EssilorLuxottica sees ‘slight deceleration’ in Q3 vs first half

Luxury eyewear maker EssilorLuxottica on Thursday reported third-quarter revenue of 6.3 billion euros ($6.68 billion) with Asia-Pacific sales growth of 11.75% bolstered by China.

The third quarter was a “slight deceleration” compared to the first-half due to a weaker sun retail business, EssilorLuxottica said in a statement.

Shares of luxury goods companies have come under pressure as cash-strapped consumers cut spending on high-end goods, while growth has also been slowing in China.

“China was the best performing country effectively leveraging its myopia control portfolio in the back-to-school season,” the company said, adding that the country’s retail performance continued to be “favourable”.

EssilorLuxottica reiterated its 2023 target of “mid-single-digit annual revenue growth” from 2022 to 2026 and an operating profit representing 19% to 20% of revenue by the end of that period.