Acceleration compared to the first two quarters of the year. EssilorLuxottica confirms the growth in turnover and in the third quarter of 2019 sees revenues increase by 7,7% to 13,08 billion. Essilor, as stated in the official press release, supported this performance with an increase in revenues of 8,9% on a reported basis and +5,9% at constant exchange rates to 5,88 billion, compared to the same period last year . Luxottica recorded a 6,7% increase in turnover to 7,2 billion.
“The continuous improvement of the Group's performance confirms the quality of our growth strategies and investments in product innovation and digitisation, emerging markets and talent. This acceleration once again demonstrates our ability to execute business plans and generate revenue and cost synergies”, commented Francesco Milleri and Laurent Vacherot, respectively vice president and CEO of Luxottica and CEO of Essilor.
In the quarter covered by the assessments, Essilor recorded a turnover of 1,95 billion, up 10,5%, while that of Luxottica in the same period amounted to 2,35 billion, up 6,7%.
On revenues, the third quarter results were equally generous for the group which saw them rise by 8,4% to 4,3 billion, an increase of 5,2% in constant currencies, exceeding the target of the year which was between 3,5% and 5%.
With the contribution of the launch of new products, e-commerce and emerging markets, in the third quarter of 2019 the Lenses & Optical Instruments division of EssilorLuxottica saw its turnover increase by 9,9% to 1,7 billion, while the Sunglasses & Readers division recorded revenues of 187 million, up 13,6%. Geographically, excellent performances were recorded in Latin America, up 12,1% in the quarter, in North America up 8,9%, Asia up 6,7% and Europe up 7,8%.
EssilorLuxottica thus confirmed its financial targets for 2019: the group expects revenue growth of 3,5-5%, an adjusted operating profit increase of 0,8-1,2 on sales growth and an increase of adjusted net profit of 1-1,5 over sales growth. The net impact on adjusted operating profit of the new synergies implemented by the company is expected to range between EUR 300 and 350 million in 2019/2021 and between EUR 420 and 600 million by 2022/2023.
