Luxottica Group SpA, the world’s largest eyewear manufacturer suffered it’s first profit decline in nine years according to a story on Bloomberg.com. And they’re blaming Oakley.
Luxottica dropped as much as 5.7 percent after the company said late yesterday fourth-quarter net income declined 3.7 percent on costs to combine sports-eyewear maker Oakley Inc. with its other divisions. The stock was down 79 cents, or 4.7 percent, to 16.21 euros at 9:40 a.m. in Milan. A close at that price would be the lowest since May 20, 2005.
What a nice welcome to the family. We’re guessing we’ll all see some pretty big changes at Oakley in the coming year. We’ll keep you posted.
[Link: Bloomberg.com]
