LensCrafters 2010 Annual Report Download - page 46

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ANNUAL REPORT 2010> 44 |
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31, 2010 AND 2009 – IN ACCORDANCE
WITH IAS/IFRS
Three months ended December 31,
(thousands of Euro) 2010 % of net sales 2009 % of net sales
Net sales 1,346,493 100.0% 1,157,085 100.0%
Cost of sales 460,810 34.2% 410,111 35.4%
Gross profit 885,683 65.8% 746,974 64.6%
Selling 468,728 34.8% 410,511 35.5%
Royalties 25,094 1.9% 26,114 2.3%
Advertising 85,397 6.3% 66,527 5.7%
General and administrative 210,316 15.6% 169,786 14.7%
Total operating expenses 789,535 58.6% 672,939 58.2%
Income from operations 96,147 7.1% 74,035 6.4%
Other income/(expense)
Interest income 2,669 0.2% 2,565 0.2%
Interest expense (28,487) (2.1%) (29,825) (2.6%)
Other – net (2,258) (0.2%) (2,151) (0.2%)
Income before provision for income taxes 68,072 5.1% 44,625 3.9%
Provision for income taxes (32,017) (2.4%) (14,580) (1.3%)
Net income from continuing operations 36,054 2.7% 30,044 2.6%
Discontinued operations 19,944 1.5% – –
Net income 55,998 4.2% 30,044 2.6%
Attributable to:
– Luxottica Group stockholders 55,111 4.1% 29,253 2.5%
– non–controlling interests 887 0.1% 791 0.1%
NET INCOME 55,998 4.2% 30,044 2.6%
ADJUSTED MEASURES (15)
(thousands of Euro) Q4 2010 % of net sales Q4 2009 % of net sale % change
Adjusted income from operations 116,578 8.7% 74,035 6.4% 57.5%
Adjusted EBITDA 192,766 14.3% 145,268 12.6% 32.7%
Adjusted net income attributable to
Luxottica Group Stockholders 55,599 4.1% 29,254 2.5% 90.1%
(15) Adjusted measures are not in accordance with IAS/IFRS. For a further discussion of adjusted measures, see page 43 – “Non-IAS/IFRS Measures”.