LensCrafters 2011 Annual Report Download - page 91

| 15 >MANAGEMENT REPORT
RESULTS OF OPERATIONS FOR THE THREE-MONTHS ENDED DECEMBER 31, 2011
AND 2010 – IN ACCORDANCE WITH IAS/IFRS
Three-months ended December 31,
(thousands of Euro) 2011 % of net sales 2010 % of net sales
Net sales 1,509,030 100.0% 1,346,492 100.0%
Cost of sales 546,281 36.2% 460,810 34.2%
Gross profit 962,748 63.8% 885,682 65.8%
Selling 509,192 33.7% 468,728 34.8%
Royalties 26,200 1.7% 25,094 1.9%
Advertising 101,712 6.7% 85,397 6.3%
General and administrative 197,276 13.1% 210,316 15.6%
Total operating expenses 834,379 55.3% 789,536 58.6%
Income from operations 128,370 8.5% 96,147 7.1%
Other income/(expense)
Interest income 2,079 0.1% 2,669 0.2%
Interest expense (31,258) (2.1)% (28,487) (2.1)%
Other – net 2,674 0.2% (2,258) (0.2)%
Income before provision
for income taxes 101,864 6.8% 68,071 5.1%
Provision for income taxes (36,762) (2.4)% (32,017) (2.4)%
Net income from
continuing operations 65,102 4.3% 36,053 2.7%
Discontinued operations 19,944 1.5%
Net income 65,102 4.3% 55,997 4.2%
Attributable to:
– Luxottica Group stockholders 64,380 4.3% 55,110 4.1%
– non-controlling interests 722 0.0% 887 0.1%
NET INCOME 65,102 4.3% 55,997 4.2%
During the quarter ended December 31, 2011, the Group recorded the following items
characterized as extraordinary or non-recurring in its financial results: (i) the reduction,
by approximately Euro 1.9 million, of the extraordinary gain related to the acquisition
of the initial 40% stake in Multiopticas Internacional; (ii) the reduction, by approximately
Euro 0.9 million, of the non-recurring restructuring and start-up costs in the Retail
distribution segment; and (iii) non-recurring impairment loss related to the reorganization
of the Australian business of approximately Euro 9.6 million.