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Luxottica Group SpA Message Board

  • tennisoutofgas tennisoutofgas Mar 1, 2004 9:10 AM Flag


    I hear that lossp2, iknowdc2, and getalook2000 are in need of pacifers, as well as good paying jobs. For some reason all 3 of these posters seem to want to get something for nothing, and do not seem to be successful at doing just that. They should give up the moaning, and go get good jobs, hopefully with the Iraqi police department.

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    • Again, more of your ramblings, but not even one specific episode did you mention, not one. Sounds to me like you are the problem with the DC. It also sounds to me that you are trying to get a free ride. I doubt you'll get it. Maybe everybody will get lucky and you'll get fired.

    • That's it...I have had it!! I rarely reply to ridiculous messages left on these boards, but it is obvious that those who have "an axe to grind" are the so called experts on Luxottica retail.

      You are typical of someone who has been relinquished of their position during the acquisition w/ Lux & SGH...I am a very seasoned manager who has worked for several retail companies and I have never worked for a better company then LUX!!

      SGH was not in good financial shape when Lux acquired the was NOT properly managed and it was losing money!!!
      There was major financial irresponsibilty demonstrated...1st class airfare for field managers,etc.

      You may not like the people running LC/LUX right now, but they have demonstrated integrity, financial acumen and fairness.

      SGH would not be in the position they are right now if this merger had not occured!!

      You are doing nothing but slandering a great group of dedicated, intelligent, fair-minded people who are leading this company to "Retailer of the Century"!!

      Move on!!

    • DUH!!! You are really showing your ignorance now:

      4th Quarter 2002
      Consolidated net income for the quarter rose year-over-year by 22.3 percent to EUR 74.4 million. Consequently, consolidated net margin for the quarter improved year-over-year to 11.1 percent.

      Earnings per share or American Depositary Share (ADS) for the fiscal year 2002 were EUR 0.82. In U.S. Dollars, earnings per share or ADS for the period were US$0.78.

      Consolidated net margin for 2002 was 11.9 percent.

      Consolidated operating margin for 2002 was 19.2 percent,

      4th Quarter 2003
      Consolidated net income for the quarter was EUR 59.6 million and consolidated net margin for the quarter was 8.3 percent.

      Earnings per share or American Depositary Share (ADS) for the fiscal year 2003 were EUR 0.60. In U.S. Dollars, earnings per share or ADS for the period were US$ 0.67.

      Consolidated net margin for the fiscal year was 9.5 percent.

      Consolidated operating margin for 2003 was 15.3 percent

      Not only did EPS drop dramatically, from .82 EUR or .78 US in the 4th Quarter of 2002 to .60 EUR or .67 US in the 4th Quarter of 2003 but note that Consolidated NET Margin (Profit) was lower along with sales. Not only is Net Margin down from 4th Quarter 2002 to 4th Quarter 2003 but it is also down year to year as is Operating Net Margin. That�s net/net. It also accounts for ALL of Luxottica�s businesses, not just retail.

      Retail, i.e.: LC and SHI, are pulling the entire company down. This is happening because of inept, arrogant, out of touch management. And if your any indication of the type of financial geniuses they have working over there, then the company is in worse shape than I already thought.

    • Do you even read their published financials???

      2003 consolidated net sales for the year declined year-over-year by 11.2 percent to EUR 2,824.0 million.

      In 2003, retail sales declined year-over-year by 9.2 percent...same store sales in U.S. Dollars for the year declined year-over-year by 1.1 percent.

      DUH! Getalook, do YOU know the difference between profit and sales? I said They are making MONEY. (PROFIT) I never said anything about sales. SO reading the finacials and UNDERSTANDING the finacials are are like knowing the difference between profit and sales.

    • Wake up. 1) The papers are littered with companies who appeared to be making money and later it was learned we as shareholders were misled. I'm not suggesting that Lux is in the same boat as them, but the profile of international based, aquisitions, and big write downs appear to be warning signs.

      2)We shouldn't be just satisfied with making some money. It is reasonable that the aquisition of SHI and combination with LC should have produced more sales and not less.

      My belief is they blew it- They confused the customers, ruined the assortments, lost great store, district and corporate people. Totally underestimated the challenge.

      The only reason we made some money in SHI this year is because they kept Dan and a few more key SHI people that are holding it all together. If they left - we would begin to lose money on the SHI business. Maybe they will leave and show up in Irvine Ca.

      Let's make sure we hold the current management here in the US accountable for their lack of results. Don't forget eyemed and SHI and the managed care piece is the future not PLC or Pearle.

      Fire the LC management and let Mr D take over.

    • Very good.
      There is also a great deal of time and money wasted when there is an acquisition or recall.
      There is the time that it takes to bring in the product manually, piece by piece, then retagging the skus to be compatible with the system. Then they have to be sorted by vendor, sorted by sku. This has taken, at times, a whole other department of temps. After all of that, it sits in boxes until someone decides to send it to the dump. On the brighter side, it is a tax write-off.

    • The sales declined due 90% to LACK OF PRODUCT. Not only did LUX cut way down on the "in stock" levels of non-lux product, they pulled out LUX product as well--Leaving the store with a "going out of business" look, in a tourist area. The DM's comment was "well, tell people you can special order what they want, for only a $10 special order shipping charge & they'll have their glasses in 7 to 10 days"...Just what your average tourist who forgot their glasses at home wants to they go up the street & get the glasses from a competitor who as soon as LUX bought the store I worked for was smart enough to get contracts with half our suppliers, as the "exclusives" that the store had previously held were lost upon the sale of the business!
      Complaints against the DM? Well, lets see...for starters, how about THREE "monthly" visits in 2 & a half years? No performance reviews actually GIVEN (though we did get the "maximum allowed by the company" raise--2%--& yes, I do know for a fact that 2% is NOT the max) to the managers in the area. How about a store being broken into, losing product & the DM not visiting & not sending any other manager to help with the post-theft inventory? (great easy way to have more stuff dissappear, right? "no, that must have been stolen with everything else!") Failure to return my phone calls--taking 17 calls & three weeks to call back on time-sensitive issues. Refusing to allow me to take paid sick leave (48 hours worth) during a "blackout period" at christmas when I had a note from the emergency room stating I was NOT to return to work for 3 days--she said I could take leave without pay or work, my choice because she would NOT approve my leave--yet 3 weeks later I was sent to cover another store during CHRISTMAS WEEK for a manager out on PAID leave for medical reasons. Failure to solve the issue of the store having no heat for days on end three separate times over one winter due to the H.O. refusing to pay the heat bills because they thought we were running a "gas stove" & had never heard of furnaces that run on propane (very commonly used in buildings with no basements).
      I used to keep copies of every email I sent to the DM, just so that I could re-send them when she "lost" or "didn't get" them (although the system would generate a "read receipt" on every one I sent, as I ALWAYS used that option!)
      Oh, and when I complained about the warehouse shipping us empty cases, I was told that my staff must have stolen the missing they did this BEFORE the boxes got to the store, I have no idea....but that was her explanation for why I was unpacking things that I had signed for, only to find them mis-labled or completely empty--or my favorite, a set of interchangable lenses with no frame!
      I had running totals of every piece of product that was missing from every shipment (and there IS a way to go in & find out what is posted to your store in every shipment if you know how to do it--despite the home office's insistence that they are 99.5% accurate--that means 1 piece in every 200 shipped is MISSING, and when glasses sell @ $200 a pair for Revo, etc, that's a hell of a hit on a store that gets 200 to 400 pieces a week--adds up to THOUSANDS of dollars "missing" every inventory--when in reality it never got to the store.
      Want some more examples? Still think I'm "making it up"? And yes, I was part of the recall of product that went to the GA Landfills--and over half of that product was "current" SGH items that could have simply been re-tagged with the "hut" sku #'s. Or donated to Gift of Sight. Glasses with NOTHING wrong with them, except they came with the purchase of another company. Totally wasteful. Heck, they could have made some $$ for the company & for the stockholders just by calling TJMaxx if re-tagging them was all so difficult!

    • Do you even read their published financials???

      2003 consolidated net sales for the year declined year-over-year by 11.2 percent to EUR 2,824.0 million.

      In 2003, retail sales declined year-over-year by 9.2 percent...same store sales in U.S. Dollars for the year declined year-over-year by 1.1 percent.

    • BUT they still make money. How is that possible? Does LUX own stock in Landfills? I think not, just a well put together business.

    • Nope--not an RQC or RDO....never been a GM, either, but have been part of a store management team.

      I agree with you about investing in LUX. With the Cole merger in the horizon, I don't see how it could be anything but an excellent investment. Having mentioned that, I hope it isn't too late for the whiners and others, at any level, who are taking their jobs for granted. Pearle probably will have some sharp people available to integrate into Lux operations. Then, THEY can reap the benefits i.e. pension plan AND 401K.

      I may sound like Frank (I met him one time, a few years ago), but these are my own thoughts. Lux is a good company. Some bad decisions may have been made and some not-so-good managers may have been hired. But, ultimately, there will be some super $$$$ rewards for stockholders and associates----unless there is another catastrophy like 9-11. Now, this leads me to comments the tennis (or was it golf?) dude has made about the elections. I agree with him. We must have someone with a passion about national security. Or we're all going to be scratching and clawing for ways to make a living!!

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