EssilorLuxottica Is Upbeat on 2022 Performance After 1Q Sales Growth

   By Alice Dore and Joshua Kirby

EssilorLuxottica SA is optimistic about its growth prospects this year, Chief Financial Officer Stefano Grassi said Friday.

The Franco-Italian eyewear group expects revenue growth and expansion in its operating margin for the full year, Mr. Grassi said in a conference call following the company’s first-quarter revenue update.

At 2021 results last month, EssilorLuxottica confirmed it was targeting revenue growth in the mid-single digits between 2022 and 2026, and said it is also aiming for an operating margin of 19%-20% by the end of the same period.

This year, pandemic-related restrictions in China will affect sales mostly in the month of April, while the impact of inflation will be more accentuated in the second and third quarters than in the first, but should normalize by the end of the year, Mr. Grassi said.

In the first quarter, the group’s revenue rose 12% on a comparable and organic basis to 5.61 billion euros ($6.08 billion). The company pointed to strong performance in North America as one of the main growth drivers.

This story was translated in whole or in part from a French-language version initially published by L’Agefi-Dow Jones.

Write to Alice Dore at adore@agefi.fr and to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

April 22, 2022 07:10 ET (11:10 GMT)