EssilorLuxottica’s fourth-quarter and full-year 2021 results
Accelerating in the fourth quarter, above margin guidance Targeting 19-20% margin in 2026
EssilorLuxottica including GrandVision (year-on-year change at constant currency1):
- Reported Group revenue1 up 20% in FY versus 2019 and 40% versus 2020
- Comparable revenue1,3 up 11% in Q4 and 7.4% in FY versus 2019
- Best quarter of the year with all regions exceeding pre-pandemic revenue1,3
- Double-digit growth1,3 in North and Latin America versus 2019, sunglasses accelerating
- E-commerce revenue4 crossing Euro 1.5 billion in FY, +62%1,3 versus 2019 in both Q4 and FY
- Adjusted2 operating profit pro forma4 as a percentage of revenue at 16.1% in FY
- Free cash flow6 at Euro 2.8 billion
- Dividend proposed at Euro 2.51 per share, in cash or shares
Long-Term Outlook (at constant currency1):
- Annual revenue growth 2022-26 at mid-single digit
- Adjusted2 operating profit as a percentage of revenue at 19-20% in 2026
Charenton-le-Pont, France (March 11, 2022 - 7:00 am) – The Board of Directors of EssilorLuxottica met on March 10, 2022 to approve the consolidated financial statements for the year ended December 31, 2021. These financial statements were audited by the Statutory Auditors whose certification report is in the process of being issued.
Francesco Milleri and Paul du Saillant, CEO and Deputy CEO of EssilorLuxottica, said: “Our thoughts go out to all those affected by the tragedy unfolding in Ukraine. At this difficult time, the safety of our people remains our priority and we are providing all the support possible to our affected teams in the region.
Looking at our financial results, 2021 has been an extraordinary year for EssilorLuxottica. In the face of a continuously challenging environment, we managed to grow our sales and profits beyond pre-pandemic levels, meeting our guidance on sales and exceeding it on operating margin. In 2022, we continue to move full speed ahead, thanks to the trust of our customers and partners, and the commitment of our teams, now including our 39,000 GrandVision employees as part of our family. Our innovations and brands, like Stellest, Ray-Ban Stories and Transitions XTRActive, as well as still top-performer Oakley, are paving the way for a new generation of life-changing products, while launching entirely new categories that will benefit the whole industry.
As we build EssilorLuxottica at the heart of our industry, we continue to grow as a socially conscious company. Sustainability remains front and center as we reach carbon neutrality in our two historic home countries Italy and France and work towards the next set of milestones. The future we’re building is a future for everyone – the talent, technology and tenacity we have in this moment is very powerful and we will do great things with it."
1 Constant exchange rates: figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the relevant comparative year.
2 Adjusted measures or figures: adjusted from the expenses or income related to the combination of Essilor and Luxottica (the “EL Combination”), the acquisition of GrandVision (the “GV Acquisition” or "GV Combination") and other transactions that are unusual, infrequent or unrelated to the normal course of business as the impact of these events might affect the understanding of the Group’s performance.
3 Comparable (revenue): comparable revenue includes, for all periods presented, the contribution of GrandVision’s revenue to EssilorLuxottica as if the combination between EssilorLuxottica and GrandVision (the “GV Acquisition” or "GV Combination"), as well as the disposals of businesses required by antitrust authorities in the context of the GV Acquisition, had occurred on January 1, 2019. Comparable revenue has been prepared for illustrative purpose only with the aim to provide comparable information.
4 Pro forma: pro forma information as presented in the Unaudited Pro Forma Consolidated Financial Information. The Unaudited Pro Forma Consolidated Financial Information has been prepared for illustrative purpose only as if the acquisition of GrandVision had occurred on January 1, 2021. That information does not take into account the results of operations and financial condition that EssilorLuxottica would have achieved if the acquisition of GrandVision had actually been realized on January 1, 2021; there can be no assurance that the assumptions used to prepare the Unaudited Pro Forma Consolidated Financial Information are accurate in all respects or that the result disclosed in the Unaudited Pro Forma Consolidated Financial Information are indicative of the future performance of EssilorLuxottica. As a result, EssilorLuxottica's performance in the future may differ materially from that presented in the Unaudited Pro Forma Consolidated Financial Information. For a reconciliation between adjusted pro forma measures and their most comparable measures reported in the IFRS consolidated financial statements, please refer to the reconciliation table provided in Appendix 3.
5 Comparable-store sales: reflect, for comparison purposes, the change in sales from one period to another by taking into account in the more recent period only those stores already open during the comparable prior period. For each geographic area, the calculation applies the average exchange rate of the prior period to both periods.