EssilorLuxottica 3Q Revenue Boosted by Summer Sunglasses Sales

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)

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