MILAN, March 11 (Class Editori) — Global eyewear giant, EssilorLuxottica, reported record accounts last year, exceeding 2019 pre-pandemic levels. The Group surpassed 20 billion euros in revenue (21.4 billion euros), up by 20% on 2019 and 40% on 2020. Excluding GrandVision's contribution, however, revenues amounted to 17.8 billion euros. Net income reached 2.31 billion euros, or almost 2.06 billion euros not counting GrandVision.
"The acquisition of GrandVision aligned the weight of the two operating segments, both of which now account for about 50% of revenues," the company explained. "The Direct-to-Consumer division grew by 15.2% at constant exchange rates in the fourth quarter, the best of the year, outpacing the Professional Solutions division, which was consistently positive at 6.8%". The eyewear giant's e-commerce division also performed well, growing by 62% at constant exchange rates last year, slightly surpassing the 1.5 billion euros mark and managing to weigh about 7% on the company's total sales. All major platforms, such as Ray-Ban, Oakley, SunglassHut and EyeBuyDirect, supported the performance. EssilorLuxottica also reported solid consolidated cash generation that reached 2.8 billion euros for the full year, including GrandVision’s contribution in the second half.
Considering the fourth quarter of last year alone, EssilorLuxottica reported total revenues amounting to 5.6 billion euros, with a growth of 11% compared to the fourth quarter of 2019 at constant exchange rates and all geographical areas exceeded pre-pandemic levels. The company stated that North America and Latin America have driven the performance growing by 13.9% and 25.1%, respectively, the US, the company's largest market, reported once again strong results, while Brazil reported a double-digit acceleration. The EMEA, currently accounting for 37% of total revenues thanks to the consolidation of GrandVision, grew by 8.2%, with UK and Italy as the main drivers, while France saw a slight decrease in the second half of the year and a traffic still below pre-pandemic levels. The Asia-Pacific region performed positively with sales up 1.4%, thanks to Australia's recovery, where COVID-19 restrictions were lifted, and a solid performance in China.
EssilorLuxottica's board decided to propose at the annual meeting on May 25 to approve the payment of a 2.51 euros dividend per share. Shareholders will be offered the option of receiving the final dividend in cash or in newly issued shares. The ex-dividend date will be May 30 and the final dividend will be paid, or the shares issued, from June 21. On this basis, the CEO Francesco Milleri's company now expects solid revenue growth for the next four years with annual growth in turnover of around 5% in the period 2022-2026 and adjusted operating profit at 19-20% of revenue in 2026. The share rose by 3.14% to 152.41 euros on the Stock Exchange.
(Source:Class Editori)
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