CIT: West Coast team featured in Fashion Manuscript.
FSG LAWYERS: Represented Loomworks Apparel (P.J. Salvage) on its acquisiton by Delta Galil.
Details on Industry Insight.
I missed Luxottica's second quarter earnings release last week, but think there are several interesting nuggets worth noting.
Luxottica CEO Andrea Guerra was pleased with the company's second quarter performance and gave a lot of credit to its Oakley and Ray-Ban brands.
"These results were made possible by Luxottica's well-balanced brand portfolio and especially by the performance of Ray-Ban and Oakley," he said in a press release. "The two brands posted growth in sales in both the sun and optical businesses for the quarter but also for the trailing twelve months, which was the most difficult portion of the global economic downturn."
Guerra also had interesting comments about the economic climate around the world."... The current fiscal year saw an extremely difficult January and February, with a stabilization of the market in the following months. The most acute phase of global economic restructuring probably took place between September 2008 and March 2009, while today the environment is less uncertain albeit certainly still challenging.
Total Q2 sales: Euro 1,401.6 million, up by 3.5 percent at current exchange rates, down by 3.3 percent at constant exchange rates.
Net income: Euro 115.7 million, down 12.7 percent from Euro 132.6 million last year.
Euro 825.3 million, up by 7 percent at current exchange rates, down by 3.4 percent at constant exchange rates.
Comp store sales down 9 percent. Sales were strong in Australia, New Zealand, South Africa and the UK but negative in North America.
Euro 576.3 million, down by 1.2 percent at current exchange rates and by 3 percent at constant exchange rates.
Sales were strong in Europe and emerging markets. In the U.S., results were positive in June. Japan was negative and so were sales in emerging markets due to the decline in the tourism industry.