EssilorLuxottica posts 2023 revenue growth of 7.1 percent

In the fourth quarter, EssilorLuxottica posted revenue of 6,250 million euros, up 7.1 percent at constant exchange and 2.4 percent. The full year closed at 25,395 million euros revenue, up 7.1 percent at constant exchange rates.

In terms of margins in 2023, the adjusted operating profit and the adjusted group net profit grew respectively by 7.7 percent and 9.4 percent.

Commenting on the financial results, Francesco Milleri, chairman and CEO and Paul du Saillant, deputy CEO at EssilorLuxottica said: “We’re proud to share these strong results with our stakeholders, delivering another year above 7 percent revenue growth, including an acceleration in Q4, with every one of our regions doing its part. Our profitability remained strong, with a record adjusted group net profit close to 3 billion euros and free cash flow at 2.4 billion euros.”

At the geographical level, the company said, both Asia Pacific and Latin America delivered growth of 10.3 percent at constant exchange and 12.7 percent, respectively, driven by China and Brazil. North America grew 5.9 percent in the fourth quarter, driven by both wholesale and retail, and EMEA rose 6.4 percent.

For the full year, Asia-Pacific rose 14.3 percent and Latin America increased 9.9 percent, while EMEA and North America posted an increase of 8.2 percent and 4.2 percent, respectively.

The company confirms its target of mid-single-digit annual revenue growth from 2022 to 2026 at constant exchange rates and expects to achieve an adjusted operating profit as a percentage of revenue in the range of 19 to 20 percent by the end of that period.

“We are confident that we will keep the pace and meet our long-term targets. After three years of strong results, the board of directors has unanimously agreed on the distribution of a dividend of 3.95 euros per share,” added Milleri and du Saillant.