The glasses group Essilorluxottica has started the new year with significant growth.
In addition, the beginning of the second quarter was “pretty good” in all regions, said CFO Stefano Grassi in a conference call. Now, however, headwind threatens through the global customs dispute, especially on the US market. The Essilorluxottica share lost three percent after its recent relaxation on Thursday.
In the first quarter, sales increased by 8.1 percent to 6.85 billion euros compared to the corresponding previous year, as the French-Italian company announced on Wednesday evening in Charenton-Le-Pont. At constant exchange rates, growth was 7.3 percent. Analyst: On average, the inside had expected a little less.
In the area of Asia-Pacific, growth was double digits. In Europe, too, the demand for glasses such as Ray Ban and Oakley remained robust. From the point of view of JPMorgan analyst Olivia Townsend, Essilorluxottica largely fulfilled the expectations.
In the United States, however, the glasses group is likely to feel the headwind through the customs dispute. The United States is an important market, the North America region contributes more than 40 percent to the group’s sales.
UBS analyst Susy Tibaldi already criticized the business in North America in the first quarter and capped her forecasts because of the risks there. In view of the tariffs, Essilorlorluxottica plans price increases in the United States in the single -digit percentage range. Among other things, the costs increase in glasses frames that are produced in China and delivered from there to the USA.