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EssilorLuxottica Sales Recover as Second Virus Wave Looms

The maker of Oakley and Ray-Ban showed signs of recovery after the corona pandemic.

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The maker of Oakley and Ray-Ban showed signs of recovery after the corona pandemic.

But a second coronavirus wave threatens another heavy blow to results. The company also said it would, in December, consider whether to pay a dividend by year-end or not. Sales in the quarter ended Sept. 30 fell 1.1% at constant currencies from a year earlier to €4.09 billion ($4.77 billion). However, it seemed to be recovering on some ground after almost halving in the second quarter as lockdowns eased and stores reopened.

EssilorLuxottica said in a statement that it was “confident about the structural resilience of optical needs.” Although “cautious about the near-term evolution of COVID-19 and the amount of demand potentially fuelling the current recovery”.

The company, formed as a merger between French lens manufacturer Essilor and Italian spectacles maker Luxottica, confirmed its target of net synergies of €420 million to €600 million for adjusted operating profit by 2023.

Every business had been affected by the pandemic economically. However, few are still recovering from the downfall.

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