Luxottica Q4 profit up 88%

New York City -- Luxottica Group SpA said Monday its fourth-quarter net profit rose 88%. The Milan, Italy-based parent of the Sunglass Hut and Lens Crafters chains predicted a strong 2011 as consumers return to high-end brands. The company said its net profit increased to €55.1 million ($75.8 million) in the final three months of 2010. Luxottica will continue to expand its Sunglass Hut division in 2011, and expects to add 270 Sunglass Hut locations globally.