Sales day in Piazza Affari for Luxottica stock, which in the middle of the morning dropped more than two percentage points, to 48,75 euros, undergoing one of the worst drops in the Ftse Mib. The drop comes after yesterday the group released its preliminary estimates on 2014 revenues after the closed Stock Exchange. Although a result of strong growth was announced, the numbers - albeit positive - were in line with the consensus of analysts, partly disappointing the market.
The company has closed the year with a consolidated turnover of 7,6 billion, +6,1% at constant exchange rates and +4,6% at current exchange rates, and has announced its intention to double its turnover over the next ten years. The wholesale division recorded an increase of 8,6% to 3,193 billion, while the retail division of 4,3% to 4,458 billion.
Just in fourth quarter, on the other hand, Luxottica's consolidated revenues rose by 9,3%, to 1,890 billion, benefiting from the favorable euro/dollar exchange rate. Analysts estimated an average turnover of 7,649 billion in the entire year and 1,854 billion in the last quarter.
Mediobanca Securities (neutral rating and target price of 42 euros confirmed), underlines how the company has implemented a natural hedging strategy against currency fluctuations, recording both revenues and costs in dollars. Yesterday's board of directors appointed Adil Mehboob-Khan as managing director of markets and Massimo Vian as managing director of products and operations.
Luxottica then announced that the verification of the Guardia di Finanza relating to 2008 was concluded with a report of findings based on the same finding formulated for 2007, which implies an outlay of approximately 29 million euros "which has no impact on the income statement", because these provisions have already been made.
