reported revenue gains for the first six months ended June 30, 2018, boosted by a strong second quarter. Revenue totaled €3,726 million, up 4.4 percent from year ago, and 4.0 percent like-for-like. Essilor said the increase was largely attributable to the solid growth of its Lenses & Optical Instruments, which posted €3,211 million in revenue, up 4.1 percent in constant currency and 3.6 percent like-for-like. Other factors included an 8.1 percent like-for-like revenue increase by Essilor’s Sunglasses & Readers division as well as good overall results in fast-growing markets, the U.S. and e-commerce businesses. Revenue for Essilor’s equipment division was flat for the six-month period.
“Essilor delivered solid results in all regions and divisions in the first half of 2018, while at the same time preparing for its proposed combination with Luxottica,” said Hubert Sagnieres, chairman and CEO of Essilor.
During the second quarter, Essilor reported €1,901 in total revenue, up 5.0 percent at constant exchange rates, and 4.8 percent like-for-like. Key highlights of the second quarter were robust like-for-like-growth in the U.S. (revenues up 4.4 percent, citing response to the company’s “Ultimate Lens Package”), China and Brazil for the Lenses & Optical Instruments division and a solid performance by the Equipment division.
The company pointed to a strong contribution from its Sunglasses & Readers division, with first half like-for-like sales up 8.1 percent in North America, citing good sell-through from FGX International as well as Costa, “which delivered the best performance of the sunwear brands in the U.S. market, and continued its expansion in optical stores, in the prescription frames and lenses category, with a newly established presence in California.”
Essilor also reported that it acquired a majority stake in Cal Coast Ophthalmic Instruments
, a distributor of optometry equipment in the Western U.S. The company, based in Torrance, Calif., generates annual revenue of around $12 million, and will allow Essilor to expand geographical coverage of its Instruments business and accelerate the marketing of its products, Essilor said.