EssilorLuxottica Holds Firm in First Half Amid U.S. Market Slowdown

Essilor Luxottica closes the first half of the year up thanks to Europe and despite the United States. In the second quarter, the Ray-Ban owner posted sales above expectations thanks to the good performance in the European markets.

The French group ended the first six months of the current financial year with revenues of €14.02 billion, up 5.5% compared to the first half of last year. In the second quarter, the company posted growth of 7.3%, the same percentage as in the first three months of the year.

Francesco Milleri, president and CEO, and Paul du Saillant, deputy CEO of EssilorLuxottica, said, “With a strong first half, including top-line growth and momentum in all regions and businesses, we are maintaining the pace of our targeted growth despite a volatile environment.“

The optics manufacturer ended the first six months of 2024 with gross profit of €8.89 billion, up 4.2% year-on-year. Operating income, meanwhile, increased by 4.1% to €2.53 billion.

Essilor Luxottica ended the first six months of the current financial year with revenues of €14.02 billion

The company closed the first half with net income of €1.79 billion, up 3.1%from €1.74 billion in the same period last year.

By markets, in Europe, the Middle East and Africa (Emea), Essilor Luxottica ended the first half with growth of 8.8% to €5.40 billion. In the second quarter, sales growth in the region was 7.9%, well above the performance in the other markets.

In North America, the group’s main market in terms of turnover, the company reported a 3.5% increase in sales in the first half of the year, to €6.18 billion. In the second quarter, however, the company’s sales in the United States and Canada stagnated, with a slight increase of 0.2%.

In Asia, the group posted growth of 7.1% in the first half and 3.5% in the second quarter, while in Latin America the group reduced its sales by 3.1% in the first half and 5.6% in the second quarter.

Essilor Luxottica ended the first half with 17,609 points of sale of all its brands, 13,563 of them owned and 4,046 franchises and other formats. Sunglass Hut is the group’s leading chain, with 3,112 outlets, followed by LensCrafters, with 1,099 stores.