Luxottica's 1Q Sales Suffer From Weather, Wholesale Rationalisation, Currencies; FVE Maintained
We maintain our fair value estimate for Luxottica, which we derive from our combined EssilorLuxottica model, as the company reported rather weak first-quarter sales. The group’s net sales declined by 0.8% at constant exchange rates, but the company stuck to its outlook for 2%-4% constant-currency revenue growth (our forecast calls for a 2.5% increase in constant-currency revenue). The wholesale division was a drag, as orders were postponed in March in Europe due to unseasonably cold weather cond...
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