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EL - EssilorLuxottica SA News Story

€149 -1.4  -0.9%

Last Trade - 11:25am

Consumer Cyclicals
Large Cap
Market Cap £56.30bn
Enterprise Value £59.33bn
Revenue £12.34bn
Position in Universe 18th / 839

UPDATE 1-EssilorLuxottica Q1 sales rise driven by China, U.S. rebound

Thu 6th May, 2021 6:42am
(Adds 2021 target, details; paragraphs 4-6)
    May 6 (Reuters) - Oakley and Ray-Ban maker
EssilorLuxottica's  ESLX.PA  first-quarter sales continued on
the path to recovery from the impact of the COVID-19 pandemic,
boosted by a strong rebound in China and the United States.
    The company, which makes sunglasses and spectacle frames for
brands such as Chanel, Prada  1913.HK  and Versace  CPRI.N , was
hit by coronavirus lockdowns and travel curbs last year, which
knocked demand for sunglasses in particular. 
    Sales in the first quarter jumped 14.3% at constant
currencies from a year earlier to 4.06 billion euros ($4.9
    EssilorLuxottica confirmed it targets a return to
pre-pandemic levels this year. It also specified the 2021 target
concerned revenue and adjusted operating profit margin.
    First-quarter results were ahead of that goal as sales in
the first quarter grew 1.9% over 2019 at constant currencies.
    The company, formed from the merger of French lens
manufacturer Essilor and Italian spectacles maker Luxottica,
also confirmed it expects to deliver synergies from the merger
of 300 million to 350 million euros in adjusted operating profit
by the end of this year, and of 420 million to 600 million by
the end of 2023.   
 ($1=0.8331 euros)

 (Reporting by Silvia Recchimuzzi in Gdansk; Editing by
Jacqueline Wong)
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