Industry News
EssilorLuxottica Reports Revenue Growth
EssilorLuxottica has recently published its 2024 Interim Financial Report, highlighting significant financial performance for the first half of the year. Here are the key highlights:
Revenue Growth
- EssilorLuxottica reported revenue of €13,290 million in H1 2024, up 5.3% at constant exchange rates compared to H1 2023.
- Professional Solutions (wholesale) revenue grew 5.0% at constant rates to €6,414 million.
- Direct to Consumer (retail) revenue grew 5.7% at constant rates to €6,876 million.
Operational Highlights
- EssilorLuxottica showcased smart eyewear innovations like Nuance Audio and Ray-Ban Meta at CES 2024.
- SightGlass Vision received FDA Breakthrough Device designation for its myopia management lenses.
- EssilorLuxottica renewed licensing agreements with Michael Kors, Dolce&Gabbana, and signed a new agreement with Diesel.
- The company acquired Washin Optical to grow its retail presence in Japan.
- 5-year clinical data showed Essilor Stellest lenses save 1.75 diopters of myopia progression in children.
Corporate Governance
- All directors were re-appointed to the new Board of Directors.
- A dividend of €3.95 per share was approved, with a scrip dividend option.
Sustainability
EssilorLuxottica announced plans for a 20MW solar farm and green area in Italy to power its Barberini lens manufacturing site.
In Direct to Consumer, optical and sun advanced on a broadly similar trajectory in comparable-store sales. In Australia, the performance improved in both OPSM and Sunglass Hut, which returned to positive growth in the period.
These results reflect EssilorLuxottica's ongoing efforts to enhance its market leadership and adapt to changing consumer demands in the eyewear industry. EssilorLuxottica confirms its target of mid-single-digit annual revenue growth from 2022 to 2026 at constant exchange rates (based on 2021 pro forma revenue) and expects to achieve an adjusted operating profit as a percentage of revenue in the range of 19-20% by the end of that period.
