First quarter revenue shows solid return to growth at +14.3% versus 2020
- Revenue above 2019 level1 despite COVID-19 pandemic, up 2% at constant exchange rates1
- Strong momentum in prescription lenses and optical retail
- E-commerce up 61% versus 2019 at constant exchange rates1
- North America, China and Australia driving the performance
- Strong balance sheet and free cash flow5 generation
Charenton-le-Pont, France (May 6, 2021 – 7:00am) – EssilorLuxottica today announced that consolidated revenue for the first quarter of 2021 totalled Euro 4,060 million, representing a year-on-year increase of 7.3% compared to the first quarter of 2020 (+14.3% at constant exchange rates1). Consolidated revenue grew by 1.9% at constant exchange rates1 compared to the first quarter of 2019.
“EssilorLuxottica had a strong start to the year. While the pandemic continued to put up a fight, we fought harder, delivering significant revenue growth that surpassed pre-pandemic levels and met the structural need for good vision. Our passionate employees were not deterred by the adversity - they remained agile and focused on improving the unique journey taken by our customers and consumers.
In the first quarter, we successfully capitalized on the rebound in the US and China, while leveraging our brands, product innovation, distribution and digitalization everywhere in the world.
Our integration gained further momentum and we made good progress in several areas, while continuing to make new bolt-on acquisitions. Our sustainability, social impact and inclusive business agendas remained at the heart of our mission and business model.
The position we’re in today gives us greater confidence in our ability to outperform the industry.” said Francesco Milleri and Paul du Saillant, respectively CEO and Deputy CEO of EssilorLuxottica.
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).
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.