EssilorLuxottica Reports 2020 Results Amid Pandemic Challenges
EssilorLuxottica announced its full-year 2020 financial results on March 12, 2021, detailing a strong recovery and solid foundations for future growth despite pandemic disruptions.
Charenton-le-Pont, France – EssilorLuxottica released its full-year 2020 financial statements on March 12, 2021, demonstrating resilience and a sequential revenue recovery throughout the year. The company reported that its performance was driven by its Lenses & Optical Instruments segment, Retail operations, and e-commerce, which offset earlier pandemic-related challenges.
The company highlighted its swift response to the COVID-19 pandemic, prioritizing support for employees, customers, and society. Despite the difficult operating environment, EssilorLuxottica achieved a significant rebound in its operating margin during the second half of the year, both on a reported and adjusted basis. Free cash flow exceeded the previous year's level, reflecting the benefits of synergies and integration.
CEOs Francesco Milleri and Paul du Saillant stated that the company's business model proved strong, supported by adaptability, digitalization, and consistent brand investment. They indicated that EssilorLuxottica is well-positioned to lead the future of the eyecare and eyewear industry, with a focus on innovation and expanding into new categories such as myopia management.
Chairman Leonardo Del Vecchio indicated his intention to propose the confirmation of Francesco Milleri as CEO and Paul du Saillant as Deputy CEO to the new Board. The company intends to leverage its assets and strategic focus to capture long-term potential in the eyecare sector.