EssilorLuxottica Posts Recovery From Pandemic in 2021; Targets Further Growth Ahead
March 11 2022 - 1:54AM
Dow Jones News
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 joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
March 11, 2022 01:39 ET (06:39 GMT)
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