EssilorLuxottica 1st Half Earnings Rose, Backs Mid-Term Growth Targets

By Maitane Sardon

EssilorLuxottica on Tuesday said sales and earnings rose in the first half and backed its growth targets for 2026.

The Franco-Italian eyewear group made an adjusted operating profit of 2.35 billion euros ($2.60 billion) in the half year, rising 9% at constant currency from the same period last year.

The group's operating margin was 18.5%, and it made a net profit of EUR1.36 billion.

Revenue came in at EUR12.85 billion, an increase of 8% at constant exchange rates.

Second-quarter revenue growth was spread across all the business areas with the exception of sun retail in the U.S., which posted a negative performance on the back of softening market demand, EssilorLuxottica said.

Looking ahead, the company backed its target of mid-single-digit annual revenue growth from 2022 to 2026 at constant exchange rates and said it expects to achieve an adjusted operating profit as a percentage of revenue in the range of 19% to 20% by the end of 2026.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

July 25, 2023 12:42 ET (16:42 GMT)

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