×
146
Fashion Jobs
SAROJ JALAN
Marketing Strategist
Permanent · KOLKATA
ADD UR CO LLP
Production Manager
Permanent · Chennai
THE GLOBAL ZONE HR SERVICES
Production Manager/ Supervisor/ Incharge
Permanent · Pune
PUMA
Manager - Digital Marketing
Permanent · Bengaluru
THE BANYAN HR CONSULTS
Brand Manager For Leading Women's Wear Garments CO at Coimbatore
Permanent · Coimbatore
LEVI'S
Manager, Retail Merchandising (Ebo)
Permanent · Bengaluru
GLAN MANAGEMENT CONSULTANCY
Senior Buyer Lingerie (Knits Western Wear) - Retail Brand
Permanent · GURUGRAM
JOB INDIA
Asst. Manager E-Com Operations (Garments Retail) Gurgaon
Permanent · Faridabad
VASTRAKALA EXPORTS
Quality Manager
Permanent · CHENNAI
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Manager / in Charge - Production/Quality/Cutting - Garments Industry
Permanent · Bhiwandi
MINT AND MILK COMMUNICATIONS
Senior Account Executive
Permanent · MUMBAI
PUMA
Manager- Buying (Apparel)
Permanent · Bengaluru
PUMA
Manager- Business Intelligence
Permanent · Bengaluru
PUMA
Manager- Trade Compliance
Permanent · Bengaluru
PUMA
Manager- Supply Planning
Permanent · Bengaluru
PUMA
Senior Manager - Performance Marketing- Marketplac…
Permanent · Bengaluru
PUMA
Regional Sales Manager- Mbo (South)
Permanent · Bengaluru
PUMA
Manager- Returns And Spf Operations
Permanent · Bengaluru
PUMA
Manager Merchandising
Permanent · Bengaluru
PUMA
Project Manager- Operations
Permanent · Bengaluru
PUMA
Manager- Logistics Operations
Permanent · Bengaluru
PUMA
Warehouse Manager-D2C
Permanent · Bengaluru
By
Reuters
Published
Mar 30, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

EssilorLuxottica sees second-quarter profit hit, scraps guidance

By
Reuters
Published
Mar 30, 2020

Ray-Ban maker EssilorLuxottica scrapped its financial guidance on Friday and warned of a hit to second-quarter profit due to the coronavirus crisis, adding it was putting some investments on hold as it halts production at selected sites.


Ray Ban


“At present, the company has insufficient visibility to provide an assessment of the full scope of COVID-19 impact, as the situation remains volatile,” the eyewear maker said in a statement.

“During the second quarter, the company expects revenue to further decelerate with a material impact on profitability.”

The company had projected in early March that sales would grow between 3% and 5% in 2020.

EssilorLuxottica said it was implementing a contingency plan, including cost and cash control measures, putting on hold non-crucial investment initiatives and adjusting global capacity to meet current demand.

Executive vice-chairman Hubert Sagnieres said he was sanguine about the company’s chances of rebounding once the crisis had passed, however.

“The optics business, and specifically lenses, is a very resilient business - if your sight changes, you need new glasses or contacts,” he told France’s BFM Business TV, adding the group’s activity would be closely tied to stores re-opening in countries such as Italy, Spain and France, where retailers have had to close as governments try and contain the pandemic.

The company is also growing in e-commerce.

Sagnieres said EssilorLuxottica had a strong cash position, after starting the year with some 6 billion euros ($6.6 billion) on hand. The group could draw down on a further 4 billion euros if needed, he added.

The company’s plants in France and Italy have shut temporarily, but the group said it was keeping production going thanks to factories in China that had now re-opened and at smaller laboratories and workshops in other locations.

EssilorLuxottica has yet to decide whether to scrap its dividend. Companies in France are coming under pressure from unions to forgo payments to shareholders during the coronavirus crisis.
 

© Thomson Reuters 2022 All rights reserved.