EssilorLuxottica 1st Half Net Profit, Revenue Rise

   By Cristina Roca 
 

EssilorLuxottica SA (EL.FR) said Wednesday that first-half earnings and revenue rose, and it backed its 2019 view.

The Franco-Italian company reported net profit of 1.1 billion euros ($1.23 billion), up 6.8% compared with a pro forma figure of EUR1.03 billion the year previous.

The company--which was created in October 2018 from the combination of optical-lens manufacturer Essilor and luxury eyewear maker Luxottica--said revenue rose 7.3% to EUR8.78 billion. At constant currencies, revenue rose 3.9%, EssilorLuxottica said.

The company's lenses & optical instruments category increased revenue by 4.9% at constant exchange rates, whereas sunglasses & readers were up 8.4% at constant exchange rates.

EssilorLuxottica backed its full-year view. For 2019, the company has guided for sales growth of 3.5%-5% at constant exchange rates and sees net profit for the period, adjusted for the expenses from the merger and other special items, growing at 1-1.5 times the pace of sales growth.

Separately Wednesday, the company said it has agreed to buy a 76.7% stake in Grandvision NV (GVNV.AE).

Write to Cristina Roca at [e-mail]; @_cristinaroca

(END) Dow Jones Newswires

July 31, 2019 01:29 ET (05:29 GMT)

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