Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Luxottica Group S.p.A. (NYSE:LUX)

Q3 2010 Earnings Call

October 25, 2010 12:00 PM EST

Executives

Alessandra Senici – Group IR Director

Andrea Guerra – CEO

Enrico Cavatorta – CFO

Analysts

Daniel Hofkin – William Blair & Company

Edouard Crowley – Exane BNP Paribas

Erwan Rambourg – HSBC

Domenico Ghilotti – Equita

Valentina Romitelli – UBS

Allegra Perry – Nomura

Operator

Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Luxottica Group third quarter 2010 results presentation conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. (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 US 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 third quarter of 2010, which may be found on our website under the reading Investor Relations Press Releases section. This conference call is being recorded and is also available via audio webcast from our website.

During the course of today's call, certain projection or other forward-looking statement may be made regarding Luxottica Group's future financial performance or future events. We wish to caution you that such projection or statement are based upon current information and expectation, 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 projection or forward-looking statements.

We will begin with our CEO, Andrea Guerra.

Andrea Guerra

Welcome to our third quarter review conference. Obviously, I am and we are all in Luxottica very pleased with our results. There are a number of reasons why we are pleased.

I think the first being one of the main reasons why we live and we are in this market, and it is our brand portfolio, a portfolio which has demonstrated to be effective in very different market conditions.

I am so happy to say that we are back with a solid double-digit high teens growth in our premium and luxury segment and not only what we shipped, but we also have an excellent order portfolio in our hands. The sun season has been good and long. And, obviously, Ray-Ban and Oakley were ahead of the pack.

The second growth factor of which we are particularly pleased is our ability to grow in Europe and North America. In Europe, our growth rate has been 12%. In US, in dollars, our growth of our all our businesses have been plus 8%. So it means that in all developed markets of the world, we were able to grow and to have a solid growth rate.

On the other side, emerging markets, we were much faster. And I think this was again in another quarter of quick growth in emerging markets above the 20% rate, I would say in all major emerging markets.

Third fact is that our profitability has grown much faster than the sales growth, above 30%. And I would say that even if we have grown 30%, obviously, probably we would have grown a little bit faster if we were not comparing ourselves with the third quarter last year in which we had reversed some accruals, and Enrico will tell you more in details about this, and the second being a continuous not positive performance in Australia, a geography in which I have to say the last four weeks have shown a solid improvement.

So profitability has grown, has grown significantly and systematically around the company. And I think that our fourth quarter will drive profitability even faster than what we have done in Q3.

Fourth factor of our happiness today is that again we have been able to generate consistent free cash flow, EUR250 million in a quarter. And I think this is also paying the continuous effort that all our people daily are putting on working capital with excellent results on inventory and receivables.

Fifth, we have invested for the long quarter. It’s not just we are just reaping the efficiency activities of a year-ago of higher growth rate of sales. We also reinvested back in the business. And in the first nine months of the year, we have invested EUR40 million more in our marketing activities and I think this is very important for our long term.

Enrico, if you want to give us some more details, thank you.

Enrico Cavatorta

Thank you, Andrea, and good evening. So let's have a quick look of our main financial highlights for the third quarter and the nine months of 2010.

First of all, we are pleased to see that we have an acceleration of sales growth in both division and total group, both at constant exchange rate of current. Andrea mentioned we are in the 19%, 20% area of current exchange rate in both division and the group.

Even at the current exchange rate excluding the big help that we had in this quarter, we are pleased to report a double-digit growth in wholesale, it was 12.4%, so an acceleration versus the first half of the year, as well as in retail where we were in 6.5%, again higher than the first six months. So 8.6% growth, we are in the high single digit growth even excluding the help of the currency.

These of course boosted our results, and so our operating profitability jumped by more than 100 basis point, 130 basis point. In absolute terms, we have reported an operating income above last year of more than 30%, a 33.6% margin. Wholesale of course had the biggest growth also fueled by the strong sales growth, and also thanks to a more favorable comparison versus year-ago.

On the company retail showed a lower margin, absolute margin that was year-ago, even in absolute terms it has increased by 13% that was year-ago. You should remember in last year, we had a positive effect due to the reversal of variable compensation accrued during the first half of year 2009 that was revered in the third quarter of ’09, when it was clear that yearend results were not going to be met.

That effect along if I compare the variable compensation charge in this year versus last year in the third quarter, there is a net effect of around EUR10 million. Excluding that, the retail operating margin was been higher this year and not lower as it has been for past.

Finally, our net income grew in line with operating income, close to 35%. It would have been more if it was not for the higher tax rate versus a year-ago. And the reason is that in the third quarter, we typically adjust our tax rate for the year to the yearend projection, that is more clear in this time of the year versus our estimate at the beginning of the year.

Last year, in the first half, we started with an higher tax rate, than what was in the end the actual work, and so we adjusted downwardly in the third quarter our rate. This year it is the other way round. We started with a lower rate than our current expectation, so we have adjusted the estimated gain in this quarter. So that’s why if you look at our nine months results, the tax rate are exact in line. I think we started in a different position at the beginning of the two years we have made adjustments in this quarter that is exactly the contrary than the one that we did last year.

Finally, just a few words on the nine-month results. They are very much in line with the first half, but with an improvement given for the outstanding results we have reached during the third quarter. I would like to mention that if we consider our results in US dollar that to a certain extent are a better proxy of our results, excluding the buy or the exchange rate, our net sales in the nine months would have increased by close to 9%, and our net income would have increased by approximately 24%. So this is brought in line with our expectation certainly at the beginning of the year. So that’s why we are confirming today our expectation for the total year in line with what we said last March.

Finally, if you look at cash flow, Andrea mentioned to you, we had a very strong generation in the third quarter, given higher than our expectation, and all components of the free cash flow has contributed to that and particularly you might note the outstanding results of the working capital. We had 18 days less than a year-ago and all the components has contributed.

Our day sales outstanding were seven days lower than a year-ago, our day sales of inventory was six day lower than a year-ago, and our days payable outstanding were five days higher than a year-ago, so all three components had contributed positively. So that’s why we’re seeing a strong deleveraging in only three months from 2.6 to 2.3 on a real term, so excluding our exchange rate. And on a reported basis you will see an even higher drop from 2.8 at the end of June to 2.3. Again this put us in a very favorable position. And so allows us to confirm our initial guidance of approaching 2 times EBITDA at the end of the year.

Andrea Guerra

Thank you, Enrico. A few more facts. I think that we have discussed in length in the last 12 months, let me say our the price mix effects. This quarter was up excluding any current fluctuation by 3.4%. So again this is the second quarter in a row and yet we need to compare ourselves with what it was that worst quarter a year-ago which was Q4 in which we lost somewhere around 5% in price mix. So I think we have a huge opportunity in Q4.

Other important facts, LensCrafters and Sunglass Hut very strong. LensCrafters on 8.4% comps. I think this the best result in the last three years. Even by a slightly better traffic, improved conversion, excellent sun prescription season behind I think a very well done merchandising investment in the stores and a better lens mix.

And LensCrafters trend has not been so strong in October, but yet absolutely positive and happy to report October as well. Sunglass Hut accelerated in October even and we are back into what it was our five years of trend, which except last year is a trend of double-digit positive comps.

This 12% was made by two-thirds volumes, one-third price mix. And I would sympathize [ph] that the result are coming from a much better marketing and story telling of our brand and products, a better and much faster product inflow in the stores, and polarized lenses begin to be somewhere in the region of the 50% of the total mix.

Other important fact is that Europe, we were saying at the beginning has been very solid. I want to just highlight one more thing here. We were obviously highly focused on Italy and Spain, two big markets, sun season being very important, and we had a very good performance, very positive performance there or else, as you can imagine we wouldn’t have reached a 12% in Europe, Central Nordic, and UK extremely well.

And I have to tell you that two years effort around our prescription frame business is really paying off in the first nine months of the year with very solid results. Oakley in Europe, I would say has had the first normal summer, normal being outside integration of five big issues in the European business conditions. And it was a success. We grew better than 20%.

We have grown across the region with a much better than average in France, Italy and Scandinavia. A very balanced growth between sun, polarized, and prescription. And really if I had to say and I have to give a headline to Oakley in Europe, really more to come.

Emerging markets, excellent all across. And again, as we said for Sunglass Hut, we’re back to our historical trend and average rate of above 20% growth. This has been valid for China, India, Korea, Brazil, Turkey, Mexico. And we have reorganized our team so that now we have a complete new team approaching a second equally potential tier of emerging markets as we have discussed in previous meetings, so working in Southeast Asia, Vietnam, Philippines, Thailand and Indonesia. And other markets in Latin America where as you know we’re already hugely present in retail with our joint venture in Chile, Peru, and Ecuador and Colombia.

So at the end of all of this, really I think that we have a strong platform. We are confident in coming back obviously depending a little bit on the dollar, ending the year in the region of the EUR400 million net profit. And as Enrico was saying to half our net backs will be back targeting the 2 times.

So it’s only two months to go. So we have started planning and discussing around 2011. And I think that discussions are quite solid and positive and we will focus on again on few things. I think one, and we will be boring, but I think finally that so visible the power and that I mentioned of Oakley now our numbers. So Oakley will continue to be our priority number one in 2011 as well with hopefully another year of growth as 2010.

We want to post another successful year with LensCrafters and Sunglass Hut. And, again, we have selected the number of very specific projects in order to have success. And, again, in emerging markets, I think that the Ray-Ban collections have been highly successful in these markets, and we are now working and planning to have more brand and product collection localized for this huge markets that we’re facing.

So at the end of all, I think on one side we’re happy of how we executed in this first 10 months of the year. Only two are remaining to go, and we really think and hope that the good execution of this year, the great platform we have, the nice growth engines that we planned can allow us to look to 2011 again with a positive look. With this, I think we have finished, so I give back the word to the operator and we wait for your questions or comments. Thank you.

Question-and-Answer Session

Operator

Excuse me, this is the Chorus Call conference operator, we will now begin the question-and-answer session. (Operator Instructions). First question is from Daniel Hofkin of William Blair & Company. Please go ahead, sir.

Daniel Hofkin – William Blair & Company

Good afternoon. I had a question I guess regarding if you could quantify the retail margin performance for us excluding the year-to-year change in accrual, if you just quantify how much that was up versus last year?

And then, second, recognizing there is still a couple of months left in 2010, can you discuss what sort of end demand patterns you’re seeing in your wholesale segment and maybe what kind of outlook you might have looking at the next year for further operating margin expansion in the two key divisions? Thank you very much.

Andrea Guerra

Enrico for the – with regard to the retail margins.

Enrico Cavatorta

Yes, as I mentioned there, the net difference between the reversal last year and the accrual this year was in the region of EUR10 million, so discount in the quarter for approximately 110 basis points. It means that the negative 60 would have been a positive 50.

Andrea Guerra

In terms of end of year, as I said, October was another good month. The order portfolio we’ve got in our hands as you know it’s not long term, but I think we can look at November with a positive attitude. I think that the only other two aspects we have are to be ready with Sunglass Hut for the Christmas season. I think we’ve got excellent stories to be told. And on the other side, is the insurance week in optical retail.

And normally have to say when in United States we have seen events, the demand partner has always been quite positive along the different months. Sunglass Hut is doing phenomenal in the last couple of months. Obviously, we’re also looking to Australia now. Australia is now entering the sun season.

We had as I was saying before some much better weeks. And, therefore, we hope that the sun together with some more consumers coming to the stores, we can level out the years somehow. But I think that as I was saying at the beginning and at the end, I’m pleased of the year, and I do not expect surprises for 2010.

For one regards 2011, as I said, we are in the middle of initial discussions. We always said that our long-term objective is to have a mid single digit growth and to have profitability leveraging on the scale effect, and therefore growing much faster than the sales growth. And I would continue to be exact in that range in that specific metrics.

Daniel Hofkin – William Blair & Company

I’d say that would be 2011 as well.

Andrea Guerra

Yes sir.

Daniel Hofkin – William Blair & Company

That’s great. Regarding I guess just provision if I could ask any commentary regarding –

Andrea Guerra

Sure. Yes, profitability is up and this is why I was not talking about it, because I am not worried at all by the comps. The comps are absolutely in line with what we wished. We have reaped off at least two weeks, three weeks of promotion per quarter. And as I was saying, profitability is up, and this is it.

Daniel Hofkin – William Blair & Company

Great. Thank you very much.

Andrea Guerra

Yes.

Operator

Next question is from Edouard Crowley of Exane BNP Paribas. Please go ahead.

Edouard Crowley – Exane BNP Paribas

Hello, good afternoon to everybody. Just two quick questions. The first one is regarding the emerging markets performance of 20%. Could you just come back to detail what is the way of emerging markets now in the total sales [inaudible] 15% if I am correct?

And the second thing is could you elaborate a bit on the price mix trends, Europe versus the US? I would like to understand if you are thinking of dichotomy i.e. possibly a price mix recovering sharply in the US than in Europe and are you seeing some more positive signs on the US now than on Europe when we look at the performance of some lens maker with impression that the US are picking up better than Europe at this stage? Thank you.

Andrea Guerra

When we look to emerging markets, obviously the growth is faster than the rest. And I didn’t do any kind of calculations that I think we gained probably another point. But we are always in the region of the 15% of the total wholesale. When we look to Europe and US and you were comparing us to some other lens manufacturers, I guess is Essilor.

Edouard Crowley – Exane BNP Paribas

Yes.

Andrea Guerra

As I was saying at the beginning, lens makers in the State is doing very well, this is one of the reasons why LensCrafter is also doing very well as were same before. In terms of price mix and this is not again about lenses or functional items, but this is more about brand and luxury, the recovery in terms of price mix has been faster in Europe than US. In US, we’re seeing picking up in the last let me say since August. So I would say it’s a later trend and the wave has come.

Edouard Crowley – Exane BNP Paribas

Okay, thank you.

Operator

Next question is from Erwan Rambourg of HSBC. Please go ahead.

Erwan Rambourg – HSBC

Yes, hi, good afternoon, Erwan Rambourg from HSBC. Three quick ones, I’ll try to make it short. It seems that you will reach 2 times net back through EBITDA quite shortly, where do you take it from then, where is your comfort zone in terms of that leverage and what could you be doing in ’11?

Secondly, looking at brands under license, what’s the implication of bringing in COACH – and by the way congratulations for that – in terms of your portfolio management that means that you will rationalize your existing portfolio and can you remind us of how many brands you deal with at the moment?

And thirdly, I just wanted to check I understood correctly, the configure on Pearle Vision, should we attribute the minus eight on the nine months and the three – the third quarter simply to less promotional activity hitting traffic or is there anything else going on at Pearle? Thank you.

Andrea Guerra

So tax leverage, Enrico.

Enrico Cavatorta

I mean in the cost of dollar as soon as we go below 2.5, we’re in a comfort zone.

Erwan Rambourg – HSBC

Okay.

Enrico Cavatorta

Having said that, we don’t have a specific target to reach 2, 1.51, I mean any number. Of course the more we decline that leverage and the more we save on interest expenses seems we have a margin increased based on our work leverage, but we don’t have any specific target below that level. Clearly we would like to stay and to remain below 2.5.

Erwan Rambourg – HSBC

Okay.

Andrea Guerra

In terms of license brands, I think we manage somewhere in the 20, but 10 or 12 are the important ones on which obviously many different activities are done. Yes, we’re extremely happy about COACH joining Luxottica. We love the way how COACH approaches US consumer, Asian consumer. So I think there is a lots to do together and lot to learn each other.

And we will restructure as well our brand portfolio, so we are not increasing the number of brands that we will manage in a year’s time. In terms of comps, exactly what you said, let me say Pearle is 90% it has taken away promotional activities.

Erwan Rambourg – HSBC

Okay. Thank you very much. Very clear, thanks a lot.

Andrea Guerra

Thank you.

Operator

Next question is from Domenico Ghilotti of Equita. Please go ahead, sir.

Domenico Ghilotti – Equita

Good afternoon. I have a couple of questions on the retail margins in particular. I’d like to understand about some colors on the impact also coming from the weak let’s say top line performance in Australia and New Zealand.

So if you have some indication on the margins in North America retail. And the second question is still focus on the retail margin, particularly if you have what are the market conditions for renegotiating your rental fees, so if you have still room to operate on this front?

Andrea Guerra

So regarding Australia retail, what happens is that especially when you are in low seasonality with stores which are not big as LensCrafters can be, obviously we suffer little bit. We need to have patience as we had with Sunglass Hut a year-ago, and impact is between 1,500 basis points on the total retail profitability.

But it’s just a question of timing. If you go in Australia, look to our brands, if you look to our stores, to our people, I think that we’ll always come back with a very positive attitude from the place, so we need to be patient, but things will be back.

In terms of leases, I think the last 18 months in the US have been positive from that point of view, so we do not have an inflationary pressure in the States. Obviously always keep in mind that every year basically you are renegotiating 10% of the total network being the leases normally at 10 yearly.

Domenico Ghilotti – Equita

So you have a cumulative impact going forward if you’re able to negotiating these better conditions.

Andrea Guerra

Yes, and consider that – I’m saying we do not have an inflationary pressure, two, three, or four years ago, but we’re renegotiating terms that are 10 years old.

Domenico Ghilotti – Equita

Yes, thank you.

Operator

(Operator Instructions). Next question is from Valentina Romitelli of UBS. Please go ahead, madam.

Valentina Romitelli – UBS

Good evening. One small question is on China. As I see that the number of store keeps on falling, could you please just explain me a bit the policy behind your Chinese strategy? And just a small clarification on the bond issue you’re planning, you’re working on. Can you confirm that is going to be – you got nominated, and if you have an idea of duration your – of arrange of duration you are working in terms of potential scenarios? Thank you.

Andrea Guerra

So let’s have a recall telling you about the bond, and I am sorry then probably you can re-specify better your – I didn’t understand your Chinese question. Enrico is on the bond.

Enrico Cavatorta

Yes. I am sorry, before I answer on the bond, let me remind that the bond is not going – I mean the material in related to the bond cannot be distributed or disseminated in the United States, seeing those notes will not be registered under the Security Act in the United States, so there will be knock off in the United States.

So for those of you that are listening from the United States, you should be aware that we are not going to disseminate nor to solicit or sell any of this material or not in the United States, sorry for that.

Having said that, let me say that we are targeting a medium-term notes, so the duration would be the five and seven year, depending on market acceptance and the size is going to be between EUR300 and EUR500 and the notes will be all dominated in Euros.

Andrea Guerra

Thank you, Enrico. And can you repeat your China question?

Valentina Romitelli – UBS

Is regarding your store strategy, I see the number of stores keep on falling. I want to just understand what’s the policy there?

Andrea Guerra

Yes, so first of all around China, I think that first of all today, I am extremely happy. It’s now nine months, 10 months that we are having constant, very solid growth rate, and much improving profitability. So you have to say that the learning period is over.

We have decided to close a number of very marginal stores even if it is somewhere around 40 to 45 as a number, but are very marginal stores. And on the other side, we’ve also continue to open stores, so I would say that today we have a much better network, and 2011 our next growth in China will be in the region of the 50 stores more.

Valentina Romitelli – UBS

All right, thanks.

Andrea Guerra

Thank you.

Operator

(Operator Instructions). Next question is from Allegra Perry of Nomura. Please go ahead.

Allegra Perry – Nomura

Yes, good evening. Just a quick question on LensCrafters, you obviously you’ve mentioned that the month of October has slowed relative to the trend in the third quarter. I was wondering if you flush that out a little bit, perhaps talk also about the timing of your promotion within the back-to-school period and how that relates to last year possible? Thank you.

Andrea Guerra

No, everything is the same. I mean we are above the average of the year in October, but less than the 8.6%, so has been another good month.

Allegra Perry – Nomura

Okay, and when was the – when was the promotion within the third quarter, during which month?

Andrea Guerra

Mamma Mia! I think we ended first week of September, but it’s exactly the same over a year-ago.

Allegra Perry – Nomura

Okay, thank you.

Andrea Guerra

Okay.

Operator

(Operator Instructions). We’ve got a follow-up question from Valentina Romitelli of UBS. Please go ahead.

Valentina Romitelli – UBS

Thank you. One more is regarding networking capital improvements. Networks were extremely positive in Q3. Just wondering what the future upside and room for environment is there? Of course it was [inaudible] from the – on the positive sense and just checking what the further room you have there.

Andrea Guerra

As we said, it’s a continuous work. And as we said already a couple of times during 2010, I think that there is still some room around inventories. And obviously as Enrico was saying, we had some results which exceeded our expectation, especially on the receivable sides.

I think the good work done a year-ago when the market was so and so, we really had a major positive effect now during December. Having said that, we started off the year thinking that this could have been a neutral year in terms of working capital, and I think there is still work to be done.

Valentina Romitelli – UBS

Thank you.

Operator

Next question is from Flavio Cereda of Merrill Lynch. Please go ahead, sir.

Flavio Cereda – Merrill Lynch

Hi, good afternoon. A simple question, you went into some detail about quite rightly given the numbers about Oakley and you’ve been quite modest and quiet about Ray-Ban, and I was wondering why that was the case?

Andrea Guerra

The cast was it’s very easy, because I wanted to be very strong on our premium and luxury segments. Ray-Ban was double digits in all emerging markets. Sometimes we were in the 50% region. We were double digit in Italy, Spain, US, so very happy about it, and Rx being very positive. I didn’t talk about Ray-Ban or else it’s a little bit boring.

Flavio Cereda – Merrill Lynch

No, not boring, thank you.

Operator

Ms. Senici, gentlemen, there are no more questions at this time.

Alessandra Senici

Thank you all for listening to today’s call. And if you have additional question please feel free to contact us. Have a good evening. Bye-bye.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY’S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY’S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY’S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Luxottica Group CEO Discusses Q3 2010 Results – Earnings Call Transcript
This Transcript
All Transcripts