LensCrafters 2011 Annual Report Download - page 90

ANNUAL REPORT 2011> 14 |
Income from operations. For the reasons described above, income from operations
increased by Euro 95.0 million, or 13.3 percent, to Euro 807.1 million in 2011 from
Euro 712.2 million in 2010. As a percentage of net sales, income from operations increased
to 13.0 percent in 2011 from 12.3 percent in 2010. Adjusted income from operations
increased by Euro 88.3 million, or 12.0 percent, to Euro 820.9 million in 2011 from Euro
732.6 million in 2010. As a percentage of net sales, adjusted income from operations
increased to 13.2 percent in 2011 from 12.6 percent in 2010.
Other income (expense) – net. Other income (expense) – net was Euro (111.9) million in
2011 as compared to Euro (106.6) million in 2010. Net interest expense was Euro 108.6
million in 2011 as compared to Euro 98.5 million in 2010.
Net income. Income before taxes increased by Euro 89.7 million, or 14.8 percent, to
Euro 695.3 million in 2011, from Euro 605.5 million in 2011. As a percentage of net
sales, income before taxes increased to 11.2 percent in 2011, from 10.4 percent in the
same period of 2010. Net income attributable to non-controlling interests increased to
Euro 6.0 million in 2011 as compared to Euro 5.1 million in 2010. Discontinued operations
were Euro 19.9 million in 2010 and related to certain contingent liabilities originally
recorded as part of the sale of our Things Remembered retail business in 2006, which
expired. Our effective tax rate was 34.1 percent and 36.0 percent in 2011 and 2010,
respectively. Adjusted income before taxes (12) increased by Euro 83.0 million, or 13.3
percent, to Euro 709.0 million in 2011, from Euro 626.0 million in 2010. As a percentage
of net sales, adjusted income before taxes increased to 11.4 percent in 2011, from 10.8
percent in the same period of 2010.
Net income attributable to Luxottica Group stockholders increased by Euro 50.2 million,
or 12.5 percent, to Euro 452.3 million in 2011, from Euro 402.2 million in 2010. Net income
attributable to Luxottica Group stockholders as a percentage of net sales increased to 7.3
percent in 2011, from 6.9 percent in 2010. Adjusted net income attributable to Luxottica
Group stockholders increased by Euro 52.9 million, or 13.1 percent, to Euro 455.6 million
in 2011, from Euro 402.7 million in 2010. Adjusted net income attributable to Luxottica
Group stockholders as a percentage of net sales increased to 7.3 percent in 2011, from 6.9
percent in 2010.
Basic earnings per share from continuing operations were Euro 0.98 in 2011 as compared
to Euro 0.83 in 2010. Basic earnings per share were Euro 0.98 in 2011 as compared to Euro
0.88 in 2010. Diluted earnings per share from continuing operations were Euro 0.98 in 2011
as compared to Euro 0.83 in 2010. Diluted earnings per share were Euro 0.98 in 2011 as
compared to Euro 0.87 in 2010.
(12) For a further discussion on adjusted income before taxes, see page 43 – “Non-IAS/IFRS Measures”.