EssilorLuxottica Swung to 1st Half Net Profit
July 30 2021 - 1:53AM
Dow Jones News
By Ian Walker
EssilorLuxottica SA on Friday reported a swing to net profit for
the first half of the year as revenue grew, and said it expects
full-year revenue to grow by around mid-single digits compared with
2019.
The Franco-Italian eyewear giant, which is in the process of
buying Dutch optical retailer Grandvision NV, made a net profit
attributable to owners of the parent for the half year ended June
30 of 854 million euros ($1.02 billion), compared with a loss of
EUR412 million a year earlier.
Revenue rose to EUR8.77 billion from EUR6.23 billion for the
first half of 2020, it said.
Adjusted operating profit--one of the company's preferred
metrics, which strips out exceptional and other one-off items--was
EUR1.62 billion, compared with EUR126 million for the year-earlier
period, the company said.
EssilorLuxottica completed its acquisition of HAL Optical
Investments' 76.72% stake in Grandvision earlier this month at
EUR28.42 a share, and said it would proceed to launch a mandatory
public offer for rest of its shares at the same price.
The company has subsequently said that it is making timely
progress on preparations for the offer and expects to submit a
request to the Netherlands Authority for the Financial Markets to
approve its offer memorandum by Sept. 23.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
July 30, 2021 01:39 ET (05:39 GMT)
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