Luxottica Cuts 2016 Outlook As U.S. Weakness Hits Profit
by MR Magazine Staff
Jul 26, 2016
Italian eyewear group Luxottica cut its full-year outlook on Monday, blaming uncertain markets, after first-half adjusted operating profit fell 2.5 percent hit by weakness in North America, its biggest market. With global security threats clouding the outlook for tourism and consumer spending, Luxottica Chief Financial Officer Stefano Grassi said it was too early to say whether group forecasts for the next two years still stood. In a widely expected move, the maker of Ray Ban sunglasses said it now saw sales rising 2-3 percent at constant currencies this year – down from a previous 5-6 percent forecast. Read more at Reuters.
