EssilorLuxottica’s third-quarter 2021 revenue
Keeping the pace of a fast recovery at +9%
Full year outlook upgraded again and GrandVision consolidation
EssilorLuxottica including GrandVision:
- Q3 total revenue close to Euro 5.5 billion, +33% versus 2019 at constant exchange rates1
- Q3 comparable3 revenue +9.3% versus 2019 at constant exchange rates1
- Consolidated free cash flow5 at Euro 2.3 billion in first nine months
EssilorLuxottica excluding GrandVision:
- Q3 total revenue +9.0% versus 2019 at constant exchange rates1
- North America still up double digits, EMEA and Latam accelerating, Asia-Pacific still negative
- Professional Solutions positive and accelerating in all regions
- Comparable-store sales4 steadily positive, up double digits in North America
- E-commerce up approximately 50%, at 8% of total revenue year to date
- FY 2021 outlook upgraded again
Charenton-le-Pont, France (October 29, 2021 – 7:00 am) – EssilorLuxottica today announced that consolidated revenue including GrandVision (consolidated since July 1, i.e. for the third quarter only) totalled Euro 14,241 million in the first nine months of the year. On a comparable3 basis, consolidated revenue amounted to Euro 5,465 million in the third quarter and Euro 15,918 million in the nine months, +9.3% and +6.2% respectively at constant exchange rates1 versus the same periods of 2019.
Francesco Milleri and Paul du Saillant, CEO and Deputy CEO of EssilorLuxottica, said: “We are proud of the revenue performance our Company delivered in the third quarter of the year, keeping the pace of the fast recovery already posted in the second quarter. Including GrandVision, in its first quarter of consolidation into the Group, EssilorLuxottica’s comparable3 revenue grew even faster, at 9.3% versus pre-COVID levels at constant exchange rates1. Moreover, while accelerating in revenue, our Company has materially expanded its margins, proving to which extent it can operationally leverage the business growth. This has led us to upgrade once again our outlook for the full year, now pointing to a more material operating margin lift. Such a sound performance is driven by the Company’s omnichannel and open business model, its new integrated commercial initiatives and its rich innovation pipeline, all at the heart of its long-term strategy.
In the context of the World Sight Day, celebrated on October 14, we're also pleased to highlight all the initiatives the Company put in place in many different geographies to give vision a voice, while its ‘Eyes on the Planet’ sustainability program continues to progress nicely, based on the five pillars of carbon, circularity, world sight, inclusion and ethics”
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 (2020 or 2019).
2 Adjusted measures or figures: adjusted from the expenses or income related to the combination between Essilor and Luxottica 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 Combination”), as well as the disposals of businesses required by antitrust authorities in the context of the GV Combination, had occurred on January 1, 2019. Comparable revenue has been prepared for illustrative purpose only with the aim to provide comparable information.
4 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.
5 Free cash flow: Net cash flow provided by operating activities less the sum of Purchase of property, plant and equipment and intangible assets and Cash payments for the principal portion of lease liabilities according to the IFRS consolidated statement of cash flow.