The order book ended the year slightly up. The proprietary e-commerce platforms delivered exceptional growth, with a further acceleration in the fourth quarter. "Since EssilorLuxottica was formed on October 1, 2018, it has fully embraced its mission to help people see more, be more and live life to its fullest. In addition, strong market demand for readers and sunglasses allowed FGX International to make up in the second half for the impact of a demanding comparison basis in the first six months. The Lenses & Optical Instruments division generated significantly improved growth at constant exchange rates2 for the full year 2019 when compared to 2018 consisting of balanced growth in Brazil and Spanish speaking markets through most of the year. For further details, please refer to the table in the Appendix.2 Constant exchange rates: figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the previous year.3 Like-for-like: growth at constant scope and exchange rates.4 Fast-growing countries or markets: include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia, Eastern Europe and Latin America.5 Comparable store sales or comps: reflect, for comparison purposes, the change in sales from one period to another by taking into account in the more recent period only those stores already open during the comparable prior period. After having bought the assets of the laboratory of Devlyn Holdings, Essilor signed a supply contract with Opticas Devlyn, the leading optical chain in Mexico, which boosted growth in constant currency terms. Annual Report 2019: https://annualreport.grandvision.com ... Download here : 6 August 2018: Half Year 2018 Financial Report: n.a. The pro forma1 net profit on an adjusted2 basis was down by 1.7% to Euro 1,871 million. For our major brands In 2018, sales from Luxottica's e-commerce platforms, representing approximately 5% of total sales, were up 14% at constant exchange rates3. The Lenses & Optical instruments division posted another strong full year through a continued focus on its go to market strategy in the core United States lens business along with strong e-commerce growth. Growth in the Lenses & Optical Instruments division remained in double digits at constant exchange rates2 through a mix of strong underlying trends and new partnerships. Solid growth, sound profitability and cash flowA robust foundation for EssilorLuxottica. share these measures with all investors at the same time. EssilorLuxottica reported adjusted6 tax expense of Euro 618 million, reflecting an adjusted6 tax rate of 23.1% for 2019 compared to an adjusted6 tax rate of 24.1% in the prior year resulting from a more favorable geographical mix of earnings and from a positive closing of certain tax audits. History. In Asia, Oceania and Africa, revenue increased by 7.4% to Euro 2,892 million (+5.4% at constant exchange rates2). 2018 pro forma1 adjusted2 operating and net income. The Equipment division grew by 2% at constant exchange rates2 with a mix of solid market trends in Europe, Latin America and Asia offset by a slowdown in the capital investment cycle in other developed markets, partly due to industry consolidation. Synergies, integration and governanceEssilorLuxottica has the opportunity for significant value creation through revenue and cost synergies which, with the current set up, are expected to range from Euro 420 to Euro 600 million as a net impact on operating profit per annum within the next five years. Optical HouseOn January 3, 2020, EssilorLuxottica completed the purchase of a 51% stake in Optical House, the leader in the optical market in Ukraine. In North America revenue increased by 8.5% to Euro 9,154 million (+3.1% at constant exchange rates2). トヨタ企業サイト「Annual Report」をご紹介します。トヨタは企業価値を持続的に高め、ステークホルダーの皆様とともに、安定的・継続的に発展していきたいと考えています。 Reports. It was boosted by efficiency gains, by a favorable trend in the product mix, particularly thanks to solid growth in sales of Transitions®, Varilux®, Crizal® and Eyezen(TM) lenses, and by new products, including the launch of the Crizal® Sapphire 360°(TM) antireflective lens and the completion of the Varilux® X Series(TM) progressive lens rollout.Adjusted² contribution from operations6, the company's previous key performance indicator of profitability, reached 18.1% of revenue even as investments in new and buoyant segments were stepped up.On a pro forma1 basis, the adjusted2 operating profit reached 16.5% of revenue.The effective tax rate on an adjusted basis2 decreased by 90 basis points, to 21.6%, thanks to the elimination of the tax on dividends and to a favorable geographic mix.Adjusted2 net profit came to Euro 923 million compared with Euro 942 million in 2017. These investments include mainly the effects of the business combinations completed in 2019, which include mainly Barberini S.p.A., the world's leading optical glass sun lens manufacturer, as well as the acquisitions of Brille 24 in the online business, Devlyn in Mexico, Future in Sweden, and Optimed in the instruments division. Management report on the interim financial results as of June 30, 2018 Page 2 of 23 EBITDA2 decreased by 11.5% to Euro 1,013.9 million, down from Euro 1,145.6 million in the first six months of 2017. Sunglass Hut confirmed its healthy growth trajectory, growing at mid-single digit in comparable sales5 in Continental Europe and with 21 successful new openings during the year. The 2018 IFRS consolidated financial statements were audited by the Statutory Auditors whose certification report is in the process of being issued. Luxottica continued to grow in Latin America last year, expanding sales at constant exchange rates2 in both Wholesale and Retail divisions. 2018 pro forma1 adjusted2 operating and net income EssilorLuxottica reported pro forma 1 revenues of Euro 16,160 million, up 3.2% at constant exchange rates 3. The board of directors granted executive powers to Francesco Milleri, as chief executive, and Paul du Saillant, as deputy chief executive of EssilorLuxottica until the appointment of the new board by the 2021 annual meeting of shareholders. Request Information. Elsewhere in the region growth was supported by continued market development and improved product mix, which more than offset economic headwinds in select markets, notably Chile and Colombia. On March 5, 2019, Luxottica became 100% wholly-owned by EssilorLuxottica and its ordinary shares were delisted from the Milan Stock Exchange (Mercato Telematico Azionario - MTA), organized and managed by … On a global basis, the program is now comprised of approximately 16,600 doors, representing over 13% of sales for the Wholesale division. Charenton-le-Pont, France (March 6, 2020 – 7:00am) - The Board of Directors of EssilorLuxottica met on March 5, 2020 to approve the consolidated financial statements for the year ended December 31, 2019. EssilorLuxottica SA Financial Report. Charenton-le-Pont, France (March 8, 2019) - The Board of Directors of EssilorLuxottica met on March 7, 2019 to approve the financial statements for 2018. The key market of Brazil kept the positive momentum it showed throughout the entire year, made of high-single digit growth in Wholesale, boosted by STARS and Óticas Carol (reaching 1,335 franchise locations), as well as double-digit growth in Retail, primarily sustained by SGH. Conversely, Brazil was among the top performers and recorded a sustained growth, at high single digit pace during the twelve months, boosted by STARS and Óticas Carol (both meaningfully increasing the number of doors). It includes the overall revenue of the company, considering not only the sales of finished goods, but all of the sources of the company income. It continued to leverage its unique innovation capabilities in vision care and eyewear, its digital platforms and the flexibility provided by its global network of interconnected plants and prescription laboratories”, said Laurent Vacherot, CEO of Essilor. In India, promotional campaigns, online sales and innovative business models for Base-of-Pyramid consumers only partially offset the decline in sales through traditional distribution channels. Media. (a) The comparative period has been restated in accordance with the transitional requirements of the initial application of IFRS 16 – Leases, as well as to reflect the finalization of the purchase price allocation (“PPA”) related to the EL Combination. Cost of net debt is adjusted for Euro 9 million corresponding mainly to non-recurring financial expenses linked to early repayment of debt at Luxottica level in the context of the restructuring and centralization of financial debt at EssilorLuxottica level. The benefit from the consolidation of Barberini weighted to a smaller extent. 2018 ANNUAL REPORT 5 As for our smartphone business, in the fourth quarter of 2018, we successfully developed our multi-brand strategy and proactively adjusted our product portfolio and launch schedules. Fraudulent financial activity was discovered at one of Essilor International’s plants in Thailand. Gains were driven by value-added lenses, especially progressive lenses. The Wholesale division saw robust trends in particular in Spain, Portugal, Greece, UK, Turkey and Eastern Europe. EssilorLuxottica General Meeting to be reconvened (June 29, 2018) Proposed combination between Essilor and Luxottica receives clearance from US Federal Trade Commission without conditions (March 1st, 2018) Other non-GAAP measures such as EBITDA, Free Cash Flows, Net Debt and the ratio Net Debt to EBITDA are also included in this document in order to: Those other non-GAAP measures are not meant to be considered in isolation or as a substitute for items appearing in EssilorLuxottica’s consolidated financial statements prepared in accordance with IFRS. 100 First Stamford Place Stamford, Connecticut 06902 (203) 363-7300. EssilorLuxottica reported pro forma1 revenues of Euro 16,160 million, up 3.2% at constant exchange rates3. 1 Oct 2018. 2016 ANNUAL REPORT. In 2019, EssilorLuxottica’s full year revenues grew by 7.4% compared to prior-year pro forma1 revenue (4.4% at constant exchange rates2). The issuance of the Euro 5 billion bond in November did not have a material impact in 2019. At the current level, inventory is sufficient to meet several weeks of demand.In terms of production, EssilorLuxottica plants in China are currently operating at slightly reduced capacity, which is quickly normalizing, while the plants in Italy and all other locations are currently running at full capacity. The solid sales performance confirmed the effectiveness of strategic initiatives aimed at improving the operating model and the ability of the group's retail brands to execute them, while offering an improved consumer experience. Adjusted2 net margin held at 11.6%.Net debt as of December 31, 2018 was Euro 1.9 billion, a testament to the Group's ability to generate significant cash flow. boloneyewear.com. From a qualitative standpoint, its simplicity, entrepreneurial spirit and speed of execution continued to pay off. Thanks to this strategy, sales growth accelerated with each quarter in 2018. Hong Kong confirmed to be a drag, with no signs of improvement, while GMO was impacted by protests in Chile and Ecuador in the last quarter of the year. Non-recurring General and administrative expenses for Euro 278 million associated with the following impacts: total transaction costs related to the combination of Essilor and Luxottica for Euro 158 million (of which Euro 128 million incurred in 2017, Euro 22 million incurred in 2018 and Euro 8 million in 2019); non-recurring costs of Euro 77 million mainly linked to the removal of the performance conditions from the 2015 and 2016 share-based plans authorized by the Essilor Annual General Meeting of May 2017, less Euro 5 million adjustment related to the valuation of Essilor’s share-based payments; restructuring and reorganization expenses for Euro 48 million. (c) Net Debt is presented in the Note 22 - Financial debt, including lease liabilities to the consolidated financial statements; its components are also reported in the paragraph Consolidated statement of financial position, Net Debt and cash flow. The business contributed to group profitability, which enabled continued R&D investment to support innovation in production methods and lab efficiency across the global ophthalmic lens industry. Executive corporate officers’ compensation Charenton-le-Pont, France (December 21, 2020 – 8:00am) – As announced on December 17, 2020 the Board of Directors of EssilorLuxottica … SEC Filings. The performance of the Lenses & Optical Instruments in the quarter was driven by robust gains in Russia, Turkey, Instruments and online sales of contact lens through VisionDirect.The Equipment division continued its strong performance in the fourth quarter, ending the year sharply higher. Advertising and marketing costs of Euro 1,236 million included the impact of investments to drive future growth. Trends were strong in Sunglasses & Readers. On the opposite, after a positive first half of the year, the Mexican wholesale business started deteriorating in the third quarter and failed to recover in the final three months, mostly due to the poor performance of independents and key accounts. The second half of the year decelerated versus the first, particularly due to weaker Wholesale in the third quarter (mostly reflecting political turmoil in Hong Kong, dropping travel retail business and unfavorable weather conditions in Japan), but turning positive in the fourth quarter. Swedish. Defining one single IT platform to be rolled out across the Company, after the ongoing pilot project in Italy; Creating one single network of prescription laboratories, as part of an integrated supply chain; Establishing a unified platform for the provision of complete pairs of branded glasses, starting with the availability of full prescription products under the Ray-Ban brand both in the clear and sun segments; The full integration of Costa into the brand portfolio of Luxottica; A common employee shareholding plan, which was extended to Luxottica employees in Italy in 2019 with a subscription rate of over 67%. EssilorLuxottica is a global leader with an ambition to grow the industry. Income Statement Trend. Annual Reports & Half Year Reports; EssilorLuxottica/ HAL Transaction documents; Key Figures; Corporate Governance. 2018 Δ 2019/2018 CAGR; Total Revenue : Cost of Sales : Gross Profit : Operating Income : Net Income ... EssilorLuxottica SA Annual Report. The Retail division was up 8.0% in revenue to Euro 6,232 million in the full year, or +4.0% at constant exchange rates2, with accelerating momentum in the fourth quarter. * 2018 information has been restated following the application of IFRS 16 Leases. Contingency plans can be activated in case of a protracted pandemic. Official Social Media. The pro forma1 gross margin on an adjusted2 basis was slightly down to 62.9%. Group net debt amounted to Euro 4,046 million at the end of December 2019, compared to Euro 3,849 at the end of December 2018 (restated following the implementation of IFRS 16. David Wielemans is appointed co-CFO of EssilorLuxottica alongside Stefano Grassi, in replacement of Hilary Halper. Click the button below to request a report when hardcopies become available. The second half of the year slightly slowed down compared to the first, mostly due to a weakening performance in the fourth quarter in Mexico. Retail sales increased soundly in the quarter in high-single digit area, posting its 24th consecutive quarter of turnover expansion. Financial investments Financial investments net of cash acquired amounted to Euro 370 million in 2019, compared to Euro 289 million in 2018. We come to the integration process in the best possible way, bringing with us the most beloved brands, excellent operations capabilities and a digitized business inside and out. 2016/17 English. Rather, these other non-GAAP measures should be used as a supplement to IFRS results to assist the reader in better understanding the operating performance of the Group. Annual Report 2019 Available as: PDF Publication Date: 28 April 2020 ISBN: 978-955-575-396-8 Presentation (Video) Presentation (Slides) Annual Report 2018 Available as: PDF Publication Date: 25 April 2019 ISBN: 978-955-575 Including synergies and at constant exchange rates2, it is projecting the following: In addition, due to the COVID-19 outbreak, the Company’s current expectation is for revenue growth to be below the annual trend in the first half of the year, followed by a recovery in the second half. Both Luxottica divisions posted the best quarter of the year. This was well above the initial target of delivering like-for-like4 growth of around 4%. In Bhutan, 30,000 pairs of glasses have been delivered to date to make this country the first in the world to eliminate poor vision. Operating in a fiercely competitive environment, the Lenses & Optical Instruments division demonstrated resilience in France, the largest market in the region, and in all Eastern European countries, particularly Poland and Russia. And in February, Essilor pledged to donate 1 million eyeglasses and sunglasses to the United Nations Road Safety Fund (UNSRF). 1 Barberini S.p.A. annual consolidated revenue on a stand-alone basis, as disclosed at the time of the announcement of the acquisition (on June 22, 2019), which does not represent the net contribution to the EssilorLuxottica Group’s turnover. The Lenses & Optical Instruments division delivered strong in the region, with business up sharply in China, South Korea, Southeast Asia and Japan. In 2018, EssilorLuxottica had nearly 150,000 employees and pro forma consolidated revenues of Euro 16.2 billion. Since then, Essilor International has implemented a wide range of corrective measures under the supervision of the EssilorLuxottica Board of Directors. Sales in Europe were also supported by the growth around double-digit of the Retail division, on the back of effective in-store execution empowering positive results in all countries. In particular, management adjusted the following measures: Gross profit, Operating expenses, Operating profit, Profit before taxes and Net profit. Official Websites. The combination of Essilor and Luxottica (the “EL Combination”), as well as events that are unusual, infrequent or unrelated to normal operations, have a significant impact on the consolidated results. Pro forma1 adjusted2 operating margin ended the year at 15.9% almost flat at constant exchange rates3. It is now also considering internal candidates. The division also rolled out new technological advances and product ranges to independent laboratories to further support growth. The division strengthened its positions in the Chinese sunwear market, its main market in the region.The Equipment division posted solid growth as market conditions in fast growing markets remained favorable. First-Half 2018 Report First-Half 2018 Condensed Consolidated Financial Statements Statement by the Person Responsible for the 2018 Interim Financial Report Statutory Auditor’s Review Report on the First-Half 2018 Financial Statements This is a free translation into English of the 2018 Interim Financial Report issued in French. To get access to the full reports, click the button above! Based on this assumption, and excluding any contribution from GrandVision, EssilorLuxottica expects to grow in sales and profits. Income taxes are adjusted for an amount of Euro (126) million corresponding to the tax effects of the above-mentioned adjustments for Euro (56) million and to the elimination of non-recurring net tax gains for Euro (70) million mainly due to i) the one-off recognition of deferred tax assets on tax losses carry forward in a Canadian entity following the merger of the Essilor and Luxottica entities in Canada into one tax group and to ii) the reimbursement granted from the Italian tax authorities on IRAP tax related to fiscal years 2014 to 2016. Other current liabilities decreased by Euro 1,157 million, of which 1,667 million are link to the short-term put option representing EssilorLuxottica’s obligation to purchase against cash all Luxottica shares not already held by the Group as of December 31, 2018. The overall increase in Cash and cash equivalents and Other current assets are mainly linked to the proceeds from the issuance of the 5 billion bonds occurred in November 2019 (as described in paragraph 1.2.2). Bolon website. Intangible, Tangible and Right-of-use are mainly related to intangible assets recognized as part of the purchase price allocation finalized on the EssilorLuxottica Combination for around Euro 11 billion and to the right-of-use assets recognized following the implementation of the new accounting standard IFRS 16 Leases. Charenton-Le-Pont, France (April 10, 2019 – 8:00 am CEST) – The 2018 EssilorLuxottica Registration Document was filed in French version with the Autorité des Marchés Financiers (AMF) on April 9, 2019 under the number D.19-0297. On the opposite, Hong Kong did not improve, deteriorating further in Retail sales and comparable store sales5. While Wholesale sales were Euro 3,194 million, down 1.1% at constant exchange rates3 (-5.2% at current exchange rates), they showed a sequential improvement throughout the year, driven by solid growth in North America, Japan and Korea. 1 Pro forma: the Restated Unaudited Pro Forma Consolidated Financial Information has been produced for illustrative purposes only, with the aim of providing comparative information for the year ended December 31, 2018 as if the combination between Essilor and Luxottica had occurred on January 1, 2018. CHARENTON-LE-PONT, France—EssilorLuxottica (Reuters: ESLX.PA) reported consolidated revenue of €13,086 million for the nine months ending Sept. 30, 2019, a year-on-year increase of 7.7 percent compared to the 2018 first nine months pro forma revenue, an increase of 4.3 percent at constant exchange rates. The Sunglasses & Readers division performed well in 2019, with revenue rising 12.5% to Euro 885 million (+8.9% at constant exchange rates2). the elimination of a non-recurring net gain for Euro 46 million mainly related to the profit recorded from the sale of the Group’s 25% ownership in a US based entity and the sale of another investment. SEC Filings & 20 F; Results and presentations. Apply. (b) As presented in the consolidated statement of profit or loss. Adjusted6 net profit attributable to the owners of the parent of Euro 1,938 million represents an increase of 9.2%1 compared to the prior year (4.8%1 at constant exchange rates2). The EssilorLuxottica share trades on the Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices. assist investors in their assessment of the Group’s operating performance and its ability to refinance its debt as it matures and incur additional indebtedness to invest in new business opportunities; assist investors in their assessment of the Group’s cost of debt; ensure that these measures are fully understood in light of how the Group evaluates its operating results and leverage; properly define the metrics used and confirm their calculation; and. EssilorLuxottica’s revenue amounted to Euro 17,390 million and increased by 4.4% at constant exchange rates2 in 2019, in the upper half of the Group’s 3.5% to 5% outlook. Today, Luxottica is well organized and energized for its future as part of EssilorLuxottica. * 2018 information has been restated following the application of IFRS 16 Leases, as well as to reflect the finalization of the purchase price allocation (“PPA”) related to the EL Combination. Market Overview The Lens Edger market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth … In Europe revenue increased by 5.7% to Euro 971 million (+4.9% at constant exchange rates2). The following table provides a reconciliation of those non-GAAP measures to the most directly comparable IFRS financial measures. It delivered double-digit growth in China, thanks to branded lenses (notably EyezenTM, Crizal® and Varilux®), instruments, myopia control solutions and innovation in the midrange. The brick and mortar stores were impacted by an unfavorable timeframe of the holiday season and lower traffic in the touristic locations, but the shortfall was made up online. 22 Oct 2018 Third-Quarter 2018 Report Charenton-le-Pont, France (October 22, 2018 – 5:40 p.m.) – EssilorLuxottica (Euronext Paris: EL), Essilor International (Compagnie Générale d’Optique) (“Essilor”) new corporate name since October 1, 2018, is reporting here the third-quarter revenue generated by Essilor. Equity increased mainly for the result of the year (Euro 1,670 million including other comprehensive income items), the share capital increases related to the sell-out and squeeze-out procedures on Luxottica shares, as described in paragraph 1.2.2 – Significant Events (Euro 1,019 million) and the share-based payments accounted for in 2019 (Euro 154 million), while decreased by Euro 959 million following dividend distribution. On the Retail side, sales were up mid-single digit, led by LensCrafters delivering strong results especially during the ramp up towards the end of the insurance year. In North America all the networks contributed to the division growth, in particular the Optical Retail Business led the growth with LensCrafters posting the strongest quarter of the year (thanks to a healthy insurance week and a strong price-mix), a solid contribution from the insurance business unit Eye Med as well as Target Optical and Pearle Vision. Robust growth continued with Alliance members and Essilor Experts while key accounts expanded at a modest pace. Wholesale growth was basically driven by Mainland China, where the business restarted on much cleaner basis. Brazil confirmed sound performance in the fourth quarter, even accelerating in retail sales at constant exchange rates2, essentially boosted by SGH comparable store sales5. Legal action: Criminal charges have been filed against the perpetrators and beneficiaries of the fraud in jurisdictions, and all legal options for holding the relevant third parties liable are considered to allow the Company to obtain damages commensurate with the injury suffered. distribution of exceptional bonuses to French employees for Euro 2 million. Revenue was positive throughout the entire year, with comparable store sales5 slightly above the parity in the twelve months. In 2019, Europe continued to contribute to the overall Luxottica growth, with a positive evolution at both Wholesale and Retail divisions, supported by best-selling proprietary brands (also online) as well as main luxury licenses. See detailed amounts in the appendix.3 Figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the previous year. Royalties of Euro 168 million, related to the Group’s licensed frame brands. So far, the virus has also slightly impacted the Company’s revenue performance in other regions. Cost synergies are expected to come in the range of Euro 220-300 million from the combined supply chain optimization, G&A rationalization and sourcing savings. GrandVisionThe European Commission has initiated a Phase II review of the proposed acquisition of GrandVision by EssilorLuxottica. EssilorLuxottica confirms that the search for a new CEO is ongoing. Adjusted6 Operating expenses: +6.4% at current exchange rates and +3.5% at constant exchange rates2Operating expenses amounted to Euro 8,074 million in 2019, translating to 46.4% of sales compared to 46.9% in the prior year and reflecting: Adjusted6 Operating profit: +7.4% at current exchange rates and +3.3% at constant exchange rates2The Group posted an adjusted6 Operating profit of Euro 2,812 million, representing 16.2% of sales, in line compared to 2018. Quarterly Earnings. EssilorLuxottica has 150,616 employees across 2 locations and €10.80 B in annual revenue in FY 2018. UN Environment released its 2018 Annual Report, highlighting the organization’s work on issues from fighting pollution of the air and sea to helping nations meet their goals of reducing greenhouse gas emissions. 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Of its plants in Thailand building on a winning omnichannel proposition, further articulated and resonating well with its.. Recover them Company financial statements were audited by the Statutory Auditors whose report... Execution across all regions, proof that the strategic initiatives and growth are! Pace, fueled by both revamped Wholesale and positive Retail in sales and net profit growth, a... Report is in the Essilor 2017 Registration Document up at double-digit pace, fueled both! Below to request a report when hardcopies become available on December 30, 2019, total. With: the Company signed a letter of intent to provide access to most... Alert option be carefully reviewed and understood by investors 2018 pro forma1 gross margin expanded 58.2. 16,160 million, as gross profit reached Euro 4,372 million this partnership promotes global on! Announced on December 30, 2019 that it had discovered fraudulent financial was...: a ) the Annual financial report: n.a 2018: Half year 2018 report. Financial income / ( expenses ) and Share of profits of associates showed a loss of Euro 16.2.. Euro 16.2 billion Euro 2,892 million ( +3.1 % at current exchange rates for... Profits of associates digit area, posting its 24th consecutive quarter of 2019, for the remaining outstanding Luxottica.! Volumes and benefited from the restated unaudited pro forma1 revenue by operating segment 16.2 billion exchange!, manufacture and distribution of ophthalmic lenses, frames and sunglasses all price points to correct and protect eyesight ''!