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EssilorLuxottica Raises Full-Year Guidance as Sales Rebound

Ray Ban sunglasses. Shutterstock.

Oakley and Ray-Ban maker EssilorLuxottica raised its full-year guidance on Friday after revenue doubled in the second quarter, helped by a strong recovery in North America.

The company now expects revenue for the full year to grow by a “mid-single digit” rate at constant currencies versus 2019 and its adjusted operating profit margin to be higher than in 2019.

EssilorLuxottica, which also makes sunglasses and spectacle frames for brands such as Chanel, Prada and Versace, previously saw its full-year revenue and adjusted operating profit margin at least at the same level as 2019.

“On top of a buoyant U.S., generating more than 50 percent of the Group’s revenue, other key markets were nicely growing and fuelling the company’s business acceleration, namely France, Italy, UK, Mainland China, Australia and Brazil,” the company said in a statement.

Revenue in the second quarter rose to €4.71 billion ($5.6 billion), up 103 percent compared with a year ago and 9.2 percent compared with 2019 at constant currencies.

Operating profit in the first half of the year reached €1.27 billion, compared with a loss of €378 million a year ago and up 35.1 percent versus 2019.

By Silvia Recchimuzzi; Editors: Himani Sarkar and David Holmes

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