Ray-Ban maker EssilorLuxottica misses sales expectations as China slows

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.