EssilorLuxottica is targeting a recovery in its business this year to levels seen before the COVID-19 crisis after the Oakley and Ray-Ban maker's fourth-quarter revenue showed further signs of improvement.
EssilorLuxottica said on Tuesday its third-quarter sales showed signs of recovery, but will eye the next few months with 'prudent confidence' as a second coronavirus wave threatens another heavy blow to results.
Oakley and Ray-Ban maker EssilorLuxottica's second-quarter revenue almost halved due to store closures to curb the spread of the coronavirus, it said on Friday, sending operating profit tumbling by more than 90%.
Oakley and Ray-Ban maker EssilorLuxottica reported a slump in first-quarter sales on Tuesday and warned of an even bigger hit in the current quarter as the coronavirus outbreak prompted store closures.
EssilorLuxottica is suspending its dividend due to the coronavirus pandemic, it said Monday, adding its annual shareholder meeting has been delayed and its Essilor chief executive officer, Laurent Vacherot, has retired.
Growing demand for vision correction should boost sales of Ray Bans and other eyeglasses, EssilorLuxottica said on Wednesday, with profits also driven by cost cuts of up to 600 millions euros a year from 2022.