(Reuters) – The Franco -Italian optical group Essilorluxottica confirmed its annual sales prospects on Wednesday after having reported an increase in its sales in the first quarter, despite the risks of customs duties in the luxury sector.
The owner of the Ray-Ban glasses or Vogue Eyewear anticipates annual sales between 27 and 28 billion euros.
Essilorluxottica has also said in a press release implementing measures to compensate for the impact of American customs duties, without however giving details.
During a call devoted to the presentation of quarterly results, the group’s CEO declared considering an increase in prices in a figure in the United States.
In a note published at the beginning of April, JPMorgan had declared that Essilorluxottica is expected to be hit hard by American customs duties, anticipating “significant two -digit negative impacts in terms of operating profit”.
Indeed, the group producing its lenses and sunglasses in Thailand and China and exporting its premium mounts from Europe, it could face customs duties of up to 36% on products manufactured in Thailand and 145% on those manufactured in China, as well as up to 20% on imports from Europe if Donald Trump confirmed its “reciprocal” customs rights.
In February, on the occasion of the group’s annual results, the CEO of Essilorluxottica had nevertheless said that the impact of customs duties could be reduced by industrial diversification and an increase in prices.
Over the first three months of the year, the group also recorded a turnover of 6.84 billion euros, an increase of 7.3% at constant exchange rates after 6.33 billion euros at the same period the previous year.
In a note, RBC analysts declared that this result was lower than expectations, which has toured on sales of 6.92 billion euros, although they recognize that the consensus bar was “high”.
The professional solutions and regional performance segment of North America weighed on sales, they added, while the Direct to Consumer and the Europe, Middle East and Africa region have exceeded expectations.
(Written by Pauline Foret with Alessandro Parodi and Hugo Lhomedet, edited by Augustin Turpin)
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