LensCrafters 2011 Annual Report Download - page 86

ANNUAL REPORT 2011> 10 |
RESULTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010 –
IN ACCORDANCE WITH IAS/IFRS
Years ended December 31,
(thousands of Euro) 2011 % of net sales 2010 % of net sales
Net sales 6,222,483 100.0% 5,798,035 100.0%
Cost of sales 2,168,065 34.8% 1,990,205 34.3%
Gross profit 4,054,419 65.2% 3,807,830 65.7%
Selling 1,994,979 32.1% 1,896,521 32.7%
Royalties 106,322 1.7% 99,606 1.7%
Advertising 408,483 6.6% 371,852 6.4%
General and administrative 734,495 11.9% 727,693 12.6%
Total operating expenses 3,247,278 52.2% 3,095,67 2 53.4%
Income from operations 807,140 13.0% 712,159 12.3%
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Other income/(expense)
Interest income 12,472 0.2% 8,494 0.1%
Interest expense (121,067) (1.9)% (106,987) (1.8)%
Other – net (3,273) (0.1)% (8,130) (0.1)%
Income before provision
for income taxes 695,273 11.2% 605,535 10.4%
Provision for income taxes (236,972) (3.8)% (218,2 19) (3.8)%
Net income from continuing
operations 458,300 7.4% 387,315 6.7%
Discontinued operations – – 19,944 0.3%
Net income 458,300 7.4% 407,25 8 7.0%
Attributable to:
– Luxottica Group stockholders 452,343 7.3% 402,187 6.9%
– non-controlling interests 5,957 0.1% 5,072 0.1%
NET INCOME 458,300 7.4% 407,25 8 7.0%
During the year ended at December 31, 2011, the Group recorded the following items
characterized as extraordinary or non-recurring in its financial results: (i) an extraordinary
gain of approximately Euro 19.0 million related to the acquisition of the initial 40% stake
in Multiopticas Internacional; (ii) non-recurring costs related to Luxottica’s 50th anniversary
celebrations of approximately Euro 12.0 million; (iii) non-recurring restructuring and start-
up costs in the Retail distribution segment of approximately Euro 11.2 million; and (iv)
non-recurring impairment loss related to the reorganization of the Australian business of
approximately Euro 9.6 million.