EssilorLuxottica 3Q Revenue Boosted by Summer Sunglasses Sales
21 Ottobre 2022 - 7:47AM
Dow Jones News
By Joshua Kirby
EssilorLuxottica SA said Friday that revenue in the third
quarter picked up thanks to strong sunglasses sales in Europe over
the summer and reopenings in China.
The Franco-Italian eyewear group made total revenue of 6.39
billion euros ($6.25 billion) in the July-September period, 8.2%
higher on year at constant currency. This was in line with
analysts' expectations, taken from a FactSet-compiled poll of
estimates.
Sales picked up slightly from the second quarter, when the
Ray-Ban maker booked sales growth of 7%.
Summer sales of sunglasses in Europe boosted performance in the
region, which booked 9.2% growth, while a progressive relaxing of
strict antipandemic measures in China helped a 23% rise in
Asia-Pacific, EssilorLuxottica said. The group's largest market,
North America, booked the slowest growth of 3.4% against a tough
comparison base, but was also boosted by summer tourist traffic in
stores, the company said.
The company remains confident of delivering on its long-term
growth outlook, Chief Executive Francesco Milleri and Deputy CEO
Paul du Saillant said. At an investor day last month, the company
backed targets of annual organic revenue growth in the mid-single
digits to 2026, as well as an adjusted operating margin of 19%-20%
by the end of the same period.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
October 21, 2022 01:32 ET (05:32 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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