EssilorLuxottica targets profit growth through 2026

Adds details, CEO and Deputy CEO comments

March 11 (Reuters)EssilorLuxottica ESLX.PA waits his adjusted operating income to reach 19-20% of revenue in 2026, the luxury eyewear group said friday after report to the best of their ability quarter of 2021 with all regions exceeding pre-pandemic sbeers.

The company, which makes sunglasses and eyeglass frames for brands such as Chanel, Prada 1913.HK and Versace CPRI.Nis recovering from the coronavirus crisis as restrictions aimed at curbing Omicron-related infections are eased.

Sunglasses maker Oakley and Ray-Ban confirmed its 2022-2026 target of annual revenue growth in the mid-single digits in constant currency, and proposed a dividend of 2.51 euros per share .

The company said in a post on its LinkedIn page on Thursday that it was temporarily restricting operations in Russia due to significant uncertainty and disruption.

“During this difficult period, the safety of our staff remains our priority and we are providing all possible support to our teams affected in the region,” said managing director Francesco Milleri and his deputy, Paul du Saillant, in the income statement. .

The companies have taken steps to limit, suspend or abandon their business activities in Russia following a wave of sanctions imposed after Moscow invaded Ukraine.

Several analysts told Reuters that the group’s exposure to Russia and Ukraine accounts for about 1-2% of its revenue.

EssilorLuxottica published revenue of 5.58 billion euros in the fourth quarter ($6.14 billion), including the acquisition of GrandVision, youp approximately 32% compared to one year and nearly 35% compared to the pre-pandemic level of 2019 at constant exchange rates.

Jhe groupshad in July acquired more than 76% of the capital of Dutch Grand Vision company and announced an obligation bid for the remaining sharescompleted in January.

($1 = 0.9089 euros)

(Reporting by Anait Miridzhanian; editing by Milla Nissi)

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