703 KB - Luxottica
703 KB - Luxottica
703 KB - Luxottica
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A key pillar: a flexible cost structure<br />
Store blueprint<br />
· Stores impacted One-time 2009 Full Year<br />
charges O.I. benefit O.I. benefit<br />
Closings 117 US$4.9 mln US$3.5 mln US$9.4 mln<br />
Franchise conversion 56 US$6.8 mln US$1.7 mln US$6.6 mln<br />
Under review 110 n.a. n.a. n.a.<br />
Occupancy<br />
Comprehensive rationalization of entire store portfolio in process<br />
Negotiation with landlord and impact of co-tenancy lease provisions<br />
Conversion of 56 Pearle Vision stores to franchises to be completed by year end<br />
Lenses and manufacturing<br />
Lens costs, in-source lab work, remake reductions<br />
Other store operating costs<br />
Store maintenance, limit merit increases, utilities, supplies and freight<br />
Advertising spending<br />
10% reduction in 2009<br />
G&A<br />
Vendor consolidation and supplies<br />
Actions already implemented in retail in North America<br />
Winning through the cycle<br />
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