Commodities

EssilorLuxottica Q1 sales rise driven by China, U.S. rebound

Credit: REUTERS/© Alessandro Bianchi / Reuters

Oakley and Ray-Ban maker EssilorLuxottica's first-quarter sales continued on the path to recovery from the impact of the COVID-19 pandemic, boosted by a strong rebound in China and the United States.

Adds 2021 target, details; paragraphs 4-6

May 6 (Reuters) - Oakley and Ray-Ban maker EssilorLuxottica's ESLX.PA first-quarter sales continued on the path to recovery from the impact of the COVID-19 pandemic, boosted by a strong rebound in China and the United States.

The company, which makes sunglasses and spectacle frames for brands such as Chanel, Prada 1913.HK and Versace CPRI.N, was hit by coronavirus lockdowns and travel curbs last year, which knocked demand for sunglasses in particular.

Sales in the first quarter jumped 14.3% at constant currencies from a year earlier to 4.06 billion euros ($4.9 billion).

EssilorLuxottica confirmed it targets a return to pre-pandemic levels this year. It also specified the 2021 target concerned revenue and adjusted operating profit margin.

First-quarter results were ahead of that goal as sales in the first quarter grew 1.9% over 2019 at constant currencies.

The company, formed from the merger of French lens manufacturer Essilor and Italian spectacles maker Luxottica, also confirmed it expects to deliver synergies from the merger of 300 million to 350 million euros in adjusted operating profit by the end of this year, and of 420 million to 600 million by the end of 2023.

($1=0.8331 euros)

(Reporting by Silvia Recchimuzzi in Gdansk; Editing by Jacqueline Wong)

((silvia.recchimuzzi@tr.com; +48 58 769 66 95))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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