EssilorLuxottica Swung to 1st Half Loss, Can't Give Guidance For Year
31 Juillet 2020 - 7:58AM
Dow Jones News
By Giulia Petroni
EssilorLuxottica SA said Friday that it swung to a first-half
loss that it currently isn't able to reinstate guidance for the
year.
The Franco-Italian optical giant reported a loss of 412 million
euros ($485.7 million) compared with a profit of EUR671 million for
the year-earlier period. On an adjusted basis, profit was EUR7
million.
Revenue was down 29% on year to EUR6.23 billion due to the
closure of stores caused by coronavirus-related restrictions.
The company's lenses & optical instruments category
registered a revenue decrease by 23% on year at constant exchange
rates, whereas sunglasses & readers were down 28% at constant
exchange rates.
EssilorLuxottica said it experienced signs of recovery at the
end of June across all of its markets, though at different
paces.
The company said the situation is too volatile to reinstate
financial objectives for the full-year and that it expects the
third quarter to be another period of transition.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 31, 2020 01:43 ET (05:43 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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