Luxottica sees higher Q3 profit, revenue; to pay Cavatorta $6 million

Milan, Italy –- Specialty eyewear retailer Luxottica Group S.P.A. reported increases in profit and revenue during the third quarter of fiscal 2014. Net income grew 10% to $259.2 million from $236.8 million in the third quarter of the prior fiscal year, while net sales rose 5% to $3.01 billion from $2.85 billion.



U.S. same-store sales rose 4.3%. Leonardo Del Vecchio, chairman of Luxottica, said North America drove much of the company’s total growth. Favorable currency translation also helped the retailer’s performance.



“Growth was driven by the North American market, with an increase in wholesale sales in US dollars of more than 11%,” said Del Vecchio. “Luxottica also continued to grow stronger in emerging markets, reporting increases in sales of more than 30% in China, Brazil, India and the Middle East.”



Luxottica also said that Enrico Cavatorta, who resigned as CEO earlier this month, will receive severance payment of $5.04 million, in addition to a settlement of about $1.58 million, by Dec. 31, 2014.