ANNUAL REPORT 2004 - Luxottica Group

This information is being provided for comparison
purposes only and does not purport to be indicative
of the actual results that would have been achieved
Consolidated sales
Consolidated income from operations
Excluding the effect of exchange rate fluctuations on
the two years, consolidated sales for 2004 would have
risen year-over-year 21.6%. The 6.9% increase in sales
for 2004 calculated on a consistent basis over 2003
was primarily attributable to increased sales of the
MANAGEMENT’S DISCUSSION AND ANALYSIS
had the OPSM Group acquisition been completed as
of January 1, 2003, and that of Cole National,
October 4, 2003.
In millions of Euro FY 2003
Adjustment
U.S. GAAP results for OPSM Group and
Cole National
The following table reflects the combined effect of the
aforementioned adjustments on the Group’s net sales,
as compared with the corresponding period in 2003:
CONSOLIDATED SALES
In millions of Euro
U.S. GAAP results
i) Exchange rate effect
Constant exchange rate
ii) OPSM Group results and
and iii) Cole National results in 2003
iv) Without 53rd week in 2003
Consistent basis comparison
2,852.2
431.8
FY 2003
2,852.2
2,852.2
428.7
(36.9)
3,244.0
428.7
15.2
FY 2004
3,255.3
213.0
3,468.3
3,468.3
FY 2003 results
including OPSM Group
and Cole National
3,280.9
447.0
% change
+14.1%
+21.6%
+6.9%
Ray-Ban line as well as the new Versace and Prada
lines, for which sales began after the first quarter of
2003, and the improvement in sales at the retail
division, as previously discussed.
67