Nov. 5, 2020 — Third-quarter revenue results highlight a significant industry recovery financially, following the downturn in the first half of the year seen after the Covid-19 pandemic. 

“We are pleased with the strong rebound that our company delivered during the third quarter and proud of all of our employees who made this possible. They swiftly adapted to a challenging environment and a new way of working, enabling the company to continue its solid recovery,” say Francesco Milleri, deputy chairman and CEO of Luxottica, and Paul du Saillant, CEO of Essilor, in a statement. “With the second wave of Covid-19 leading to new lockdowns in Europe, our priority remains the protection of our employees and the engagement with our customers and stakeholders, while we continue to closely manage business continuity and to control costs.”

EssilorLuxottica shared that consolidated revenue for Q3 2020 totaled Euro 4,085 million, representing a year-on-year decline of 5.2% (-1.1% at constant exchange rates), highlighting a strong sequential recovery compared to Q2 2020. For the first nine months of 2020, consolidated revenue amounted to Euro 10,315 million, representing a year-on-year decline of 21.2% (-20.0% at constant exchange rates). 

Separately, Safilo Group recently reported its Q3 and first nine months 2020 economic and financial key performance indicators, sharing a Q3 growth in net sales and profitability, led by a rebound in North America and a surging online business.

“After we were heavily impacted by the Covid-19 outbreak and the consequent global lockdowns between the first and the second quarters of the year, in the third quarter our business had a positive reaction reflecting, on one side, the sales rebound recorded in July as an expected catch-up effect after the strong H1 pandemic impacts, and, on the other side, a dynamic U.S. market continuing into August and September, making North America the main driver of our recovery,” says Safilo CEO Angelo Trocchia. “It is also important to note that in the third quarter, all our core markets and channels recorded an improvement compared to the first half of the year, from an outstanding growth in China to more positive results in some of the main European markets such as Italy, Germany, and France, while the IMEA countries, Latin America, and the travel retail channel remained key hurdles to a full recovery.”

For a look at the 2021 economic outlook and its predicted rise, head to EB’s recent feature from Brian Beaulieu, CEO of ITR Economics, as he shares advice for preparing for the year ahead.