Ray-Ban maker EssilorLuxottica’s revenues rose 5.5% in first quarter

Eyewear maker EssilorLuxottica posted on Thursday a 5.5% increase in revenues in the first quarter, thanks to solid growth in Europe and despite a weak North America performance and a tougher basis of comparison.

Revenues at the Ray-Ban maker totalled 6.34 billion euros ($6.76 billion) in the January-March period, slightly below a Visible Alpha consensus of 6.42 billion euros.

Sales in North America, the group’s biggest market, rose 1.7% at constant exchange rates, hit by a weak performance from the sunglasses category.

“With this positive momentum, we approach the first half of the year with optimism and remain confident in our strategic vision and our ability to deliver on our long-term outlook”, Francesco Milleri, EssilorLuxottica’s Chairman and Chief Executive, and Paul du Saillant, Deputy CEO, said in a statement.

The group confirmed its medium-term targets of “mid-single-digit” annual revenue growth from 2022 to 2026 and an operating profit margin of 19% to 20% by the end of that period.