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Luxottica Profits Rise 10 Percent

MILAN — A lower cost of debt, fiscal benefits from Italy’s Patent Box regime and the effects of tax reform in the United States boosted Luxottica Group SpA’s profits in 2017. In a statement following the close of trading in Milan, where the company is listed, Luxottica said adjusted net income rose 10 percent, at current exchange rates, to 970 million euros. The company confirmed its previously released turnover figures for the just-ended full year: 9.15 billion euros, up 0.8 percent, at current exchange rates. At constant currencies, 2017 revenues increased 2.2 percent. In its note, Luxottica — which makes frames under license for brands including Armani, Michael Kors and Prada, among others, as well as own brands Ray-Ban, Oakley and Oliver Peoples — explained that the adjusted net profit figure includes restructuring and reorganization costs as well as a series of one-off gains, including from a real estate sale and the Patent Box regime. Net of these adjustments — whose combined effect was worth 68.4 million euros at the net income level — total net profits for 2017 were up 22.4 percent, to 1.038 billion euros, the first time this figure broke through the billion euro mark. In its statement, the company pointed out

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