Third Quarter 2020 Revenue
Strong recovery driven by resilient optical business
- Revenue down 1.1% at constant exchange rates1 (-5.2% at current exchange rates)
- Optical business and developed markets back to year-on-year growth1
- E-commerce continued to grow fast, up 40%1 year-to-date to a record Euro 878 million
- Strong Free Cash Flow2 and liquidity
Charenton-le-Pont, France (November 3, 2020 – 7:00am) – EssilorLuxottica today announced that consolidated revenue for the third quarter of 2020 totalled Euro 4,085 million, representing a year-onyear decline of 5.2% (-1.1% at constant exchange rates1) and highlighting a strong sequential recovery compared to the second quarter of 2020. For the first nine months of 2020, consolidated revenue amounted to Euro 10,315 million, representing a year-on-year decline of 21.2% (-20.0% at constant exchange rates1).
“We are pleased with the strong rebound that our Company delivered during the third quarter and proud of all of our employees who made this possible. They swiftly adapted to a challenging environment and a new way of working, enabling the company to continue its solid recovery. With the second wave of COVID-19 leading to new lockdowns in Europe, our priority remains the protection of our employees and the engagement with our customers and stakeholders, while we continue to closely manage business continuity and to control costs.
EssilorLuxottica has become stronger in these unusual business conditions, which have shown the clear benefit of our resilient optical business and our balanced mix in terms of products, segments and geographies.
Recent product announcements such as the launch of Stellest in China, a revolutionary new lens to manage myopia in children, and the recent partnership with Facebook in smart glasses, confirm that our Group never stops in its pursuit of innovation.
Combined with our drive to promote our large portfolio of brands, digitalise the consumer journey and more broadly reshape and transform the eyecare and eyewear industry, this all gives us great confidence in the Group’s future prospects for 2021 and beyond”, commented Francesco Milleri, Deputy Chairman and CEO of Luxottica, and Paul du Saillant, CEO of Essilor.
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 previous year.
2 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.