Luxottica in

Sarla Buch
16 Jan, 2017
New York City

Draegerwerk said net sales in fiscal 2016 slumped 3%. Essilor agreed to acquire Luxottica for

[R]4:00 PM Frankfurt – Draegerwerk said net sales in fiscal 2016 slumped 3%. Essilor agreed to acquire Luxottica for €22.8 billion. Hugo Boss sales in fourth-quarter slumped 3% to €725 million. H&M sales in December jumped 6%.[/R]

In London trading, FTSE 100 index fell 16.41 or 0.2% to 7,321.28 and in Frankfurt the DAX index slipped 71.58 or 0.6% to 11,557.61.

In Paris, CAC 40 index dropped 37.24 or 0.8% to 4,885.25.

Draegerwerk AG & Co KGaA jumped 3.9% to €82.83 after Germany-based medical and safety products maker said net sales in the fiscal 2016 ending in December slumped 3.3% from a year ago to €2.5 billion.

Net sales in Germany and the Americas region increased while sales fell in the Africa, Asia, Australia and Middle East and in the Europe.

However, operating margin in the year are estimated to increase between 5% and 5.5%.

The medical and safety technology provider is scheduled to release its fiscal 2016 result and forecast for fiscal 2017 on March 8.

Essilor International SA surged 12.2% to €114.50 after France-based optical lens maker agreed to acquire Italy-based Ray-Ban sunglasses maker Luxottica Group SA for about €22.8 billion or $24 billion to create $49 billion eyewear giant.

However, Luxottica’s main shareholder Delfin will be the leading shareholder with a stake of 38% in the new entity.

Luxottica Group SpA stock in Milan trading jumped 8.4% to €53.80.

Hugo Boss AG soared 8.8% to €59.90 after Germany-based women''s apparel and accessories retailer said revenues in the fourth-quarter ending in December slumped 3% from a year ago to €725 million.

In the year, revenues dropped 4% to €2.69 billion compared to the year ago.

Hugo said sales in Europe increased 2% revenues in Asia jumped 5% but revenues in mainland China surged 20% while revenues in America plunged 14%.

The fashion group is schedule to publish 2016 results and 2017 outlook on March 9.

H & M Hennes & Mauritz AB slumped 2.7% to 243 Swedish kronor after the Sweden-based apparel retailer said sales in December jumped 6% and soared 10% in local currency.

As of December 2016, total number of stores increased to 4,379 from 3,957 in December 2015.

The apparel maker said full-year report will be published on January 31.