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EssilorLuxottica Pro Forma Profits Dip 1.7% in 2018

PARIS – EssilorLuxottica, the newly formed eyewear behemoth, reported combined results on Friday for the first time since the merger of Essilor and Luxottica on Oct. 1, 2018.
For full-year 2018, net profit on a pro forma, adjusted basis – which consolidates the two companies’ results starting from Jan. 1, 2018, and adjusts them from one-off or otherwise unusual expenses – declined 1.7 percent to 1.87 billion euros.
Operating profit was down 4.8 percent to 2.57 billion euros, while sales eased 1.2 percent to 16.16 billion euros. At constant exchange rates, sales were up 3.2 percent, with both Essilor and Luxottica contributing to the gain.
“The contribution of Luxottica is significant: net sales, profitability and free cash flow all show positive growth, excluding the exchange-rate effect,” Leonardo Del Vecchio, executive chairman of EssilorLuxottica, said in a statement.
On a pro forma, constant-exchange rate basis, the company’s sales improved in all regions – up 2.6 percent in North America, 1.3 percent in Europe, 6.6 percent in Asia, Oceana and Africa, and 6.5 percent in Latin America.
All but one operating segment registered sales growth in the year in pro forma, constant-exchange terms. From the Essilor business, sales of lenses and optical instruments were up 4.8 percent;

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Via:: https://wwd.com/accessories-news/eyewear/essilorluxottica-pro-forma-profits-1203080642/