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Luxottica Group SpA (ADR) (LUX)

Q2 2013 Results Earnings Call

July 25, 2013 12:30 PM ET

Executives

Alessandra Senici - Group Investor Relations Director

Andrea Guerra - Chief Executive Officer

Enrico Cavatorta - Chief Financial Officer

Analysts

Daniel Hofkin - William Blair

Bassel Choughari - Berenberg

Domenico Ghilotti - Equita

Julian Easthope - Barclays

Antoine Belge - HSBC

Operator

Good afternoon. This is the Chorus Call Conference Operator. Welcome and thank you for joining the Luxottica Group Second Quarter 2013 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask a question. (Operator Instructions)

At this time, I would like to turn the conference over to Ms. Alessandra Senici, Group Investor Relations Director of Luxottica. Please go ahead, madam.

Alessandra Senici

Thank you, Operator. Good afternoon and thank you for joining us today. Here with me are Andrea Guerra and Enrico Cavatorta.

Before we begin, first, I have a couple of quick items to cover. As a reminder, a slide presentation which we will informally follow during this call is available for download from our website under the reading Investor Relations, Presentation section.

This presentation includes certain non-IFRS financial information within the meaning of Regulation G under the U.S. Securities Exchange Act. Further information, including additional information required by Regulation G, is also available in Luxottica Group’s press release relating to its results for the second quarter of 2013, which may be found on our website, under the reading Investor Relations, Press Releases section. Conference call is being recorded and is also available via audio webcast from our website.

During the course of today’s call certain projections or other forward-looking statements may be made regarding Luxottica Group’s future financial performance or future events. We wish to caution you that such projections or statements are based upon current information and expectations and actual results may differ materially from those projected in the forward-looking statements. You can read more about such forward-looking statements on page two of the slide presentation.

We also refer you to our filings with the SEC and Italian Securities Authorities. These filings contain additional information concerning factors that could cause actual results to differ materially from those contained in management's projections or forward-looking statements.

We will begin with Andrea Guerra.

Andrea Guerra

Thank you, Alessandra. Welcome to our second quarter business review. And I want to say that right at the beginning we are very happy about our performance, really happy. Why? I would list three or four items, first, obviously record breaking topline, almost double-digit growth at constant forex, breaking the 2 billion sales in the quarter, big profitability, excellent cash flow.

As usual looking to the different part of our business, geographies and brands, we got some super stars. I would note that this quarter wholesale has been a super star. Sunglass Hut has been another, for another quarter the super star and I would list this two over-performing, over-exceeding in terms of business.

Ray-Ban, Oakley, all luxury portfolio, a very encouraging start of Armani, I would list as brands. Armani right on the right track to €230 million in the year and common to be said, I would list Europe as the region which has been a super star. We will go deeper and more details about Europe but obviously this has surprised us.

Should we find some negatives in this kind of framework? Yeah, we should. And I would list one. LensCrafters in the U.S. we only had 1.3% comps in the quarter. April and June pretty positive, let me say in the average as we like. May was not. We made some mistakes and we paid for that.

What is good is that first of all, we obtained the kind of performance we obtain with not the wonderful quarter by LensCrafters in terms of topline, while in terms of profitability and bottom line LensCrafters helped and helped substantially our performance of the quarter.

So it’s only a quarter, we will improve. We feel good. July let me say, overall Group fine in line with same performance of the first six months. So I would immediately stop here. Enrico?

Enrico Cavatorta

Thank you, Andrea. I would look a little bit more in detail into the number, just starting from our topline, as Andrea said we delivered almost double-digit quarter, double-digit sales growth, excluding adverse currency forex.

I would note, first of all, that all across the second quarter number looks better than first half, so let’s talk about the slide is better, the right on, so we are accelerating our trend, and we’ve said last quarter that comparison versus Q1 of 2012 will stop and the result of the second quarter proved it.

More importantly, if I look at the two year performance in this quarter, we achieved total growth at Group level constant forex almost or in excess of 16%, that is in line and what we did during the first quarter.

Looking at the two division wholesale, very little to add what Andrea said, 14% constant forex growth, is an outstanding result. Clearly, Armani launch helped, but even if I discount the full effect of Armani still wholesale would have delivered a nice single-digit performance at constant forex.

Retail, positive comps, better than Q1 at 4.4%, with again Sunglass Hut in the high single-digit area, better than Q1. China confirmed double-digit as in Q1 and even Australia was strong in the high single-digit exactly as Q1. So the only soft spot was, I would say optical in North America, LensCrafters and (inaudible).

Looking at profitability, I’m very pleased to report that we achieved on an adjusted basis 18.4% margin and this is our new record because previous one was achieved in 2007, so six years ago at 18.3%.

You should note that meanwhile our size and the company grew 50% as compared to -- as compared to six years ago. So our net income and operating income is 50% higher than it was six years ago.

I tried to look back at our historical database, we have to see if we had higher results and we have to go back more than 10 years to see results better than this one. So was another company in another world.

Improvement in terms of basis point has been constant forex 120. Clearly, wholesale has been the star with 140 basis point improve on constant forex and this come at the end of four-year period, wherein total in wholesale we have grown 5 percentage point, we were 22.5% four years ago in 2009. So, clearly, this has been a great result.

Retail, again, as I said, we have increased less, 50-basis point, but I would look at this as a positive result. Do not forget that last year retail improved 150-basis point versus 2011, so we are in the region of 2 percentage point improvement in two years.

Also, as we’ve said, we have our main optical retail chain crafter that had just 1% comp. So despite that we have been able to drive our profitability up and these clearly speaks in favor of good cost control and good cost planning.

Also, I would mention that in the quarter we had some non-recurring costs of few million dollar in North America in order to further streamline our fixed cost operation and we should see the benefit of these already in the second half of the year.

I mentioned these are the adjusted numbers, the only non-recurring item, basically I have excluded is €9 million operating cost for to reorganize Alain Mikli, no other, no recurring items been excluded by from our reported P&L to calculate adjusted base.

Net income, clearly is a record quarter for the first time ever, we have delivered more than €200 million of net income in the quarter. You might recall that four years ago we had €300 million for the full year. So clearly is a great result. And again, 10.8% similarly to operating is our highest results even higher than what we achieved in 2012.

Free cash flow, Andrea mentioned, we view this result as an excellent performance. Our debt was close to €1.9 billion, slightly up from the end of March, clearly we paid €274 million of dividend during the month of May, and that is a reason why our debt increased. But in terms gearing we are stable, that this March at 1.3 and as compared to 12 months ago we were up 1.7, so we are substantially lower.

Free cash flow has been higher than year ago, €200, that is €180 million for the quarter and this is clearly reflects higher profitability and effective working capital control.

In terms of days, we were in the operating working capital almost flat versus year ago plus 1 in DSO, positive 1 in payable and we were almost flat in inventory including Alain Mikli. So, on a comparable basis we were two days better in inventory. And finally, during this quarter we are seeing our inventory going down. It was the longer weighted effect.

Just mentioned an effect, at the end of June last year, we had the same date in inventory at the end of March and in terms of absolute number we were €20 million higher than the end of March, that was last year. This year at the end of June, we are seven days lower than the end of March and we are actually almost €10 million lower than the end of March. So, clearly there is a change in speed during the second quarter and we should see this continuing during the second half of the year.

Finally, these results for the full first half bring us fully in line with our so called Rule of Thumb. You see the number at current forex up 6% for the six months, topline 12%, bottom-line.

Let me say that, if I exclude the forex effect we are more or less there. I would say we are in the 8% topline, 15%, 16% bottom line. So fully in line with our Rule of Thumb and also in terms of gearing our 1.3 at the end of June is fully in line to achieve 1 or below 1 at the end of the year. Thank you.

Andrea Guerra

Thanks, Enrico. So, when we move and we focus on the topline roadmap slide. We are fine. I just wanted to focus your attention on sometimes adding up the two years. So places like U.S. wholesale, we have done plus 9% on a plus 20%, in emerging market wholesale we have done plus 21% on a plus 18% and Western Europe six months plus 5%.

And I would say that this is made by wonderful acceleration of Q2, where Europe, total Europe was plus 40%, with Mediterranean Europe plus 11%, which is a result that I would never thought about and I mean, we could also have blamed weather, if we wouldn’t have cut the number, not having had spring all across Europe, I would say. But number of things have really worked well in our favor and obviously Armani also helped.

Now looking to North America, the business has grown 5%, remarkable Sunglass Hut. If we had like-for-like growth of the last three years, so 2011, 2012 and ’13, basically we have flat 30%.

We already talked about wholesale. LensCrafters was cited by me and than by Enrico at the beginning. And I would refer back one second to something that Enrico stated before. In North American territory sold across the country, we push one step ahead in a moment of growth, in a moment of strength. Our wish to be ready for the digital challenge, we’ll be ready for 360 degree (inaudible) of our retailing from the consumers. And we have gone through mix peoples, tools, resources, spending inside our numbers as Enrico was saying some millions of dollars in the quarter.

When we move to Sunglass Hut overall, I would just tell you a small story. It’s regarding our Sunglass Hut in Times Square. We opened on July 4th and maybe stupid but for everyone working in Luxottica for a while, it’s a kind of dream becoming reality. I was there a week ago and basically stood still in the store for basically half an hour, looking at consumer scoring it and really allowing all of us to think that for the first time, one of our stores would be in the eight digits. Happy and proud for the team, for the people that have worked for us and for all of us looking at that specific single.

Europe, we said that Q1 would have our worst quarter of the year. As I said before, we had no expectations for our performance like this. We are happy Ray-Ban did really well. I think all the new lens stories, the flash lenses, the color lenses, the mirrored lenses really proved to be a great success, Oakley is on fire and Armani helped.

Emerging markets, difficult to talk about one market or one region compared to another. We are happy of their performance. I would give you just a very stupid equation to allow you think what kind of big opportunities we still have. Just take New York, New York Metropolitan area, €200 million sales by Luxottica. Let’s move to Jakarta, same population, obviously different rigidity €1 million sales in a year from Luxottica.

These are the kind of stupid equations that I laugh that allows us to think that growth just started. And even if we always refer to a high teens or double-digits or 20% growth in emerging markets and as we write in the headlines, each in the way, I really think there is a huge opportunity in front of us.

(Inaudible) before we move on, one is regarding rayban.com. Rayban.com has been live under last three years in the state, Rayban.com, an ecommerce trader. Now, it’s moving to Europe as well. The journey started only in five countries, not offsetting regular collections but really allow you to have your best icons, the best iconic Rayban products as you wish.

You can personalize your case, lenses, colors, temples, frames and receiving it day after in the comfort of your home. So go out and check Ray-Ban Remix.

On the other side, Oakley, I think that we have been pretty successful in Europe so far. It has become a reality. All the journey done so far in the stores, on the people, with the training, with lenses and with a proper athletes.

We won the Giro d'Italia. We won the Tour de France. It’s in the face of Alonso, Valentino Rossi and really in the face of all the witness. So really happy of this long journey today. How to look forward? We’re fine. We’re confident. Obviously so far but always keep in mind that when we go through September and October, basically the year could be sad October. So the order portfolio is good.

As I said July is in line with the performance so far. So we’re pretty confident for the remaining part of the year. Having said all of this, I would turn back the word to the operator and ready to listen to your comments and ready to answer to your questions. Thank you very much. Operator?

Question-and-Answer Session

Operator

(Operator Instructions) The first question is from Daniel Hofkin of William Blair. Please go ahead.

Daniel Hofkin - William Blair

Good afternoon. Just a couple of questions, first of all, if I could clarify, I think you said in constant currency terms, 8% top line, 15% to 16% bottom line. Was that a year-to-date number for the first half?

Enrico Cavatorta

Yeah, it was. Six months.

Daniel Hofkin - William Blair

Okay. Would you be able to give that for what it was in the second quarter, I assume both of those numbers would have been higher than that?

Enrico Cavatorta

Yeah. Top line was 9.4. It is on the slide, top line and bottom line would have been in the region of 72.

Daniel Hofkin - William Blair

Okay. Great. And then on the topic of LensCrafters, could you elaborate a little bit more about, you said a couple mistakes that you paid for. What would you say happened and what -- how do you feel, what gives you confidence about kind of putting that back on track?

Andrea Guerra

It’s a very simple story. So we have gone through our anniversary of 30 years. So we had our internal celebrations. We had really good moment of great emotions and great happiness. So we turned this into an event on the consumer but probably we took it too late. We didn’t plan it well. We didn’t execute it well. And this is what we had at the end. So this is -- this is what happened during May.

Daniel Hofkin - William Blair

And there was -- I mean, how was -- so June and July, how much different is it than May?

Andrea Guerra

So May was in the 4% to 5% negative. So to achieve, it last almost two, it means that April and June were not bad at all.

Daniel Hofkin - William Blair

Okay. And then, I guess, finally on the emerging markets opportunity that you discussed, if our memory serves well around 13% of total sales right now. Is that right?

Enrico Cavatorta

Yeah. Group level, yeah. They are midteens. Yeah.

Daniel Hofkin - William Blair

Right. And I think you’ve said 20% kind of an intermediate term next two or three years perhaps. Where do you -- how do you think that could go over the next, let’s say decade?

Andrea Guerra

Decade, I have got no idea. Maybe we are three Italians in planning, but in the decade I have got no idea. The real thing is -- so if we go back the last three, four, five years, we have always drawn between 5% to 20% -- 15% to 25%. The real thing is that we have constantly grown in the other regions as well.

So, I really do not think -- do not know exactly what would be the rate that we will exceed by 5% to 10% -- our rest of the group, no doubt. And we would continue to invest. So, we will have our organic growth and we will continue to invest in local retail chains in Latin America, South Asia. So it's a journey that we continue.

Daniel Hofkin - William Blair

So just from a absolute standpoint, the hyper growth that you have seen in the last few years, any reasons to think that that's not sustainable in emerging markets, in other words in that 15% to 25% range?

Andrea Guerra

I don’t think it's unsustainable for the next two or three years.

Daniel Hofkin - William Blair

Okay. All right. Thank you very much.

Thank you.

Operator

Your next question is from Bassel Choughari of Berenberg. Please go ahead.

Bassel Choughari - Berenberg

Good morning. I have three questions for me, please. The first one is, you have posted a very impressive performance in Europe and notably in Southern Europe, could you please help us understand to what extent that was driven by Armani and how do you think that's sustainable through the year? That's one thing.

The other one on M&A and licenses, how do you think of your strategy? You have some licenses expiring at the end of the year. So are you looking to offset that acquisitions maybe you could give us some color here? And the last one on your guidance, it seems like except Australia, you are in the low end of the range. You have this optical account basis in the second part of the year, how confident are you on reaching on the higher end of that range? Thank you.

Andrea Guerra

So when you have the range, let us be in the range and I think that we can be in that range. I really do not know if it would be in the upper part or in the lower part. And so we are happy with the performance. We got a range at plus 6, plus 8 and it’s account base in optical segment, hopefully we will continue. We will continue with this, with the velocity we had so far.

In terms of licensing, so, I do not know what you were referring at with, with licenses that expired. So we got Chanel, but with Chanel we already exchanged letters that we will continue to move on. But we just need to discuss on some details of the action plan and how we move on. We are looking in the licensing world for 2014-15 and we are working on that and we are working on a couple of topics.

In terms of M&A, we are always looking to the same thing to some great brands and to some smaller-to-medium retail chains in Latin America and Asia and (inaudible). In terms of Europe, we have been able to be in the middle of our range. Within these things, that range was, as we said from the day number one that was a big one of our more challenging objectives.

We are at plus 5 in the first six months. The first six months are normally tougher than the second six months. Armani helped, but let me say, of that 5%, it is more or less in Europe, 1.5. Ray Ban and Oakley and some of the luxury brands have been the superstar. I always repeat our mantra here.

So, as you know we have gone back five years ago to say that prescription would have been one of our leading part of our strategy. That has happened and this is going on, and prescription is growing almost double digits in Europe with unbelievable performances in France, in Germany, the Nordic, so really happy to report all of this.

In the Mediterranean Europe, let's look at the six month together, so probably there has been some psychological stop and go in the first three months. People were little bit more anxious than I think when sun came out everyone was happier. And, let me say, all the plans that we put in place worked well. So very happy to see that number.

Bassel Choughari - Berenberg

Thank you. Just if I may on acquisitions, are you more looking into like sun or optical or maybe a mix of both?

Andrea Guerra

It usually it’s a mix. In sun, it's more probable that we go organic. If you’ve seen in our sun sales, on one side our comps were in the last seven if I am not wrong now, and our -- in fact, our total sales were at plus 9. So there, we’re constantly opening new stores. We got this a long-term wish to open one store a day. We are opening one store every three days today.

We are opening stores in many different places where we are already present and opening -- and really converting some of our smaller stores in bigger stores in North America. So really constantly moving on more under organic and opening new stores rather than buying chain because there are not many around the world.

Bassel Choughari - Berenberg

Thank you.

Andrea Guerra

Thank you.

Operator

Your next question is from Matteo Ghilotti of Equita. Please go ahead.

Domenico Ghilotti - Equita

Hi. Domenico Ghilotti. My first question is on the retail margins -- particularly retail in general. So first of all, I wonder if you can catch up on the performance, if you expect to catch up the performance in North America for the 4% to 5%. And how did you manage to improve the margins in the second quarter in LensCrafters, you said in spite of the self top line?

Andrea Guerra

It is in the gross profit; it is in managing lenses and managing labs. This manages craps, it’s managing waste and managing some of our discounts. So I would say that this is it and it is not around G&A or other expenses or on store labor on things that are ones and then dead but it is our continuous journey on the gross profit.

Domenico Ghilotti - Equita

So pretty sustainable?

Andrea Guerra

Yeah, absolutely yes. And are we able to move from 3 to 4? Hopefully, yes.

Domenico Ghilotti - Equita

Okay. And then the second question on the wholesaler, well the -- can you give us some indication on the contribution of volume-specified mix on the top line and are you willing to raise or going to raise prices in markets where you have currency headwinds?

Andrea Guerra

So, in terms of volume and price mix, I would say 75:25. So we are really back to a very healthy way of managing our mix. In terms of where we got the highest headwinds in terms of currency, basically it’s all emerging markets where we’re not going to list prices because we are in a journey of expanding our price range. So it’s going up and going low and at the end keeping it all the same. In Australia, I would say that probably yes the currency is going against but probably very balancing of an Australian dollar which has been really strong in the last two-three years.

Domenico Ghilotti - Equita

Okay. Thank you.

Andrea Guerra

Thank you.

Operator

Your next question is from Julian Easthope of Barclays. Please go ahead.

Julian Easthope - Barclays

Thank you very much. Good evening everyone and just a couple of questions. First of all, perhaps I was just going to ask how Brazil was going along and now these actually achieved some of the products into that market. And secondly, in terms of your new luxury division, obviously you now have been for a short period of time, does the 9 million also include transferring the manufacturing back to your own in-house operations over next and how far -- how far do you actually go with that integration? Thank you.

Andrea Guerra

So, Julian, I understood your second question but not your first so I will answer immediately to your second?

Julian Easthope - Barclays Capital

Okay.

Andrea Guerra

The second question those money are everything so closing down of certain offices, closing down of logistic centers, closing down of some facilities of assembling and deploying of products, moving in products to our supply chain, we will manufacture let me say most of our Alain Mikli products in our factories in January 2014.

Julian Easthope - Barclays

Okay.

Andrea Guerra

It’s regarding IT platforms. It’s all what you can imagine about integration that we are expanding in one of our (inaudible) now.

Julian Easthope - Barclays

Okay. Thanks. And in terms of the -- the third question refer to Ray-Ban from Brazil and then how these new products are actually going down now?

Andrea Guerra

Pretty well. So Ray-Ban prescription is there, Arnette is there. We are planning to tackle it. The next thing is for Sun in August and Oakley prescription in January-February so everything is moving as we said.

Julian Easthope - Barclays Capital

Thank you very much.

Andrea Guerra

Thank you.

Operator

The next question is from Antoine Belge of HSBC. Please go ahead.

Antoine Belge - HSBC

Yeah. Good evening. Antoine Belge from HSBC. I’ve actually three questions, if I may. First of all, in terms of China, how many stores have you opened and how many do you think you will reopening a little bit for Europe?

And second question relates to the U.S. especially in terms of sort of premiumization going there. And you have seen some positive trading from consumer as a whole in the first half? And finally, in terms of production, can we expect to have a shift from production in Italy to China this year? Thank you.

Andrea Guerra

So regarding China, so would that been unfair for me to say that we were really positive in our comps and our growth in China because we usually said it’s a marginal market and it is in reality marginal market. But obviously the growth rates that we are having on the like-for-like in retail and the wholesale are pretty strong in 2013.

We are more involved in fixing and really flying with our retail as it is today. Yeah, we opened, let me say a branch more or less 10 stores but we are pretty stable and we will be stable in 2013 more or less. But really the performance has dramatically improved.

In terms of premiumization, I think that the journey of sun -- the journey of Sunglass Hut it’s -- anytime you see the journey of Sunglass Hut and I would call it as a very similar way of calling the premiumization of sun in United States.

Manufacturing this year is one of those years where we don’t move much in terms of percentages, the manufacturing between Italy and China because of the great entrance of Giorgio Armani if they are made in Italy. So the mix between Italy and the rest would remain more or less stable during the 12 months.

We will benefit in the next six to nine months by the fact that we have a lot of things to be done in second semester 2012 regarding SAP and first quarter of 2013, all is regarding SAP and the launch of Armani. So I think there has been a lot of work and now we have the opportunity. We have six-nine months without big things to be in our way. So, really looking forward for great efficiencies and great service level from manufacturing in the next six-nine months.

Julian Easthope - Barclays Capital

Thank you very much.

Andrea Guerra

Thank you.

Operator

(Operator Instructions) The next question is a follow up from Domenico Ghilotti of Equita. Please go ahead.

Domenico Ghilotti - Equita

I have a follow-up on your retail margin. So if gross capital was supportive of margin despite of the soft top line, did you have any change where the operating leverage was below your expectation or largely disappointing. And should we expect an acceleration in North American same-store sales an acceleration also in the retail margin improvement in the second half?

Andrea Guerra

Let me say that the journey of our profitability is that so don’t expect much more. And on the other side, we could expect from Sunglass Hut something more, but we constantly balance between expansion and profitability. And the first question you had I would say no.

As I said, this has been a quarter that I would like to frame and put it there and repeat it constantly. It’s one of those quarters where everything was good and we have no surprises.

Domenico Ghilotti - Equita

Okay. So I try to find small negative corporate cost probably the only point where you were up in the structure trend. So should we double the number in the first semester or there is something specific?

Enrico Cavatorta

No. I would say in the first semester there were some non-recurring corporate cost that will not be repeated in the second half and not material. So we have not disclosed them and we’re not reporting them as an adjustment but we had some cost related to some specific project that didn’t went through and therefore we had to spent them. Will that be enough?

Domenico Ghilotti - Equita

Okay. Thank you.

Alessandra Senici

Okay. We think there are no other questions. So thank you very much for listening to today’s call. For those who are coming on this call tomorrow and for the other we are available to answer further question. Good afternoon and bye-bye.

Operator

Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.

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