Executive Summary

• Luxottica reported that its adjusted revenue in 1Q17 increased to €2,384 million, up 5.2% year over year and up 1.9% at constant currency. The result was slightly above the consensus estimate of €2,377 million.
• Sales growth was driven by a very strong performance in Europe and Latin America, as well as by a solid performance in the retail division. Luxottica e-commerce sales increased by 6% year over year at constant exchange rates.
• Comparable store sales declined by 2.9% year over year at LensCrafters and by 5.4% at Sunglass Hut.