Peace of mind returns to Luxottica, thanks to the excellent quarterly published yesterday. The Italian luxury group, recently in the storm due to the change at the top and the difficulties on the Stock Exchange, recorded in the third quarter of 2014 a net profit attributable to the group of 162 million euros, an increase of 10,1%. The adjusted net result was 173 million, up 17,5%. In the quarter, revenues rose by 5,5% to 1,88 billion. The revenues of the wholesale division amounted to 750 million (+9,3%) and those of the retail sector totaled 1,13 billion (+3,1%). Cash generation amounts to 316 million and is a record for the period, as underlined in a note from the group following yesterday's board meeting.
In the nine months, net profit amounted to 555 million (+7%) and turnover increased by 2,1% to 5,78 billion. The Luxottica board of directors also co-opted Adil Mehboob-Khan and Massimo Vian as directors – on a proposal from the chairman Leonardo Del Vecchio, entrusting the latter with all executive powers ad interim until Khan's effective entry in January 2015. This was announced in a statement by the Agordo group. With regard to the exit of Enrico Cavatorta, former CEO, Luxottica announces that he will be paid a gross amount of 4.000.000 euros, in addition to severance pay, in exchange for the consensual termination of the employment relationship.
