EssilorLuxottica Q3 2020: Strong Recovery Driven by Resilient Optical Business
EssilorLuxottica announced that consolidated revenue for the third quarter of 2020 totalled Euro 4,085 million, representing a year-on-year decline of 5.2% (-1.1% at constant exchange rates) and highlighting a strong sequential recovery compared to the second quarter of 2020. For the first nine months of 2020, consolidated revenue amounted to Euro 10,315 million, representing a year-on-year decline of 21.2% (-20.0% at constant exchange rates).
“We are pleased with the strong rebound that our Company delivered during the third quarter and proud of all of our employees who made this possible. They swiftly adapted to a challenging environment and a new way of working, enabling the company to continue its solid recovery. (…)
Combined with our drive to promote our large portfolio of brands, digitalise the consumer journey and more broadly reshape and transform the eyecare and eyewear industry, this all gives us great confidence in the Group’s future prospects for 2021 and beyond”, commented Francesco Milleri, Deputy Chairman and CEO of Luxottica, and Paul du Saillant, CEO of Essilor.
In North America revenue decreased by 1.5% (up 2.5% at constant exchange rates). In Lenses & Optical instruments, the business continued its rebound throughout the quarter. This recovery was driven by independent ECPs who were quick to implement new safety protocols to leverage patient interactions, generate higher capture rates and improve their product mix. This was especially true in eye doctor alliances and with Essilor Experts.
Retail chains located in shopping malls lagged behind during the recovery. Online sales were up strong double digits during the quarter, driven by eyeglasses specialist EyeBuyDirect.com. In terms of products, Crizal anti-reflective lenses, Transitions GEN 8 photochromic lenses and Eyezen anti-fatigue solutions were some of the best sellers during the quarter. The new Varilux Comfort Max was launched in the USA during the quarter and the new Crizal Rock started in Canada in September. Instrument sales were up double digits as optometrists sought to improve the eye exam experience and the overall level of service.
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