Luxottica stays upbeat despite profit drop

Profits for the group, whose brands include Oakley and Ray-Ban as well as licensed designer names including Bulgari and Prada, dropped 12.7% to €115.7 million ($163.9 million) in the three months to 30 June.

The results were marginally better than analysts' expectations, and an improvement on the 22.5% profit collapse in the first quarter.

Sales were also up by 3.5% at current exchange rates, but down by 3.3% at constant exchange rates, it said, with gross profits falling 5.9% to €277.3 million.

The group's chief executive Andrea Guerra said "the very positive results achieved to-date allow us to be more confident going into the second half of the year, thanks to a less challenging scenario overall."

Source: AFP

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