EssilorLuxottica Shares Leap After 1Q North America Demand Held Firm
21 Aprile 2023 - 10:25AM
Dow Jones News
By Joshua Kirby
Shares in Ray-Ban maker EssilorLuxottica SA gained ground Friday
after the group posted first-quarter sales showing resilient demand
for its products in North America and a boost from China's
reopening postpandemic.
At 0730 GMT, shares traded up 5.3% at EUR184.80.
The Franco-Italian eyewear giant made sales of 6.15 billion
euros ($6.75 billion) in the first three months of the year, 8.6%
higher than in the same period the previous year, adjusted for
currency effects. Sales growth was highest in developing markets in
Latin America and Asia-Pacific, at 12%. But arguably more notable
was the 7% growth in North America, an acceleration from the
previous quarter.
"North America is particularly reassuring, considering the muted
mass-market environment," analysts at Bernstein said in a note
following the print.
And the group, which also licenses eyewear from luxury brands
like Chanel, Prada and Burberry, can look forward to further sales
impetus from the integration of recently-acquired Dutch retailer
GrandVision, Citi analysts said in their own note.
"We increasingly see upside risks to our more cautious view on
near-term growth given the strong execution year-to-date," Citi
said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
April 21, 2023 04:10 ET (08:10 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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