Luxottica (BIT: LUX) FY16 Results: Operating Profits Decline, But EPS Beats Expectations

Executive Summary

• Italian eyewear manufacturer Luxottica reported FY16 adjusted EPS of €1.84, up 3.4% year over year and ahead of the consensus estimate of €1.80.
• A 1.1% decline in gross profit was partially offset by a 0.8% decline in operating costs. Exceptional costs contributed to a 2.3% decline in operating profit.
• Net sales, which had already been reported, climbed by 2.8% in FY16.