By
Reuters
Published
October 17, 2024
Franco-Italian eyewear maker EssilorLuxottica reported on Thursday weaker than expected revenue for the third quarter, dented by a slowdown in consumer spending in China.
Sales for the three months ended Sept. 30 came in at 6.44 billion euros ($6.97 billion), below analysts’ forecasts of 6.58 billion euros, according to a Visible Alpha consensus cited by Dow Jones.
Revenue in the Asia-Pacific region rose 5% at constant exchange rates in the third quarter, compared with 9.8% growth in the second quarter of 2024.
“EMEA slightly decelerated from the first half and the performance in Asia-Pacific was affected by weakening macroeconomic conditions across Greater China,” the group said in a statement, commenting on the performance of its wholesale business, which accounts for about half of its total revenue.
Essilor confirmed its guidance for the 2022-2026 period, targeting revenue growth of 27-28 billion euros over the period, and an adjusted operating profit as a percentage of revenue in the range of 19-20% by the end of that period.
© Thomson Reuters 2024 All rights reserved.
Published October 17, 2024 Giorgio Armani’s first move in a 48-hour takeover of America’s wealthiest neighborhood, the Upper East Side, was his
Published October 17, 2024 Retail intelligence platform Narvar has announced the promotion of Anisa Kumar to the role of CEO, effective immediatel
Published October 17, 2024 New York is nothing without its Italian craftsmanship. To wit, the bronze works at Rockefeller Center; sculptures at the
Published October 17, 2024 Fashion retailer Revolve announced on Thursday South Korean-Canadian K-Pop artist Jeon Somi as its first-ever global bra