EssilorLuxottica operating profit rose 9.4% last year

Eyewear maker EssilorLuxottica said on Wednesday its adjusted operating profit rose 9.4% last year, to 4.4 billion euros ($4.6 billion), broadly in line with analysts’ expectations.

Revenues at the group, whose brands include Ray-Ban, rose 9.2% at constant exchange rates in the fourth quarter, accelerating compared the third quarter and bringing the total revenues for the year to 26.5 billion euros, a touch above a 26.4 billion euros analysts forecast according to LSEG data.

“We celebrate… our fourth consecutive year of top line growth on track with our targets including a strong acceleration in the fourth quarter, with all regions and businesses contributing to our momentum,” said Francesco Milleri, Chairman and CEO, and Paul du Saillant, Deputy CEO.

The managers added that the Franco-Italian group remains on track with its long-term targets.

The company confirmed its target of mid-single-digit annual revenue growth from 2022 to 2026 at constant exchange rates, noting it targets a range of 27-28 billion euros by the end of the period.

It also confirmed it expects to achieve an adjusted operating profit equal to 19-20% of revenues by 2026, from 17% at the end of last year.

Although the company still generates most of its revenues from the sale of frames and lenses, it is looking to expand into new sectors such as medical and high-tech.

The group said that it had sold 2 million units of Ray-Ban Meta smartglasses since their launch, with a strong acceleration in 2024.