You won't be needing any sunglasses to read Italian eyewear Luxottica's (NYSE: LUX) fourth-quarter and fiscal-year results, as there weren't too many bright spots. Eyeing the results, investors sent shares down nearly 5% on the news.

Here are some focal points from the call:

  • Consolidated annual net income was up 16% year over year, coming in at 492 million euro.
  • Total annual revenue increased 6.2% to 4.96 billion euro.
  • The proposed FY 2007 cash divided was boosted 17% to 0.49 euro per share.
  • Management expects FY 2008 earnings between 1.11 euro and 1.14 euro a share, which would result in anywhere from 3% to 6% earnings growth.

It wasn't just that the 2007 report didn't look strong. The 2008 outlook was blinding compared to analysts' expectations of 1.25 euro per share, 11% above management. However, with the weak U.S. dollar hurting European exports and mounting concerns about U.S. consumer spending, the company's lower outlook shouldn't have come as such as shock. While U.S. retailers like Quiksilver (NYSE: ZQK) and Nike (NYSE: NKE) don't mind the weak dollar, it does adversely affect Luxottica.

OK, now grab your shades for the bright side. Luxottica's 2007 acquisition of American sunglass icon Oakley helped boost sales in the fourth quarter, and management expects the Oakley unit to be a major factor in the second and third quarters. In fact, Oakley is a key ingredient in the company's plan to generate 6 billion euro in sales in FY 2009.

Luxottica investors should continue to monitor the euro-to-dollar exchange rate. The 6 billion euro sales estimate, for example, assumes a $1.45 EUR to USD exchange rate. If the dollar continues its slide, that sales mark may not be reached.

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Fool contributor Todd Wenning owns a pair of Oakley sunglasses, but does not own shares of any company mentioned. The Fool has a disclosure policy.