EssilorLuxottica Posts Recovery From Pandemic in 2021; Targets Further Growth Ahead

By Joshua Kirby

EssilorLuxottica SA said Friday that 2021 revenue and earnings outstripped pre-pandemic levels, and that it is targeting improved profitability in the medium term.

The Franco-Italian eyewear group made total sales of 17.85 billion euros ($19.62 billion) in 2021, 8% higher at constant currency than in 2019, before the pandemic.

Operating profit came to EUR3.03 billion, 17% higher over two years, while net profit rose 16% to EUR2.06 billion. The operating margin rose 800 basis points to 17%.

The results exclude the contribution from optical retailer GrandVision, whose acquisition by the group was completed in the second half of the year. Comparable revenue, including GrandVision, reached EUR21.5 billion, including EUR5.58 billion in the year's final quarter.

Late last year, EssilorLuxottica upgraded its 2021 guidance to mid-to-high single-digit revenue growth versus 2019, up from previous expectations of mid-single-digit growth.

Looking ahead, the company confirmed its target of annual revenue growth in the mid-single digits from this year to 2026, by which point it also aims to reach an operating margin of 19%-20%.

EssilorLuxottica will propose a 2021 dividend of EUR2.51 a share, it said.

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

March 11, 2022 01:39 ET (06:39 GMT)

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