EssilorLuxottica USA said on Friday that its profit and net income fell for 2020, but that it recovered to high and bottom growth in the second half, and will pay a share as it sees 2021 performance at prepandemic levels.
The Franco-Italian eye group said revenue for the year came in at 14.43 billion euros ($ 17.29 billion), down 15% at stable currencies and according to an agreement reached with FactSet.
The company made a net profit for the year of EUR85 million, abruptly down from EUR1.08 billion previously. Adjusted for negative noncash effects related to Essilor and Luxottica combination, the net profit was EUR788 million and the operating profit was EUR1.37 billion, representing an operating margin of 9.5%, he said.
Performance was restored in the second half, with sales slightly up from 2019 at stable currencies at EUR8.12 billion, and net operating and profit profits both increasing year on year. This rapid recovery was partly due to direct e-commerce sales of EUR1.2 billion, up 40% from 2019, he said. There was also progress on cooperation between the two operating companies, EssilorLuxottica said.
For 2021, the company said it hopes to see performance return to prepandemic levels. It is proposing an allowance of EUR1.08 at the May AGM.