EssilorLuxottica Reports Strong Revenue Growth and Margin Expansion in H1 2022
EssilorLuxottica announced robust financial results for the first half of 2022. The group's consolidated revenue increased by 37% year-over-year, with comparable revenue up 9.1%, demonstrating strong performance amid a challenging environment.
EssilorLuxottica, the global eyewear leader, reported strong financial performance for the first half of 2022. The company's consolidated revenue saw a significant 37% increase compared to the same period in 2021, reaching 11,816 million euros. Comparable revenue, which accounts for GrandVision's contribution as if acquired earlier, grew by 9.1%.
The group also achieved a notable improvement in its profitability. The adjusted operating margin rose to 18.4% in the first half, up 100 basis points from the pro forma figures of H1 2021. Adjusted net profit attributable to the group increased by 26% to 1,548 million euros. The company generated 906 million euros in free cash flow during the period.
Regionally, Europe, the Middle East, and Africa (EMEA) continued to show double-digit growth. North America's growth rate slowed but remained positive. The integration of GrandVision is progressing well, with comparable store sales for the retail chain increasing by 7% in the second quarter.
Chairman and CEO Francesco Milleri and Deputy CEO Paul du Saillant attributed the strong results to the company's open network model, commitment to innovation, and the dedication of its employees. They highlighted that these achievements benefit all stakeholders, especially customers. The company is also advancing strategic projects and partnerships, alongside its global vision care initiatives through the OneSight EssilorLuxottica Foundation.