January 29, 2018 / 4:50 PM / a month ago

Luxottica sees strong FY adj. net profit growth after sales meet guidance

MILAN, Jan 29 (Reuters) - Italy’s Luxottica, the world’s biggest eyewear maker, is forecasting a “strong growth” in 2017 adjusted net income after meeting its full-year revenue guidance pushed by a strong fourth quarter.

Luxottica is awaiting antitrust approval of the 50 billion euro ($62 billion) merger it agreed a year ago with rival Essilor to create a lens-to-frame manufacturer with a global shop network and a portfolio of top brands such as Ray Ban and Chanel.

Sales last year totalled 9.16 billion euros ($11.3 billion), up 2.2 percent net of currency moves, in line with a Thomson Reuters SmartEstimate analyst consensus.

Luxottica had guided for a ‘low to mid’ single-digit growth in sales at constant currencies this year and forecast a broadly similar rise in its adjusted operating and net profit.

“Adjusted net income (is) expected to grow strongly,” the company said on Monday.

The group will publish full 2017 results on Feb. 26.

$1 = 0.8095 euros Reporting by Valentina Za, editing by Giulia Segreti

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