EssilorLuxottica: Solid Start to the Year

Friday, April 21 2023 | 15 h 06 min | Financial News, Press Release

EssilorLuxottica announced that consolidated revenue for the first quarter of 2023 reached Euro 6,151 million, representing a year-on-year increase of 8.6% at constant exchange rates compared to the first quarter of 2022 (+9.7% at current exchange rates).

Francesco Milleri, Chairman and CEO, and Paul du Saillant, Deputy CEO at EssilorLuxottica commented:

“We’re very pleased to start the year with another strong quarter, every region and channel contributing to our performance. What’s even more satisfying is the way in which we achieved it. Sustainability is at the heart of our strategy and our key focus in 2023. We continue to deliver on our “Eyes on the Planet” pillars while supporting the long-term growth of the industry.

We started the year with a commitment to setting science-based emission reduction targets in line with the SBTi criteria. We have also announced a new agreement with ERG for the supply of electricity produced from a repowered wind farm in Sicily – covering half of our energy needs in Italy. Our current and future investments in renewable energy will help propel us towards carbon neutrality in Europe this year and globally by 2025.”

North America

North America posted revenue of Euro 2,859 million, up 7.0% compared to the first quarter of 2022 (+11.4% at current exchange rates), visibly accelerating from the fourth quarter and on top of the best quarter of last year.

Professional Solutions was up high-single digit with all product categories contributing nicely. The consumer-facing lens brands, Varilux and Transitions, drove the results together with Shamir. On the frames side, the licensed brands delivered healthy growth, including luxury despite the tough comparison base of last year.

Direct to Consumer grew high-single digit due to the sound performance of the optical retail banners sustained by the robust demand of the insured customers. LensCrafters delivered low-single-digit comparable-store sales2 thanks to revived traffic and a strong in-store execution. The number of eye exams processed and converted was up, also thanks to the increased use of teleoptometry which grew threefold compared to last year. Comparable-store sales at Sunglass Hut were down mid-single digit as severe weather conditions caused traffic to plummet in the second half of the quarter. E-commerce was up low-single digit with EyeBuyDirect.com continuing to outperform the rest of the banners. EyeMed delivered another strong quarter at double-digit sales growth, now covering 72 million lives.

Click HERE for the complete press release.