 (152,936)                (154,907)
     TRADEMARK AMORTIZATION AND OTHER                                                     (20,090)                 (21,297)
     TOTAL                                                                               (804,614)                (778,447)
     OPERATING INCOME                                                                     194,537        12.8%     186,436        12.7%       4.3%
     OTHER INCOME (EXPENSE):
     INTEREST EXPENSES                                                                    (29,375)                 (26,929)
     INTEREST INCOME                                                                        3,158                    2,543
     OTHER - NET                                                                           (3,051)                  (1,120)
     OTHER INCOME (EXPENSES)-NET                                                          (29,268)                 (25,507)
     INCOME BEFORE PROVISION FOR                                                          165,268        10.8%     160,929        11.0%       2.7%
     INCOME TAXES
     PROVISION FOR INCOME TAXES                                                           (52,990)                 (58,229)
     NET INCOME                                                                           112,278         7.4%     102,700         7.0%       9.3%
     OF WHICH ATTRIBUTABLE TO:
     - LUXOTTICA GROUP STOCKHOLDERS                                                       111,181         7.3%     101,934         7.0%       9.1%
     - NON-CONTROLLING INTERESTS                                                            1,097         0.1%         766         0.1%
     NET INCOME                                                                           112,278         7.4%     102,700         7.0%       9.3%

     BASIC EARNINGS PER SHARE (ADS):                                                         0.24                     0.22

     FULLY DILUTED EARNINGS PER SHARE (ADS):                                                 0.24                     0.22

     WEIGHTED AVERAGE NUMBER OF                                                       460,505,512              458,527,966
     OUTSTANDING SHARES
     FULLY DILUTED AVERAGE NUMBER OF SHARES                                           462,079,618              460,152,396



     Notes :
     (1) Except earnings per share (ADS), which are expressed in Euro

                                                                              Adjusted
                                                                              Measures(1):
                                                                              ------------

                                                                                             2011  % of sales         2010  % of sales  % Change
     Adjusted Operating Income                                                            197,371        13.0%     186,436        12.7%       5.9%
     Adjusted EBITDA                                                                      275,965        18.1%     263,457        18.0%       4.7%
     Adjusted Net income                                                                  106,131         7.0%     101,934         7.0%       4.1%



     1 Adjusted measures are not measures in accordance with IAS/IFRS. For additional information on non-IAS/IFRS
      measures, please see accompanying pages.



                  LUXOTTICA GROUP

           CONSOLIDATED INCOME STATEMENT
         FOR THE NINE-MONTH PERIODS ENDED
     SEPTEMBER 30, 2011 AND SEPTEMBER 30, 2010

            In accordance with IAS/IFRS


     KEY FIGURES IN THOUSANDS OF EURO  (1)
                                                                                                  % of                 % of
                                                                                         2011     sales          2010  sales   % Change

     NET SALES                                                                      4,713,454      100.0%   4,451,542   100.0%       5.9%
     COST OF SALES                                                                 (1,621,783)            (1,529,395)
     GROSS PROFIT                                                                   3,091,670       65.6%   2,922,148    65.6%       5.8%
     OPERATING EXPENSES:
     SELLING EXPENSES                                                              (1,485,787)            (1,427,794)
     ROYALTIES                                                                        (80,122)                (74,512)
     ADVERTISING EXPENSES                                                            (306,771)               (286,455)
     GENERAL AND ADMINISTRATIVE EXPENSES                                             (480,061)               (454,547)
     TRADEMARK AMORTIZATION AND OTHER                                                 (60,159)                (62,829)
     TOTAL                                                                         (2,412,900)            (2,306,136)
     OPERATING INCOME                                                                 678,771       14.4%     616,012    13.8%      10.2%
     OTHER INCOME (EXPENSE):
     INTEREST EXPENSES                                                                (89,809)                (78,500)
     INTEREST INCOME                                                                   10,393                   5,824
     OTHER - NET                                                                       (5,947)                 (5,872)
     OTHER INCOME (EXPENSES)-NET                                                      (85,363)                (78,548)
     INCOME BEFORE PROVISION FOR                                                      593,408       12.6%     537,464    12.1%      10.4%
     INCOME TAXES
     PROVISION FOR INCOME TAXES                                                      (200,211)               (186,202)
     NET INCOME                                                                       393,198        8.3%     351,262     7.9%      11.9%
     OF WHICH ATTRIBUTABLE TO:
     - LUXOTTICA GROUP STOCKHOLDERS                                                   387,963        8.2%     347,077     7.8%      11.8%
     - NONCONTROLLING INTERESTS                                                         5,235        0.1%       4,185     0.1%
     NET INCOME                                                                       393,198        8.3%     351,262     7.9%      11.9%

     BASIC EARNINGS PER SHARE (ADS):                                                     0.84                    0.76

     FULLY DILUTED EARNINGS PER SHARE (ADS):                                             0.84                    0.75

     WEIGHTED AVERAGE NUMBER OF                                                   460,249,023             458,544,153
     OUTSTANDING SHARES
     FULLY DILUTED AVERAGE NUMBER OF SHARES                                       462,121,938             460,249,173



     Notes :
     (1) Except earnings per share (ADS), which are expressed in Euro


                                                                           Adjusted
                                                                           Measures(1):
                                                                           ------------

                                                                                                  % of                 % of
                                                                                         2011     sales          2010  sales   % Change
     Adjusted Operating Income                                                        681,605       14.5%     616,012    13.8%      10.6%
     Adjusted EBITDA                                                                  911,105       19.3%     841,454    18.9%       8.3%
     Adjusted Net income                                                              382,912        8.1%     347,077     7.8%      10.3%



     1 Adjusted measures are not measures in accordance with IAS/IFRS. For additional information on non-
      IAS/IFRS measures, please see accompanying pages.




                                LUXOTTICA GROUP

                           CONSOLIDATED BALANCE SHEET
                 AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010

                          In accordance with IAS/IFRS


                                              September 30,    December 31,
      KEY FIGURES IN THOUSANDS OF EURO                 2011            2010

      CURRENT ASSETS:
      CASH AND CASH EQUIVALENTS                     606,355         679,852
      ACCOUNTS RECEIVABLE - NET                     685,434         655,892
      INVENTORIES - NET                             626,723         590,036
      OTHER ASSETS                                  225,203         226,759
      TOTAL CURRENT ASSETS                        2,143,714       2,152,539


      NON-CURRENT ASSETS:
      PROPERTY, PLANT AND EQUIPMENT -NET          1,263,386       1,229,130
      GOODWILL                                    2,980,342       2,890,397
      INTANGIBLE ASSETS - NET                     1,100,419       1,155,007
      INVESTMENTS                                     9,399          54,083
      OTHER ASSETS                                  142,336         148,125
      DEFERRED TAX ASSETS                           371,266         364,299
      TOTAL NON-CURRENT ASSETS                    5,867,146       5,841,040

      TOTAL                                       8,010,861       7,993,579

      CURRENT LIABILITIES:
      BANK OVERDRAFTS                               206,531         158,648
      CURRENT PORTION OF LONG-TERM DEBT             239,788         197,566
      ACCOUNTS PAYABLE                              459,450         537,742
      INCOME TAXES PAYABLE                          103,318          60,067
      OTHER LIABILITIES                             604,435         549,280
      TOTAL CURRENT LIABILITIES                   1,613,522       1,503,303

      NON-CURRENT LIABILITIES:
      LONG-TERM DEBT                              2,238,561       2,435,071
      LIABILITY FOR TERMINATION
       INDEMNITIES                                   45,109          45,363
      DEFERRED TAX LIABILITIES                      426,131         429,848
      OTHER LIABILITIES                             246,802         310,590
      TOTAL NON-CURRENT LIABILITIES               2,956,603       3,220,872


      STOCKHOLDERS' EQUITY:
      LUXOTTICA GROUP STOCKHOLDERS' EQUITY        3,427,537       3,256,375
      NON-CONTROLLING INTEREST                       13,201          13,029
      TOTAL STOCKHOLDERS' EQUITY                  3,440,737       3,269,404


      TOTAL                                       8,010,861       7,993,579
      -----                                       ---------       ---------


                                       LUXOTTICA GROUP

                              CONSOLIDATED FINANCIAL HIGHLIGHTS
                               FOR THE NINE-MONTH PERIODS ENDED
                          SEPTEMBER 30, 2011 AND SEPTEMBER 30, 2010
                                  - SEGMENTAL INFORMATION -

                                 In accordance with IAS/IFRS




    In thousands of
     Euro                         Manufacturing           Retail      Inter-Segment   Consolidated
                                       and                          Transactions and
                                    Wholesale                        Corporate Adj.
    2011

    Net Sales                                 1,900,165  2,813,288                       4,713,453
    Operating Income                            441,246    342,133          (104,609)      678,771
    % of Sales                                     23.2%      12.2%                           14.4%
    Capital
     Expenditures                                71,014    126,545                         197,560
    Depreciation &
     Amortization                                62,205    107,136            60,159       229,500

    2010

    Net Sales                                 1,722,947  2,728,595                       4,451,542
    Operating Income                            372,235    353,877          (110,101)      616,012
    % of Sales                                     21.6%      13.0%                           13.8%
    Capital Expenditure                          59,556     79,709                         139,264
    Depreciation &
     Amortization                                58,297    104,317            62,829       225,442




                                        Adjusted Measures(1)
                                         -------------------

    In thousands of
     Euro                         Manufacturing           Retail      Inter-Segment   Consolidated
                                       and                          Transactions and
                                    Wholesale                        Corporate Adj.
    2011

    Net Sales                                 1,900,165  2,813,288                       4,713,453
    Operating Income                            441,246    353,953          (113,595)      681,605
    % of Sales                                     23.2%      12.6%                           14.5%
    Capital
     Expenditures                                71,014    126,545                         197,560
    Depreciation &
     Amortization                                62,205    107,136            60,159       229,500



    1 Adjusted measures are not measures in accordance with
     IAS/IFRS. For additional information on non-IAS/IFRS
     measures, please see accompanying pages.



    Non-IAS/IFRS Measures: Adjusted measures

    In order to provide a supplemental comparison of current period results of operations to
     prior periods, we have adjusted for certain non-recurring transactions
    or  events.

    We have made such adjustments to the following measures: EBITDA, EBITDA margin, operating
     income, operating margin, net income and earnings per share.
    For comparative purposes, management has adjusted each of the foregoing measures by
     excluding, as applicable, the following:
             (a) an extraordinary gain of approximately Euro 21 million related to the acquisition of the 40%
             stake in Multiopticas Internacional;
             (b) non-recurring costs related to Luxottica's 50th anniversary celebrations for approximately
             Euro 12 million; and
             (c) non-recurring restructuring and start-up costs in the Retail Division for approximately  Euro
             11.8 million.

    The Company believes that these adjusted measures are useful to both management and
     investors in evaluating the Company's operating performance
    compared with that of other companies in its industry because they exclude the impact of
     non-recurring items that are not relevant to the Company's
    operating performance.

    The adjusted measures referenced above are not measures of performance in accordance with
     International Financial Reporting Standards as issued by
    the International Accounting Standards Board (IAS/IFRS).  We include these adjusted
     comparisons in this presentation in order to provide a supplemental view of
    operations that excludes items that are unusual, infrequent or unrelated to our ongoing
     core operations.

    These adjusted measures are not meant to be considered in isolation or as a substitute for
     items appearing on our financial statements prepared in
    accordance with IAS/IFRS.  Rather, these non-IAS/IFRS measures should be used as a
     supplement to IAS/IFRS results to assist the reader in better
    understanding the operational performance of the Company.  The Company cautions that these
     adjusted measures are not defined terms under IAS/IFRS
    and their definitions should be carefully reviewed and understood by investors.  Investors
     should be aware that Luxottica Group's method of calculating
    these adjusted measures may differ from methods used by other companies.

    The Company recognizes that there are limitations in the usefulness of adjusted comparisons
     due to the subjective nature of items excluded by
    management in calculating adjusted comparisons.  We compensate for the foregoing limitation
     by using these adjusted measures as a comparative tool,
    together with IAS/IFRS measurements, to assist in the evaluation of our operating
     performance.

    See the tables on the following pages for a reconciliation of the adjusted measures
     discussed above to their most directly comparable IAS/IFRS financial
    measures or, in the case of adjusted EBITDA and adjusted EBITDA margin, to EBITDA and
     EBITDA margin, respectively, which are also non-IAS/IFRS
    measures. For a discussion of EBITDA and EBITDA margin and a reconciliation of EBITDA and
     EBITDA margin to their most directly comparable IAS/IFRS
    financial measures, see the tables on the pages immediately following the reconciliation of
     the adjusted measures.



    Non-IAS/IFRS Measure: Reconciliation between reported and adjusted P&L items
    Millions of Euro
                                                                                                       3Q2011                                                                  3Q2010
                                                                                                       ------                                                                  ------
                                                                               Net sales     EBITDA       Operating Income   Net Income     EPS      Net sales     EBITDA       Operating Income  Net Income    EPS


    Reported                                                                         1,523.8       273.1              194.5          111.2      0.24       1,464.7       263.5              186.4         101.9     0.22
    --------                                                                         -------       -----              -----          -----      ----       -------       -----              -----         -----     ----


     > Adjustment for Multiopticas Internacional
      extraordinary gain                                                                           (21.0)             (21.0)         (21.0)
     -------------------------------------------                                                   -----              -----          -----


    > Adjustment for 50(th) anniversary
     celebrations                                                                                   12.0               12.0            8.5
    ---------------------------------------                                                         ----               ----            ---


    > Adjustment for restructuring costs in the
     Retail Division                                                                                11.8               11.8            7.5
    -------------------------------------------                                                     ----               ----            ---


    Adjusted                                                                         1,523.8       276.0              197.4          106.1      0.23       1,464.7       263.5              186.4         101.9     0.22
    --------                                                                         -------       -----              -----          -----      ----       -------       -----              -----         -----     ----



    Non-IAS/IFRS Measure: Reconciliation between
     reported and adjusted P&L items
    Millions of Euro
                                                                         9M 2011                                                                 9M 2010
                                                                         -------                                                                 -------
                                                 Net sales     EBITDA       Operating Income   Net Income     EPS      Net sales     EBITDA       Operating Income  Net Income    EPS


    Reported                                           4,713.5       908.3              678.8          388.0      0.84       4,451.5       841.5              616.0         347.1     0.76
    --------                                           -------       -----              -----          -----      ----       -------       -----              -----         -----     ----


     > Adjustment for Multiopticas Internacional
      extraordinary gain                                             (21.0)             (21.0)         (21.0)
     -------------------------------------------                     -----              -----          -----


    > Adjustment for 50(th) anniversary
     celebrations                                                     12.0               12.0            8.5
    ---------------------------------------                           ----               ----            ---


    > Adjustment for restructuring costs in
     Retail Division                                                  11.8               11.8            7.5
    ---------------------------------------                           ----               ----            ---


    Adjusted                                           4,713.5       911.1              681.6          382.9      0.83       4,451.5       841.5              616.0         347.1     0.76
    --------                                           -------       -----              -----          -----      ----       -------       -----              -----         -----     ----



    Non-IAS/IFRS Measure: EBITDA and EBITDA margin

    EBITDA represents net income before non-controlling interest, taxes, other income/expense, depreciation and amortization. EBITDA
     margin means EBITDA divided by net sales.
    The Company believes that EBITDA is useful to both management and investors in evaluating the Company's operating performance
     compared with that of other companies in its industry.
    Our calculation of EBITDA allows us to compare our operating results with those of other companies without giving effect to
     financing, income taxes
    and the accounting effects of capital spending, which items may vary for different companies for reasons unrelated to the overall
     operating performance of a company's business.

    EBITDA and EBITDA margin are not measures of performance under International Financial Reporting Standards as issued by the
     International Accounting Standards Board (IAS/IFRS).
    We include them in this presentation in order to:

         *    improve transparency for investors;
         *    assist investors in their assessment of the Company's operating performance and its ability to refinance its debt as it
          matures and incur additional indebtedness to invest in new business opportunities;
         *    assist investors in their assessment of the Company's cost of debt;
         *    ensure that these measures are fully understood in light of how the Company evaluates its operating results and leverage;
         *    properly define the metrics used and confirm their calculation; and
         *    share these measures with all investors at the same time.

    EBITDA and EBITDA margin are not meant to be considered in isolation or as a substitute for items appearing on our financial
     statements prepared in accordance with IAS/IFRS.
    Rather, these non-IAS/IFRS measures should be used as a supplement to IAS/IFRS results to assist the reader in better
     understanding the operational performance of the Company.
    The Company cautions that these measures are not defined terms under IAS/IFRS and their definitions should be carefully reviewed
     and understood by investors.
    Investors should be aware that Luxottica Group's method of calculating EBITDA may differ from methods used by other companies.
     The Company recognizes that the usefulness of EBITDA has certain limitations, including:

         *    EBITDA does not include interest expense.  Because we have borrowed money in order to finance our operations, interest
          expense is a necessary element of our costs and ability to generate profits and cash flows.
                     Therefore, any measure that excludes interest expense may have material limitations;
         *    EBITDA does not include depreciation and amortization expense.  Because we use capital assets, depreciation and amortization
          expense is a necessary element of our costs and ability to generate profits.
                 Therefore, any measure that excludes depreciation and expense may have material limitations;
         *    EBITDA does not include provision for income taxes.  Because the payment of income taxes is a necessary element of our costs,
          any measure that excludes tax expense may have material limitations;
         *    EBITDA does not reflect cash expenditures or future requirements for capital expenditures or contractual commitments;
         *    EBITDA does not reflect changes in, or cash requirements for, working capital needs; and
         *    EBITDA does not allow us to analyze the effect of certain recurring and non-recurring items that materially affect our net
          income or loss.

             We compensate for the foregoing limitations by using EBITDA as a comparative tool, together with IAS/IFRS measurements, to assist
              in the evaluation of our operating performance and leverage.

             See the table on the following page for a reconciliation of EBITDA to net income, which is the most directly comparable IAS/IFRS
              financial measure, as well as the calculation of EBITDA margin on net sales.



      Non-IAS/IFRS Measure: EBITDA and EBITDA
      margin
     Millions of Euro

                                                                                                              LTM September
                                                     3Q 2010  3Q 2011         9M 2010   9M 2011   FY10 (1)         30, 2011
                                                     -------                  -------   -------   --------   --------------

     Net income/(loss)                                   101.9    111.2           347.1     388.0      402.7            443.6
     (+)
     ---

      Net income attributable to non-controlling
      interest                                         0.8      1.1             4.2       5.2        5.1              6.1
     (+)
     ---

     Provision for income taxes                       58.2     53.0           186.2     200.2      218.2            232.2
      (+)
      ---

     Other (income)/expense                            25.5     29.3            78.5      85.4      106.6            113.4
     (+)
     ---

     Depreciation & amortization                      77.0     78.6           225.4     229.5      301.6            305.7
     (+)

     EBITDA                                            263.5    273.1           841.5     908.3    1,034.2          1,101.0
     (=)


     Net sales                                       1,464.7  1,523.8         4,451.5   4,713.5    5,798.0          6,059.9
     (/)


     EBITDA margin                                     18.0%    17.9%           18.9%     19.3%      17.8%            18.2%
     (=)



      1. Net income as of Dec. 31, 2010 excluding impairment and discontinued
      operations. EBITDA as of Dec. 31, 2010 excluding impairment.



      Non-IAS/IFRS Measure: Adjusted EBITDA and
      Adjusted EBITDA margin
     Millions of Euro

                                                                                                              LTM September
                                                       3Q 2010  3Q 2011       9M 2010   9M 2011   FY10 (1)         30, 2011
                                                       -------                -------             --------   --------------

     Net income/(loss)                                     101.9    106.1         347.1     382.9      402.7            438.5
     (+)
     ---

      Net income attributable to non-controlling
      interest                                           0.8      1.1           4.2       5.2        5.1              6.1
     (+)
     ---

     Provision for income taxes                         58.2     60.9         186.2     208.1      218.2            240.1
      (+)
      ---

     Other (income)/expense                              25.5     29.3          78.5      85.4      106.6            113.4
     (+)
     ---

     Depreciation & amortization                        77.0     78.6         225.4     229.5      301.6            305.7
     (+)

     EBITDA                                              263.5    276.0         841.5     911.1    1,034.2          1,103.9
     (=)


     Net sales                                         1,464.7  1,523.8       4,451.5   4,713.5    5,798.0          6,059.9
     (/)


     EBITDA margin                                       18.0%    18.1%         18.9%     19.3%      17.8%            18.2%
     (=)



      1. Net income as of Dec. 31, 2010 excluding impairment and discontinued
      operations. EBITDA as of Dec. 31, 2010 excluding impairment.



    Non-IAS/IFRS Measure: Net Debt to EBITDA ratio

      Net debt to EBITDA ratio:  Net debt means the sum of bank overdrafts, current portion of long-term debt and long-term debt, less cash.  EBITDA
       represents net income before non-controlling interest, taxes, other income/expense,    depreciation and amortization.
      The Company believes that EBITDA is useful to both management and investors in evaluating the Company's operating performance compared with that of
       other companies in its industry.
      Our calculation of EBITDA allows us to compare our operating results with those of other companies without giving effect to financing, income taxes
       and the accounting effects of capital spending,
      which items may vary for different companies for reasons unrelated to the overall operating performance of a company's business.  The ratio of net
       debt to EBITDA is a measure used by management to assess
      the Company's level of leverage, which affects our ability to refinance our debt as it matures and incur additional indebtedness to invest in new
       business opportunities.
      The ratio also allows management to assess the cost of existing debt since it affects the interest rates charged by the Company's lenders.

      EBITDA and ratio of net debt to EBITDA are not measures of performance under International Financial Reporting Standards as issued by the
       International Accounting Standards Board (IAS/IFRS).
      We include them in this presentation in order to:

        *      improve transparency for investors;
        *      assist investors in their assessment of the Company's operating performance and its ability to refinance its debt as it matures and incur
         additional indebtedness to invest in new business opportunities;
        *      assist investors in their assessment of the Company's cost of debt;
        *      ensure that these measures are fully understood in light of how the Company evaluates its operating results and leverage;
        *      properly define the metrics used and confirm their calculation; and
        *      share these measures with all investors at the same time.

      EBITDA and ratio of net debt to EBITDA are not meant to be considered in isolation or as a substitute for items appearing on our financial statements
       prepared in accordance with IAS/IFRS.
      Rather, these non-IAS/IFRS measures should be used as a supplement to IAS/IFRS results to assist the reader in better understanding the
       operational performance of the Company.
      The Company cautions that these measures are not defined terms under IAS/IFRS and their definitions should be carefully reviewed and understood by
       investors.
      Investors should be aware that Luxottica Group's method of calculating EBITDA and the ratio of net debt to EBITDA may differ from methods used by
       other companies.
      The Company recognizes that the usefulness of EBITDA and the ratio of net debt to EBITDA as evaluative tools may have certain limitations, including:

        *   EBITDA does not include interest expense.  Because we have borrowed money in order to finance our operations, interest expense is a necessary
         element of our costs and ability to generate profits and cash flows.
              Therefore, any measure that excludes interest expense may have material limitations;
        *   EBITDA does not include depreciation and amortization expense.  Because we use capital assets, depreciation and amortization expense is a
         necessary element of our costs and ability to generate profits.
              Therefore, any measure that excludes depreciation and expense may have material limitations;
        *   EBITDA does not include provision for income taxes.  Because the payment of income taxes is a necessary element of our costs, any measure that
         excludes tax expense may have material limitations;
        *   EBITDA does not reflect cash expenditures or future requirements for capital expenditures or contractual commitments;
        *   EBITDA does not reflect changes in, or cash requirements for, working capital needs;
        *   EBITDA does not allow us to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss; and
            *   The ratio of net debt to EBITDA is net of cash and cash equivalents, restricted cash and short-term investments, thereby reducing our debt
             position.

      Because we may not be able to use our cash to reduce our debt on a dollar-for-dollar basis, this measure may have material limitations.
        We compensate for the foregoing limitations by using EBITDA and the ratio of net debt to EBITDA as two of several comparative tools, together with
         IAS/IFRS measurements, to assist in the evaluation of our operating performance and leverage.

       See the table on the following page for a reconciliation of net debt to long-term debt, which is the most directly comparable IAS/IFRS financial
        measure, as well as the calculation of the ratio of net debt to EBITDA.
        For a reconciliation of EBITDA to net income, which is the most directly comparable IAS/IFRS financial measure, see the table on the preceding
         pages.



      Non-IAS/IFRS Measure: Net debt and
      Net debt /  EBITDA
     Millions of Euro

                                                Sep. 30,
                                                   2011      Dec. 31, 2010
                                               ---------     -------------

     Long-term debt (+)                             2,238.6            2,435.1


      Current portion of long-term debt
      (+)                                         239.8              197.6


     Bank overdrafts (+)                          206.5              158.6
     -------------------                          -----              -----

     Cash (-)                                     (606.4)            (679.9)



     Net debt (=)                                2,078.5            2,111.4

     LTM EBITDA                                  1,101.0            1,034.2

     Net debt/LTM EBITDA                        1.9x            2.0x
     ===================                        ====            ====

      Net debt @ avg. exchange rates (1)        2,035.1            2,116.2


      Net debt @ avg. exchange rates
      (1)/LTM EBITDA                            1.8x            2.0x




      1. Net debt figures are calculated using the average exchange
      rates used to calculate the EBITDA figures.



      Non-IAS/IFRS Measure: Net debt and Net
      debt / Adjusted EBITDA
     Millions of Euro

                                                      Sep. 30,
                                                         2011       Dec. 31, 2010
                                                     ---------      -------------

     Long-term debt (+)                                   2,238.6             2,435.1


     Current portion of long-term debt (+)              239.8               197.6


     Bank overdrafts (+)                                206.5               158.6
     -------------------                                -----               -----

     Cash (-)                                           (606.4)             (679.9)



     Net debt (=)                                      2,078.5             2,111.4

     LTM EBITDA ADJ                                   1,103.9             1,034.2

     Net debt/LTM EBITDA                              1.9x            2.0x
     ===================                              ====            ====

     Net debt @ avg. exchange rates (1)               2,035.1             2,116.2


      Net debt @ avg. exchange rates (1)/LTM
      EBITDA                                          1.8x            2.0x




      1. Net debt figures are calculated using the average exchange rates
      used to calculate the EBITDA figures.



      Non-IAS/IFRS Measures: Free Cash Flow

    Free cash flow net represents net income before non-controlling interest, taxes, other income/expense, depreciation and amortization
     (i.e. EBITDA - see table on the earlier page) plus or minus the decrease/(increase)
    in working capital over the prior period, less capital expenditures, plus or minus interest income/(expense) and extraordinary items,
     minus taxes paid. The Company believes that free cash flow is useful to both management
    and investors in evaluating the Company's operating performance compared with other companies in its industry.  In particular, our
     calculation of free cash flow provides a clearer picture of the
    Company's ability to generate net cash from operations, which is used for mandatory debt service requirements, to fund discretionary
     investments, pay dividends or pursue other strategic opportunities.

    Free cash flow is not a measure of performance under International Financial Reporting Standards as issued by the International
     Accounting Standards Board (IAS/IFRS).
    We include it in this presentation in order to:

             * Improve transparency for investors;
             * Assist investors in their assessment of the Company's operating performance and its ability to generate cash from operations in
              excess of its cash expenses;
             * Ensure that this measure is fully understood in light of how the Company evaluates its operating results;
             * Properly define the metrics used and confirm their calculation; and
             * Share this measure with all investors at the same time.

    Free cash flow is not meant to be considered in isolation or as a substitute for items appearing on our financial statements prepared
     in accordance with IAS/IFRS.
    Rather, this non-IAS/IFRS measure should be used as a supplement to IAS/IFRS results to assist the reader in better understanding
     the operational performance of the Company.
    The Company cautions that this measure is not a defined term under IAS/IFRS and its definition should be carefully reviewed and
     understood by investors.
    Investors should be aware that Luxottica Group's method of calculation of free cash flow may differ from methods used by other
     companies.
    The Company recognizes that the usefulness of free cash flow as an evaluative tool may have certain limitations, including:

      -- The manner in which the Company calculates free cash flow may differ from that of other companies, which limits its usefulness as a
       comparative measure;
      -- Free cash flow does not represent the total increase or decrease in the net debt balance for the period since it excludes, among
       other things, cash
              used for funding discretionary investments and to pursue strategic opportunities during the period and any impact of the exchange rate
               changes; and
      -- Free cash flow can be subject to adjustment at the Company's discretion if the Company takes steps or adopts policies that increase
       or diminish its current liabilities and/or changes to working capital.

    We compensate for the foregoing limitations by using free cash flow as one of several comparative tools, together with IAS/IFRS
     measurements, to assist in the evaluation of our operating performance.

    See the table on the following page for a reconciliation of free cash flow to EBITDA and the table on the earlier page for a
     reconciliation of EBITDA to net income,
    which is the most directly comparable IAS/IFRS financial measure.



     Non-IAS/IFRS Measure: Free cash flow
     Millions of Euro


                                                        9M 2011
                                                        -------
     EBITDA (1)                                                  908
     Change in  working capital                                   (157)
     Capex                                                      (198)


     Operating cash flow                                        553
     Financial charges (2)                                      (79)
     Taxes                                                      (130)
     Extraordinary charges (3)                                   (6)


     Free cash flow                                             338


      1. EBITDA is not an IAS/IFRS measure; please see table on
      the earlier page for a reconciliation of EBITDA to net
      income
     2. Equals interest income minus interest expense
     3. Equals extraordinary income minus extraordinary expense



     Non-IAS/IFRS Measure: Free cash flow
     Millions of Euro


                                                        3Q 2011
                                                        -------
     EBITDA (1)                                                  273
     Change in working capital                                      56
     Capex                                                       (66)


     Operating cash flow                                        263
     Financial charges (2)                                      (26)
     Taxes                                                       (34)
     Extraordinary charges (3)                                   (3)


     Free cash flow                                             200


      1. EBITDA is not an IAS/IFRS measure; please see table on
      the earlier page for a reconciliation of EBITDA to net
      income
     2. Equals interest income minus interest expense
     3. Equals extraordinary income minus extraordinary expense



    Major currencies

                     Three months ended    Nine months ended    Twelve months ended   Three months ended    Nine months ended
                     September 30, 2010   September 30, 2010     December 31, 2010    September 30, 2011   September 30, 2011
    Average exchange
     rates
    per  Euro 1

    US                           $1.29104               1.31453               1.32572              1.41270               1.40648




    AUD                           1.42885               1.46555               1.44231              1.34585               1.35398




    GBP                           0.83305               0.85730               0.85784              0.87760               0.87140




    CNY                           8.73875               8.94742               8.97123              9.06533               9.13784




    JPY                         110.67500             117.66057             116.23857            109.77212             113.19244
    ---                         ---------             ---------             ---------            ---------             ---------

SOURCE Luxottica Group S.p.A.


© PRNewswire 2011
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