Luxottica reports 1,2 % drop in Q1 profit

World’s largest eyewear maker by revenue Luxottica reports a net profit drop of 1.2 percent in the first quarter of 2014, to 157 million euros. Luxottica sales fell to 1.84 billion euros ($2.55 billion) in the quarter to March 31st, down 1.2 percent from the year-ago quarter.

Luxottica expects that its most recent 10 year licence agreement with Michael Kors, should generate at least $100 million every year for the first three years. Luxottica also signed a deal with Google in March to design, make and distribute Google Glass, a type of spectacles with a tiny, Internet-connected screen. The new version of Google Glass, which should arrive on the market in 2015, will be available only in the United States to begin with.

Giorgio Armani Eyewear by Luxottica