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Ferrari and Essilor-Luxoticca report declining first-quarter 2020 financial results

Ferrari and Essilor-Luxoticca report declining first-quarter 2020 financial results

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The carmaker Ferrari and corrective lenses and optical instruments manufacturer EssilorLuxottica have just released their results for the first quarter of 2020. The two luxury giants have been affected by the pandemic crisis and are already announcing an even more disastrous second quarter.

 

Ferrari revises downwards its objectives for 2020

 

In the first quarter, Ferrari’s sales fell by 1% to 932 million euros. Revenues from sponsorship and branding fell by 30% as a result of the postponement of the F1 season and lower traffic to stores and museums, while those from the sale of engines fell by 44,2%.

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Featured photo : © Ferrari

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