EssilorLuxottica revenue up 7.1% in Q4 driven by China, Brazil
Reuters
Published Feb 14, 2024 17:14
Updated Feb 14, 2024 17:56
MILANO (Reuters) -Revenue at eyewear maker EssilorLuxottica rose 7.1% at constant exchange rates in the last quarter of 2023 boosted by China and Brazil, reaching 6.25 billion euros ($6.7 billion).
The company said on Wednesday in a statement that sales in Europe, the Middle East and Africa also performed well in the October-December period. The full year revenue broadly met an analyst consensus forecast provided by LSEG, at 25.4 billion euros.
North America, the group's main market, showed a softer growth compared with other areas and a slight acceleration in the last quarter compared to the previous one.
Adjusted operating profit rose 7.7% last year, to 4.2 billion euros, despite rising inflation and the impact of currencies and of investments to support new projects, such as myopia management lenses and smart glasses.
"With all these positive results and momentum, we are confident that we will keep the pace and meet our long-term targets," Francesco Milleri, EssilorLuxottica's Chairman and Chief Executive, and Paul du Saillant, Deputy CEO, said in a statement.
The group confirmed its medium-term targets of "mid-single-digit" annual revenue growth from 2022 to 2026 and an operating profit margin of 19% to 20% by the end of that period.
The executives added that last year's investments would support the company evolution in the next decade.
In a separate statement, the Ray-Ban owner added the board had proposed the re-appointing all current directors at the shareholders' meeting to be held in April, including Milleri.
($1 = 0.9318 euros)
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Written By: Reuters
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