EssilorLuxottica: First-half 2020 results / Resilient performance, strong adaptability, structural vision needs
31 Juillet 2020 - 07:00AM
EssilorLuxottica: First-half 2020 results / Resilient performance,
strong adaptability, structural vision needs
First-half 2020 results
Resilient performance, strong
adaptability, structural vision needs
- Positive adjusted1 operating profit despite revenue
down 29%
- Cash and short term investments close to Euro 8 billion
due to prudent management and positive free cash flow2 in the
second quarter
- Revenue trough in April, followed by marked sequential
recovery in May and June in all key operating segments and all
geographical areas
- Fast recovery in Lenses underpinned by prescription and
new products
- Prompt restart of Retail in both optical and sun,
particularly in North America
- Acceleration in digital, with online up 43% in the
first half and up 68% in the second quarter
- Euro 130 million fund to support employees and their
families
Charenton-le-Pont, France (July 31, 2020
– 7:00am) - The Board of
Directors of EssilorLuxottica met on July 30, 2020 to approve the
condensed consolidated interim financial statements for the six
months ended June 30, 2020. The Statutory Auditors have performed a
limited review of these financial statements. Their review report
is in the process of being issued.
“Our first priority in recent months has been to
protect our people and our communities, and to support our partners
and customers during the COVID-19 pandemic. While living up to our
responsibility as an industry leader, we also proved the strength
of our business model by managing to break even in the first half
with positive operating income1 and critical cash flow generation.
We want to thank our 150,000 employees worldwide, our management,
the Board of Directors and all our shareholders for the support and
sacrifices they made along the way. Everyone did their part and
contributed to these achievements.
We will continue to play an important role in
the industry’s recovery by making our capabilities, technologies
and resources available to everyone in the market without
distinction, in line with our mission. Our ability to strengthen
our relationships with customers in recent months, standing by
their side in the toughest of times, will make us stronger to face
any future change and opportunity in the industry.
Given the resilience of vision needs, we are
cautiously optimistic about the remainder of the year and will be
watching the evolution of the virus closely, ready to adapt
wherever needed. At the same time, we are increasing the pace of
our integration, accelerating our digitalisation and launching
major product innovations that will drive the industry forward”,
commented Francesco Milleri, CEO and Deputy Chairman of Luxottica,
and Paul du Saillant, CEO of Essilor.
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