LensCrafters 2011 Annual Report Download - page 92

ANNUAL REPORT 2011> 16 |
The following table sets forth the non-recurring income and expense items discussed
above as allocated among the appropriate line items of the Group’s Consolidated
Statement of Income:
Selling Advertising
General and
administrative
Extraordinary gain related to the acquisition
of the initial 40% stake in Multiopticas Internacional – – 1.9
Non-recurring restructuring and start-up costs
in the Retail distribution segment (0.4) – (0.5)
Non-recurring impairment loss related to the
reorganization of the Australian business – – 9.6
During the quarter ended December 31, 2010, the Group recorded the following items
characterized as extraordinary or non–recurring in its financial results: (i) an impairment
charge totaling approximately Euro 20 million on the goodwill allocated to the Asia-Pacific
retail segment, and (ii) the release of a provision for taxes of approximately Euro 20 million
related to the sales of the Things Remembered retail business in 2006.
The income from operations, EBITDA and net income attributable to the Luxottica Group
stockholders adjusted to exclude the above non-recurring items would be as follows:
ADJUSTED MEASURES (13)
4Q 2011 % of net sales 4Q 2010 % of net sales % change
Adjusted income from operations 139,259 9.2% 116,578 8.7% 19.5%
Adjusted EBITDA 224,747 14.9% 192,766 14.3% 16.6%
Adjusted net income attributable
to Luxottica Group stockholders 72,701 4.8% 55,599 4.1% 30.8%
Net sales. Net sales increased by Euro 162.5 million, or 12.1 percent, to Euro 1,509.0 million
during the three-month period ended December 31, 2011, from Euro 1,346.5 million in the
same period of 2010. Euro 42.7 million of such increase was attributable to the increased
sales in the manufacturing and wholesale distribution segment during the three-month
period ended December 31, 2011 as compared to the same period in 2010 and to the
increase in net sales in the retail distribution segment of Euro 119.9 million for the same
period.
Net sales for the retail distribution segment increased by Euro 119.9 million, or 14.4 percent,
to Euro 952.9 million during the three-month period ended December 31, 2011, from
Euro 833.0 million in the same period in 2010. The increase in net sales for the period was
partially attributable to an approximately 6.5 percent improvement in comparable store
sales. In particular, we saw a 5.7 percent increase in comparable store sales for the North
American retail operations, and a 9.0 percent increase in comparable store sales for the
Australian/New Zealand retail operations. The positive effects from currency fluctuations
(13) Adjusted measures are not in accordance with IAS/IFRS. For a further discussion of adjusted measures, see page 43 – “Non-IAS/IFRS Measures”.