Italy based Luxottica Group on 26 February reported record net profit and free-cash flow in fiscal year 2017.
Net sales rose 2.2% at constant exchange to €9,157 ($A14,370) million, while net income increased 24.7% at constant exchange to €1,038 ($A1,630) million, according to the company’s earnings announcement.
Adjusted net income increased 12.2% at constant exchange to €970 million, producing a net margin of 10.6%. Net profit and free-cash flow generation exceeded €1 ($A1,57) billion for the first time in the company’s history.
The last three months of 2017 were “the best of the year for the wholesale business, comparable-store sales, Sunglass Hut in the main geographies … and e-commerce,” Luxottica reported in its earnings announcement.
The company also cited its “most significant initiatives of 2017,” which included the launch of Ray-Ban ophthalmic lenses, “price harmonization across sales channels, greater segmentation and attention to wholesale distribution,” and the continuous development of the company’s proprietary brands’ e-commerce platforms.