Luxottica (LUX) FY15 Results: Growth Fails to Meet Expectations

Executive Summary

• Luxottica reported FY15 EPS of US$1.86, an increase of 3.7% but below the consensus estimate of US$1.95. The company reported that revenue increased by 15.5%, to €8.8 billion, below consensus of €8.9 billion.
• Adjusted EBIT increased by 22.5%, to €1.4 billion, below the consensus estimate of €1.5 billion, while net income increased by 25.1%, to €804.1 million, below consensus of €855.1 million.
• Luxottica expects to generate 5%–6% revenue growth at constant exchange rates in FY16 and to increase investment to more than €1.5 billion over the next three years.