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Luxottica sees emerging markets driving growth in 2014
February 27, 2014 / 5:05 PM / in 4 years

Luxottica sees emerging markets driving growth in 2014

MILAN, Feb 27 (Reuters) - Ray-Ban sunglasses maker Luxottica forecast sales and profit growth in 2014, driven by emerging markets, as it posted fourth-quarter net profit of 25.9 million euros ($35.4 million).

Net profit was 65.4 percent lower than in the same period of the previous year, depleted by a one-off tax payment and an allocation of funds to cover taxes in the coming years.

Luxottica, which makes eyewear for luxury brands including Prada and Giorgio Armani, reported adjusted net profit up 9.1 percent to 92.6 million euros. Sales rose 0.8 percent at current exchange rates to 1.646 billion euros in the quarter.

Chief executive Andrea Guerra said the early months of 2014 were delivering positive results despite bad weather and said emerging markets would grow faster than developed markets.

“We think that developed markets will continue to contribute positively to group sales and profitability and expect even stronger growth in emerging markets, where we are continuing to invest,” Guerra said in a statement.

The company said it would pay a cash dividend of 0.65 euros per share, equivalent to half the group’s adjusted net income. ($1 = 0.7309 euros) (Reporting by Isla Binnie, editing by Danilo Masoni)

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