EssilorLuxottica Presents Second Quarter and First Half 2024 Results
Solid revenue growth at +5.2%, expanding margins, and two acquisitions in line with the company's development strategy
The Board of Directors of EssilorLuxottica met on July 25, 2024, to approve the condensed consolidated interim financial statements for the half-year ended June 30, 2024.
During the second quarter of the year, EssilorLuxottica maintained the solid growth momentum established in the first quarter.
Revenue increased by 5.2% at constant exchange rates (+3.8% at current exchange rates) to €6,955 million, showing excellent performance compared to the same period last year (+8.0%), as well as in the first quarter. In the first six months of the year, revenue rose by 5.3% at constant exchange rates (+3.4% at current exchange rates) to €13,290 million, in line with long-term objectives. The second-quarter revenue trend was consistent with that of the first quarter, with the main drivers of growth being balanced across geographical areas, categories, and channels.
Cash generation was €971 million in the first six months of the year, compared to €954 million in the same period last year. The Group ended the half-year with €2.16 billion in cash and cash equivalents and a net financial debt of €9.76 billion (including €3.51 billion of lease liabilities).
Francesco Milleri, Chairman and CEO, and Paul du Saillant, Deputy CEO of EssilorLuxottica, commented: "Even in this first half of the year, EssilorLuxottica's strategic vision continues to translate into positive results, with contributions from all geographical areas and businesses. Revenue growth, margin expansion, and record cash flow over the past six months have once again confirmed our ability to achieve long-term objectives, supported by the talent and commitment of over two hundred thousand colleagues worldwide. Investments in med-tech and smart eyewear, two of the Group's strategic development areas, are beginning to yield significant returns. Additionally, with the acquisition of Heidelberg Engineering announced last week, we will soon enter the clinical ophthalmology sector."
EssilorLuxottica is also continuing its sustainability journey by involving more and more stakeholders in its "Eyes on the Planet" program, including employees, suppliers, partners, and customers, through awareness campaigns and concrete actions supporting the five strategic pillars: carbon footprint (Eyes on Carbon), circularity (Eyes on Circularity), social impact (Eyes on World Sight), inclusion (Eyes on Inclusion), and ethics (Eyes on Ethics).
As part of its long-term commitment to reducing its emissions, the company recently submitted its short-term targets for reducing direct and indirect emissions to the Science-Based Targets initiative (SBTi) for validation.