Luxottica looks to double sales within a decade as strong 2014 ends on a high

Luxottica Monday said it aims to double sales in the next 10 years as the Italian eyewear giant reported an as-expected solid rise in Q4 and full-year 2014 revenues, boosted a strong performance in its US market.

2014 sales rose 4.6%, or up 6.1% currency neutral, to €7.65bn ($8.9bn), roughly in line with analysts’ expectations for €7.63bn.

Q4 preliminary currency neutral sales also rose 9.3% year-on-year to €1.89bn. Currency fluctuations benefited current exchange rate revenues which rose 14.9%.

In the US, where the company generates 55% of its business, Q4 sales jumped 13.4%, aided by a strengthening dollar.

Luxottica’s wholesale revenues rose 6.8%, or up 8.6% currency neutral, to €3.19bn last year, while retail sales, which include its Sunglass Hut and LensCrafters banners, lifted 3.2% (+5.4% currency neutral) to €4.51bn.

Massimo Vian, new chief executive for product and operations, said Monday: “We look forward to 2015 and the following years… with the aim of doubling net sales in the next 10 years.”

• The group also said Monday it had settled a 2008 claim concerning intra-group transactions with Italian tax authorities by agreeing to pay around €29m.

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