North America lights up EssilorLuxottica’s annual results
The French-Italian eyewear group is reporting total revenues of €17.85 billion, up 8% on 2019.
EssilorLuxottica has reported revenue growth in 2021, driven by its largest market, North America. Europe is doing well, thanks in part to the acquisition of Dutch optical retailer GrandVision, and expects a similar growth pattern going forward.
The group posted total revenues of 17.85 billion euros ($19.62 billion) excluding the contribution of GrandVision, whose acquisition was completed in the second half of the year. This figure is up 8% at constant exchange rates compared to 2019.
Sales including GrandVision amounted to €21.5 billion, 7.4% higher than 2019 on a comparable basis. Sales in North America, the group’s largest market, increased 13% to €9.87 billion compared to 2019, while sales in the Europe, Middle East and Africa region rose 3.7% to €7.95 billion.
In North America, physical sales grew by double digits compared to three years ago, while online sales increased by more than 75%. The EMEA region, affected by Covid-19 and restrictions, however, recovered well in the second half of the year although comparable physical sales remained slightly negative, according to the group.
Sales should continue to grow at a mid-single-digit rate this year and through 2026, the group said. EssilorLuxottica is also targeting an operating margin of 19% to 20% by 2026, up from 17% in 2021.
Francesco Milleri and Paul du Saillant, CEO and Deputy CEO of Essilor Luxottica, say they are delighted : “Looking at our financial results, 2021 was an extraordinary year for EssilorLuxottica. In the face of a still challenging environment, we were able to grow our sales and profits beyond pre-pandemic levels, meeting our target on sales and exceeding it on operating margin. In 2022, we continue to move forward at full speed, thanks to the confidence of our customers and partners, and the commitment of our teams, of which GrandVision’s 39,000 employees are now part of our family.”
Read also > ESSILORLUXOTTICA AND GRANDVISION FINALIZE SALE OF STORES TO VISION GROUP IN ITALY
Featured photo : © Getty Images
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