By Sarah Sloat 
 

Luxottica SpA (LUX.MI) said Monday its net profit in the first half declined, burdened by currency effects.

The Italian eyewear company said net profit in the six months was 530.2 million euros ($621.7 million) compared with EUR562 million in the same period a year earlier. On an adjusted basis and at constant exchange rates, net profit rose nearly 12%, it said, helped in part by the lower cost of debt and the effects of U.S. tax reform.

Net sales in the first half were EUR4.55 billion, a decline of 7.7%. At constant exchange rates, sales rose 0.3%, Luxottica said.

Luxottica, which owns the Ray-Ban and Oakley brands of eyewear, said it was satisfied with results and confirmed its outlook for the year, "considering the positive trends we are also seeing in July."

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

July 23, 2018 12:23 ET (16:23 GMT)