Form 6-K

Securities and Exchange Commision
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
Of The
Securities Exchange Act of 1934

For the month of ~~February~~April 2005 Commision file number 1-12260

DE RIGO S.P.A.
(Translation of registrant's name in English)

Republic of Italy
(Jurisdiction of incorporation or organization)

Zona Industriale Villanova
32013 Longarone (BL)
Italy
(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F X Form 40-F ___

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1))

(Check One) Yes No X

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7))

(Check One) Yes No X

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

(Check One) Yes No X

(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82- .)

For further information, please contact:		~~February~~15th ~~7th,~~April 2005
Maurizio Dessolis	FOR IMMEDIATE RELEASE

Chief Financial Officer

Tel. +39 0437 ~~7 77~~7777

Fax +39 0437 770727

e-mail: investor@derigo.com

NYSE: DER

DE RIGO

~~announces~~REPORTS ~~sales~~RESULTS ~~results~~FOR ~~for~~FULL YEAR 2004

On April 14th, the board of directors of De Rigo S.p.A. ~~(NYSE:~~approved ~~DER)~~the ~~posted~~unaudited ~~net~~consolidated ~~sales~~results offor ~~EUR~~full ~~514.4~~year ~~m1 for~~ 2004, anwhich ~~increase~~evidenced ofstrong ~~1.9%~~growth asin ~~compared~~the ~~with~~Group’s ~~last~~operating ~~year~~profitability.

~~The~~Highlights ~~Group’s current businesses continued to perform very positively, as comparisons with the prior year were affected by De Rigo’s sale during July 2003~~ of the ~~controlling interest in Eyewear International Distribution (“EID”), a joint venture with the Prada~~ Group~~. Excluding EID~~’s ~~sales~~unaudited ~~from~~consolidated ~~the Group’s~~ results for ~~2003,2~~2004 ~~the period on period increase in consolidated net sales was 6.1%.~~include:

~~Highlights~~• Net sales amounted to EUR 514.4 m1, an increase of 1.9% from the EUR 504.8 m posted last year. The sales results confirmed the positive trends in the Group’s ~~unaudited~~current ~~sales~~businesses, as comparisons with the prior year were affected by De Rigo’s sale during July 2003 of the controlling interest in Eyewear International Distribution (“EID”), a joint venture with the Prada Group. Excluding EID’s sales2 from the Group’s results for 2003, the year on year increase in consolidated net sales was 6.1%. • Income from operations before depreciation and amortization3 increased by 7.5% to EUR 55.7 m from the EUR 51.8 m posted in 2003, and represented 10.8% of net sales, as compared with 10.3% last year. • Income from operations grew by 15.7% to EUR 28.8 m from the EUR 24.9 m recorded in 2003, and represented 5.6% of net sales, as compared with 4.9% last year. • Net income amounted to EUR 14.5 m, a decrease of 21.6% from the EUR 18.5 m recorded in 2003, when earnings were positively affected by the Group’s gain on the disposal of its controlling interest in EID, which contributed EUR 11.8 m to other income, net (including EUR 3.7 m attributable to other investors, which was deducted from the Group’s consolidated results as part of minority interests). Net income represented 2.8% of net sales, as compared with 3.7% last year. • At 31st December 2004, ~~include:~~the net financial position4 of the De Rigo Group was positive and amounted to EUR 6.2 m, as compared with the net debt of EUR 3.6 m recorded at 31st December 2003, primarily as a result of 2004 net earnings and improvements in working capital, that were reflected in an increase in cash and cash equivalents and a decrease in borrowings.

• Consolidated net sales increased by 1.9% to EUR 514.4 m, as compared with EUR 504.8 m posted in 2003. Foreign currency effects accounted for 0.9 percentage points of the overall increase in consolidated net sales.3 • Wholesale & manufacturing sales decreased by 1.2% to EUR 134.5 m from EUR 136.2 m posted in 2003. Excluding sales made to EID during 2003 from the comparison, the segment’s sales increased by 0.7%. • Sales through the retail companies increased by 7.8% to EUR 389.8 m from EUR 361.5 m in 2003, primarily as a result of positive same store sales growth at both General Optica (“GO”), the Group’s Spanish retail chain, and Dollond & Aitchison (“D&A”), the Group’s British retail chain._________________________

In1The ~~this~~Group ~~release,~~reports Deits ~~Rigo~~results isin ~~reporting~~Euro. On ~~net~~April ~~sales~~13th, ~~and~~2005, ~~revenues~~the onofficial aEuro/U.S. ~~consolidated~~Dollar ~~basis~~exchange rate, as ~~well~~reported asby ~~sales~~the ~~for~~European ~~each~~Central ofBank, ~~its~~was ~~two~~EUR ~~principal~~1 ~~business~~= ~~segments~~USD 1.2922. The Infinancial ~~calculating~~results ~~its~~reported ~~consolidated~~in ~~net~~this ~~sales~~press ~~and revenues,~~release Dehave ~~Rigo~~not ~~has~~yet ~~eliminated~~been ~~the~~audited ~~intercompany~~by ~~sales between~~ the Group’s ~~business~~independent ~~segments,~~registered aspublic ~~detailed~~accountants inand are presented on the ~~following~~basis ~~table:~~ of accounting principles generally accepted in Italy (“Italian GAAP”).

~~_________________________ 1The~~2Reconciliations Group reports its results in Euro. On February 4th, 2005, the Euro/U.S. Dollar exchange rate, as fixed by the European Central Bank, was EUR 1 = USD 1.2958. The financial results reported in this press release have not been audited by the Group’s independent public accountants and are presented on the basis of accounting principles generally accepted in Italy (“Italian GAAP”). 2Tables detailing the Group’s consolidated Italian GAAP sales results and those of its wholesale & manufacturing business segment excluding sales made by or to EID are provided on ~~page 2 and page 3 of this release. 3In addition to reporting its Italian GAAP results,~~ the De Rigo Group uses certain measures of financial performance that exclude the impact of fluctuations in currency exchange rates in the translation of its operating results into Euro. In doing so, the Group has calculated its sales for 2004 on the basis of the same average exchange rates used to calculate sales for 2003. The Company believes that these non-GAAP financial measures provide useful information to both management and investors by allowing a comparison of sales performance on an exchange rate neutral basis. See the tables onaccompanying ~~page 2 and page 3 of~~ this release. ~~The De Rigo Group's method of calculating sales performance excluding the impact of changes in exchange rates may differ from methods used by other companies.~~

13The Group believes that the income from operations before depreciation and amortization and the other non-Italian GAAP data included in this release, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with Italian GAAP, enhance an understanding of the Group's results of operations. The Group’s management uses income from operations before depreciation and amortization as one of the bases on which it analyses the performance of the Group and its segments, as management generally does not have control over the amortization periods for goodwill and other intangibles or the related depreciation amounts. Income from operations before depreciation and amortization should not, however, be considered in isolation as a substitute for net income, operating income, cash flow provided by operating activities or other income or cash flow data prepared in accordance with generally accepted accounting principles or as a measure of a company's profitability or liquidity. The Group calculates income from operations before depreciation and amortization as being equal to income from operations plus depreciation and amortization, as detailed in the table accompanying this release, which also includes a detailed reconciliation between income from operations before depreciation and amortization and the other non-Italian GAAP measures used in this release and the most directly comparable Italian GAAP measures. 4In accordance with Italian practice, management uses net financial position as the primary measure of the Group’s debt position. A detailed reconciliation between the net financial position and the most directly comparable Italian GAAP measure is provided in the accompanying table.

NET SALES BY BUSINESS SEGMENT (Euro in millions)
	2003	2004		2004	2004
	Net Sales	Net Sales	% change	Effect of application of constant exchange rates	Sales at constant exchange rates (Non-GAAP)	% change
Wholesale & Manufacturing	136.2	134.5	-1.2%	0.5	135.0	-0.9%
Retail	361.5	389.8	+7.8%	-4.8	385.0	+6.5%
- D&A	230.8	248.9	+7.8%	-4.8	244.1	+5.8%
- GO	130.7	140.9	+7.8%	0.0	140.9	+7.8%
Elimination of Intercompany Sales	-12.7	-9.9	-22.0%	0.0	-9.9	-22.0%
Consolidated net sales excluding sales through EID	485.0	514.4	+6.1%	-4.3	510.1	+5.2%
EID	19.8	0.0		0.0	0.0
Consolidated net sales	504.8	514.4	+1.9%	-4.3	510.1	+1.0%

The results posted by the Group in 2004 reflected the contribution of each of the Company’s business segments.

~~Consolidated~~The ~~net~~following ~~sales~~table summarizes the principal unaudited results of each of the Group’s business segments for the periods indicated in millions of EUR:

The Group’s consolidated net sales of EUR 514.4 m were broken down as follows: eyewear sales of EUR 224.3 m, lens sales of EUR 160.1 m, contact lens sales of EUR 80.0 m and other sales and revenues of EUR 50.0 m, as compared with sales of EUR 235.8 m, EUR 143.7 m, EUR 74.7 m and EUR 50.6 m, respectively, for 2003.

Sales

Income from

Group’s

Change

operations

Change

operations

Change

before

Business Segments

depreciation and

amortization

2004

2003

2004

2003

2004

2003

Wholesale & Manufacturing

134.5

136.2

-1.2%

21.3

18.4

+15.8%

16.2

13.6

+19.1%

Retail

389.8

361.5

+7.8%

34.4

31.2

+10.3%

12.6

9.6

+31.3%

- D&A

248.9

230.8

+7.8%

10.9

10.1

+7.9%

1.9

1.2

+58.3%

- GO

140.9

130.7

+7.8%

23.5

21.1

+11.4%

10.7

8.4

+27.4%

EID

19.8

-100.0%

2.2

-100.0%

1.7

-100.0%

Intercompany Eliminations

-9.9

-12.7

-22.0%

Total

514.4

504.8

+1.9%

55.7

51.8

+7.5%

28.8

24.9

+15.7%

As Wholesale ~~previously~~& announced, on July 23, 2003, De Rigo sold its 51% interest in EID, the former joint venture for the marketing and distribution of Prada eyewear. As mentioned above, if one excludes sales through EID during the portion of 2003 prior to its sale from the period on period comparison, the Group’s consolidated net sales increased by 6.1%.Manufacturing

~~Foreign~~Sales ~~currency~~of ~~translation~~the ~~differences~~wholesale ~~had~~& amanufacturing ~~positive~~segment ~~effect~~amounted onto ~~consolidated~~EUR ~~net~~134.5 ~~sales~~m, ~~particularly~~a ~~with~~decrease ~~regard~~of to1.2% ~~the~~as ~~translation~~compared ~~into~~with ~~Euro~~EUR of136.2 ~~sales~~m ~~made~~posted in ~~Pounds~~2003. ~~Sterling,~~Excluding asfrom the ~~average~~2003 ~~exchange~~results ~~rate~~sales ~~for~~made ~~this~~by ~~currency~~the inwholesale ~~2004~~& ~~was~~manufacturing ~~more~~business ~~favourable~~segment to ~~the~~EID ~~Group~~prior ~~than~~to ~~that~~its ~~during~~disposal, ~~2003. This increase in~~ the ~~relative~~segment’s ~~value~~sales ofincreased ~~the~~by ~~British~~0.7%, ~~currency~~reflecting ~~more~~strong ~~than~~sales ~~offset~~results ~~a decline~~ in ~~the~~certain ~~average~~Far ~~Euro~~Eastern ~~exchange~~markets, ~~rates~~particularly ~~for~~Japan ~~Japanese Yen~~ and Hong Kong, ~~Dollars.~~as Aswell ~~shown~~as in ~~the~~certain ~~table~~European ~~above~~markets, ~~foreign~~including ~~exchange~~Greece ~~rate~~and ~~differences had an overall positive effect of 0~~Spain.~~9 percentage points on consolidated net sales.~~

~~Analysing~~Gross ~~consolidated~~margins ~~net~~at ~~sales~~the bywholesale ~~geographic~~& ~~area~~manufacturing segment also increased, ~~net~~reflecting ~~sales~~both a reduction in ~~Europe~~the ~~increased~~cost byof ~~2.9%~~goods tosold ~~EUR~~resulting ~~466.8~~from m,improved ~~primarily~~efficiencies asin athe ~~result~~manufacturing ofprocess ~~higher~~and a more favourable sales ~~through~~mix, as the ~~Group’s~~2003 ~~retail~~results ~~companies.~~had ~~Net~~also included relatively lower margin sales to EID. The increase in ~~the~~gross ~~Americas~~margin ~~decreased~~was byreflected ~~34.2%~~in tostrong ~~EUR~~growth ~~7.9~~in mboth ~~primarily~~income asfrom aoperations ~~result~~before ofdepreciation ~~the~~and ~~deconsolidation~~amortization ofand ~~EID. Net~~income ~~sales~~from inoperations: ~~the~~income ~~Rest~~from ofoperations ~~the~~before ~~World~~depreciation and amortization increased by 115.8% to EUR 3921.73 m, asfrom the ~~impact~~EUR of18.4 ~~the~~m ~~deconsolidation~~recorded in 2003 and represented 15.8% of ~~EID~~sales, ~~was~~as ~~more~~compared ~~than~~with ~~offset~~13.5% bylast ~~very~~year; ~~positive~~income ~~results~~from ~~posted~~operations increased by 19.1% to EUR 16.2 m from the ~~Group’s~~EUR ~~Far~~13.6 ~~Eastern~~m ~~distribution~~posted ~~subsidiaries~~in 2003, and represented 12.0% of sales, as compared with 10.0% last year.

De Rigo’s overall consolidated net sales results reflected the contribution of each of the Group’s principal business segments:

Wholesale & manufacturing

Wholesale & manufacturing sales declined by 1.2% to EUR 134.5 m from EUR 136.2 m posted in 2003, primarily as effect of the lost sales to EID.

Excluding net sales made by the wholesale & manufacturing business segment to EID prior to its sale from the results for 2003, the segment’s sales increased by 0.7% (or 1.0% at constant exchange rates), as detailed in the table below:

	2003	2004		2004	2004
	Net Sales	Net Sales	% change	Effect of application of constant exchange rates	Sales at constant exchange rates (Non-GAAP)	% change
Wholesale & Manufacturing sales	136.2	134.5	-1.2%	0.5	135.0	-0.9%%
- of which sales to EID	-2.6	0.0		0.0	0.0
Wholesale & Manufacturing sales excluding net sales to EID	133.6	134.5	+0.7%	0.5	135.0	+1.0%

The increase in wholesale & manufacturing sales was primarily due to very strong sales results in certain Far Eastern markets, particularly Japan and Hong Kong, as well as in certain European markets, including Greece and Spain.

Retail

Sales ~~through~~of the retail ~~companies~~segment increased by 7.8% to EUR 389.8 m, ~~from~~as compared with the EUR 361.5 m posted in 2003. The ~~following~~increase ~~table~~in ~~sets~~sales ~~forth~~reflected ~~certain~~same ~~data~~store ~~on the~~ sales ~~and~~per ~~store~~working ~~network~~day growth of De6.0% ~~Rigo~~at General Optica (“GO”), the Group’s ~~two~~Spanish retail ~~chains:~~chain, and 6.2% in Pound Sterling terms at Dollond & Aitchison (“D&A”), ~~one~~the ofGroup’s ~~the~~British ~~leading~~retail ~~retailers~~chain, inas ~~the~~well ~~British~~as ~~optical~~GO’s ~~market~~opening ~~and~~of ~~GO,~~6 ~~the~~owned ~~leading~~shops ~~retailer~~and in4 ~~the~~franchised ~~Spanish~~shops ~~optical~~during ~~market~~2004.

	2003	2004		31 Dec 03	31 Dec 04		31 Dec 03	31 Dec 04
	€ in millions	€ in millions	% Change	Owned stores	Owned stores	Unit change	Franchised stores	Franchised stores	Unit change
D&A	230.8	248.9	+7.8%	232	232	-	144	140	-4
GO	130.7	140.9	+7.8%	142	148	+6	14	18	+4
Total Retail	361.5	389.8	+7.8%	374	380	+6	158	158	-

Income from operations before depreciation and amortization for the retail segment as a whole increased by 10.3% to EUR 34.4 m, as compared with the EUR 31.2 m posted in 2003 and represented 8.8% of sales, as compared with 8.6% last year. Income from operations for the segment as a whole increased by 31.3% to 12.6 m from the EUR 9.6 m posted in 2003 and represented 3.2% of sales, as compared with 2.7% last year.

~~D&A~~The segment’s ~~sales~~results ~~grew~~reflect ~~to EUR 248.9 m, an increase of 7.8% as compared with sales of EUR 230.8 m posted in 2003. Sales grew by 5.8% in Pound Sterling terms, reflecting~~ the ~~increase~~contribution ~~in its value against the Euro, while same store sales per working day in Pound Sterling terms increased by 6.2%. Sales~~ of ~~franchised~~each ~~stores during the period grew by 5.8% to EUR 66.6 m; in Pound Sterling terms, sales~~ of ~~franchised stores increased by 3.8%. The increase in D&A’s sales was primarily attributable to~~ the ~~Company~~Group’s ~~aggressive~~two ~~marketing~~retail campaigns, which drove increased sales of higher quality products. At December 31, 2004, D&A operated a network of 232 owned shops and 140 franchised shops, having closed four underperforming franchised shops during the last twelve months.chains:

3GO grew sales by 7.8% to EUR 140.9 m, while its income from operations before depreciation and amortization increased by 11.4% to EUR 23.5 m from the EUR 21.1 m posted in 2003, representing 16.7% of sales as compared with 16.1% last year. The increase in income from operations before depreciation and amortization reflected both the growth in sales due to increase in same store sales and the opening of both owned and franchised stores, as well as a higher gross margin, notwithstanding an increase in advertising expenses.

GOIncome ~~grew~~from ~~sales~~operations increased by 727.84% to EUR ~~140~~10.97 m from the EUR ~~130~~8.74 m posted in 2003~~. GO~~, ~~continued~~representing ~~its~~7.6% ~~record~~ of ~~notable~~ sales, ~~gains through the expansion of its owned and franchised store network~~ as ~~well~~compared aswith a 6.~~0% increase in same store sales per working day. Same store sales grew by~~ 4.3% inlast ~~2003 and by 8~~year.5%Income infrom ~~2002:~~operations ~~the~~increased ~~aggregate~~at ~~increase~~a ofhigher ~~20.0%~~rate inthan ~~same~~income ~~store~~before ~~sales~~depreciation ~~over~~and ~~this~~amortization, ~~three-year~~as ~~period~~depreciation ~~highlights the strong~~ and ~~steady~~amortization ~~growth~~remained ofsubstantially GOstable, inamounting ~~the~~to ~~Iberian~~EUR ~~market~~12. At8 ~~December~~m ~~31,~~in 2004, GOas ~~operated~~compared ato ~~network~~EUR of12.7 ~~148~~m ~~owned shops and 18 franchised shops, having opened a net total of 6 owned shops and 4 franchised shops during the~~ last ~~twelve months~~year.

D&A’s sales grew by 7.8% to EUR 248.9 m from the EUR 230.8 m posted in 2003. Sales grew by 5.8% in Pound Sterling terms, reflecting the increase in its value against the Euro, while same store sales per working day in Pound Sterling terms increased by 6.2%. The increase in D&A’s sales was primarily attributable to the Company’s aggressive marketing campaigns, which drove increased sales of higher quality products. ~~*****~~

~~Mr.~~As ~~Ennio~~a Deresult ~~Rigo~~of the increase in sales, ~~Chairman~~income offrom operations before depreciation and amortization increased by 7.9% to EUR 10.9 m from the DeEUR ~~Rigo~~10.1 ~~Group~~m posted in 2003, ~~commented~~representing on4.4% of sales, the ~~2004~~same ~~sales~~percentage ~~results:~~as ~~”We~~last ~~had~~year. anIncome ~~excellent~~from ~~reaction~~operations increased by 58.3% to ~~recover~~EUR 1.9 m from the ~~sales~~EUR we1.2 ~~lost~~m ~~after~~posted in 2003, and represented 0.8% of sales, having ~~sold~~represented ~~EID~~0.5% Welast ~~look~~year. ~~forward~~As toat ~~further~~GO, ~~solid~~income ~~sales~~from ~~results~~operations ~~through~~increased ~~the~~at ~~contribution~~a ofhigher ~~the~~rate ~~new~~than ~~license~~income ~~agreements~~before wedepreciation ~~recently~~and ~~signed:~~amortization, ~~Escada~~as depreciation and amortization remained substantially stable, ~~Chopard~~amounting to EUR 9.0 m in 2004, ~~Ermenegildo~~as ~~Zegna~~compared ~~and~~to ~~Jean~~EUR ~~Paul~~8.9 ~~Gaultier~~m last year.

~~In our retail business our chains experienced strong same store sales growth. At GO we want to continue this growth pattern through the opening of new owned and franchised stores.~~ Additional information

At• ~~D&A,~~Basic ~~after~~earnings ~~the~~per ~~very~~share ~~positive~~amounted ~~2004~~to ~~sales~~EUR ~~results,~~0.33 weas ~~are~~compared ~~committed~~with inEUR ~~new projects in the areas of company positioning, store refittings and customer service~~0.41 ~~Our~~posted ~~employees were deeply involved~~ in ~~the~~2003 ~~restructuring process at D&A~~ and ~~their~~diluted ~~excellent~~earnings ~~training~~per ~~allowed~~share usamounted to ~~win~~EUR ~~the~~0.33 ~~Training~~as ~~Excellence~~compared ~~Award~~with ~~for~~EUR ~~outstanding~~0.41 ~~achievements~~last inyear. ~~workplace~~The ~~training~~stock ~~and~~options ~~personal~~plan ~~development~~for at the ~~National~~Group’s ~~Training~~management ~~Awards~~was ~~2004:~~terminated ~~the~~on ~~success of our training raises our profile as a very attractive employer in the British marketplace and is reflected in the satisfaction of our customers~~December, as31st ~~well as a drop in staff turnover~~2004.”

~~****~~ • Income taxes amounted to EUR 12.7 m, as compared with EUR 14.9 m in 2003. The Group’s income was taxed at an effective rate of 46.1%, as compared with an effective tax rate of 39.5% last year. The increase in the effective tax rate primarily reflected the fact that the portion of the Group’s 2003 income attributable to its gross gain on the sale of the controlling interest in EID was taxed at a favourable tax rate.

De• ~~Rigo~~Additions isto ~~one~~property, ofplant ~~the world’s largest manufacturers~~ and ~~distributors~~equipment ofamounted ~~premium~~to ~~eyewear,~~EUR ~~the~~17.6 ~~major~~m ~~optical retailer~~ in ~~Spain through General Optica~~2004, ~~one~~as ofcompared ~~the~~with ~~leading~~EUR ~~retailers~~11.5 inm ~~the~~last ~~British~~year. ~~optical~~The ~~market~~increase ~~through~~was ~~Dollond~~primarily &attributable ~~Aitchison~~to ~~and~~higher ainvestments ~~partner~~in of the ~~LVMH~~refitting ~~Fashion Group for the manufacture and distribution~~ of ~~Celine,~~existing ~~Givenchy~~stores and ~~Loewe~~the ~~eyewear.~~opening Deof ~~Rigo~~new ~~also~~stores ~~manufactures~~in ~~and distributes~~ the ~~licensed~~retail ~~brands Chopard, Escada, Etro, Fila, Furla, Jean Paul Gaultier, La Perla, Mini and Ermenegildo Zegna, as well as its own brands Police, Sting and Lozza~~segment.

• The Company is currently authorized to repurchase up to 4,400,000 of its ADSs (representing an equivalent number of ordinary shares), through November 2005. At the date of this announcement, the Company had repurchased a total of 2,448,000 ADSs (representing an equivalent number of ordinary shares), at an average price of 6.08 USD per ADS.

* * * * *

Ennio De Rigo, Chairman of the De Rigo Group, commented on 2004’s results: “The Group’s strong commitment to recoup the sales lost as a result of the disposal of EID was reflected in a slight overall increase in sales, while improvements in our gross margin also contributed to our strong operating results. We are working to capitalize on the opportunities for sales growth afforded by all of the license agreements we have recently entered into, as well as looking to develop additional new business with Ermenegildo Zegna and Jean Paul Gaultier. Looking into the future, we must recognize that general economic conditions are strongly influencing the optical sector in certain markets in which we operate. These challenges will requires us to devote additional effort and to develop new strategies in order to achieve the desired results.”

* * * * *

De Rigo is one of the world’s largest manufacturers and distributors of premium eyewear, the leading optical retailer in Spain through General Optica, one of the leading retailers in the British optical market through Dollond & Aitchison and a partner of the LVMH Fashion Group for the manufacture and distribution of Celine, Givenchy and Loewe eyewear. De Rigo also manufactures and distributes the licensed brands Chopard, Escada, Ermenegildo Zegna, Etro, Fila, Furla, Jean Paul Gaultier, La Perla and Mini and its own brands Police, Sting and Lozza.

DE RIGO S.p.A. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(In thousands of Euro)

		For the twelve months ended December 31,

		2004	2003


NET SALES		514,384	504,801
COST OF SALES		198,900	202,040

GROSS PROFIT		315,484	302,761

COSTS AND EXPENSES
	Commissions	11,869	13,432
	Advertising and promotion expenses	34,393	32,644
	Other selling expenses	204,442	195,532
	General and administrative expenses	35,955	36,299

		286,659	277,907

INCOME FROM OPERATIONS		28,825	24,854

OTHER (INCOME) EXPENSES
	Interest expense	1,126	2,217
	Interest income	(675)	(718)
	Other (income) expenses, net	725	(14,483)
		1,176	(12,984)

INCOME BEFORE INCOME TAXES		27,649	37,838

INCOME TAXES		12,737	14,935


INCOME BEFORE MINORITY INTEREST		14,912	22,903

MINORITY INTEREST		434	4,425

NET INCOME		14,478	18,478

DE RIGO S.p.A. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands of Euro)

		December 31,	December 31,
		2004	2003
ASSETS
Current assets:
	Cash and cash equivalents	27,146	19,634
	Accounts receivable, trade, net of allowances for doubtful accounts	61,271	61,938
	Inventories	51,232	49,366
	Deferred income taxes	5,443	13,018
	Prepaid expenses and other current assets	14,391	12,393
Total current assets		159,483	156,349
Property, plant and equipment:
	Land	16,874	16,848
	Buildings	54,658	54,587
	Machinery and equipment	24,475	25,491
	Office furniture and equipment	94,955	82,800
	Construction in progress	19	-
		190,981	179,726
	Less: accumulated depreciation	(82,805)	(70,643)
Property, plant and equipment, net		108,176	109,083
Goodwill and intangible assets		97,574	103,891
Deferred income taxes		11,927	1,407
Other non current assets		17,404	6,157

	TOTAL ASSETS	394,564	376,887

DE RIGO S.p.A. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands of Euro)

		December 31,	December 31,
		2004	2003
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
	Bank borrowings	20,410	22,569
	Current portion of long-term debt	184	166
	Accounts payable, trade	70,875	66,141
	Commissions payable	212	895
	Income taxes payable	4,219	5,452
	Deferred income taxes	767	1,392
	Accrued expenses and other current liabilities	28,970	27,223
Total current liabilities		125,637	123,838
Termination indemnities and other employee benefits		10,142	9,755
Deferred income taxes		9,835	8,670
Long–term debt, less current portion		341	497
Other non current liabilities		7,200	7,243
Shareholder's equity:
	Capital stock	11,683	11,626
	Additional paid-in capital	54,599	54,490
	Retained earnings	175,891	161,413
	Foreign currency translation adjustments	(5,801)	(5,682)
	Revaluation surplus	5,037	5,037
Total shareholders' equity		241,409	226,884
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		394,564	376,887

Reconciliation of income from operations before depreciation and amortization with most directly comparable Italian GAAP measure

(In millions of Euro)

De Rigo Group	2004	2003	% Change
Income from operations	28.8	24.9	15.7%
Amortization of goodwill	6.3	6.8	-7.4%
Amortization of other intangibles	2.2	2.4	-8.3%
Depreciation	18.4	17.7	4.0%
Income from operations before depreciation and amortization	55.7	51.8	7.5%

Wholesale & Manufacturing	2004	2003	% Change
Income from operations	16.2	13.6	19.1%
Amortization of goodwill	0.3	0.8	-62.5%
Amortization of other intangibles	1.0	1.0	0.0%
Depreciation	3.8	3.0	26.7%
Income from operations before depreciation and amortization	21.3	18.4	15.8%

Retail	2004	2003	% Change
Income from operations	12.6	9.6	31.3%
Amortization of goodwill	6.0	6.0	0.0%
Amortization of other intangibles	1.2	1.3	-7.7%
Depreciation	14.6	14.3	2.1%
Income from operations before depreciation and amortization	34.4	31.2	10.3%

Dollond & Aitchison	2004	2003	% Change
Income from operations	1.9	1.2	58.3%
Amortization of goodwill	1.6	1.6	0.0%
Amortization of other intangibles	0.3	0.5	-40.0%
Depreciation	7.1	6.8	4.4%
Income from operations before depreciation and amortization	10.9	10.1	7.9%

General Optica	2004	2003	% Change
Income from operations	10.7	8.4	27.4%
Amortization of goodwill	4.4	4.4	0.0%
Amortization of other intangibles	0.9	0.8	12.5%
Depreciation		7.5	0.0%
Income from operations before depreciation and amortization	23.5	21.1	11.4%

EID	2004	2003
Income from operations	0.0	1.7
Amortization of goodwill	0.0	0.0
Amortization of other intangibles	0.0	0.1
Depreciation	0.0	0.4
Income from operations before depreciation and amortization	0.0	2.2

Reconciliation of Net Financial Position with most directly comparable Italian GAAP measure

(In millions of Euro)

	December 31, 2004	December 31, 2003
Cash and cash equivalents	27.1	19.6
Bank Borrowings	-20.4	-22.5
Current portion of long term debt	-0.2	-0.2
Long term debt, less current portion	-0.3	-0.5
Net Financial Position	6.2	-3.6

Reconciliation of consolidated Italian GAAP sales results with consolidated sales excluding sales made by EID (In millions of Euro)

	2003	2004
	Net Sales	Net Sales	% change
Wholesale & Manufacturing	136.2	134.5	-1.2%
Retail	361.5	389.8	+7.8%
- D&A	230.8	248.9	+7.8%
- GO	130.7	140.9	+7.8%
Elimination of Intercompany Sales	-12.7	-9.9	-22.0%

Consolidated net sales excluding sales by EID	485.0	514.4	+6.1%

EID	19.8	0.0

Consolidated net sales	504.8	514.4	+1.9%

Reconciliation of sales of wholesale & manufacturing business segment with the segment’s sales excluding sales made to EID (In millions of Euro)

	2003	2004
	Net Sales	Net Sales	% change
Wholesale & Manufacturing sales	136.2	134.5	-1.2%
- of which sales to EID	-2.6	0.0

Wholesale & Manufacturing sales excluding sales to EID	133.6	134.5	+0.7%

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: ~~February~~April 718, 2005 DE RIGO S.p.A. By: /s/ Ennio De Rigo Ennio De Rigo Chairman of the Board and Chief Executive Officer

Filing Compare · DE RIGO SPA