In its first combined financial statement, the newly merged global eyewear giant EssilorLuxottica reported a 2018 combined revenue, on an adjusted pro-forma basis, of EUR16.16 billion, 1.2% down on the year before, but 3.2% up at constant exchange rates. Pro forma operating profit for the merged entity on the same basis was EUR2.57 billion, up 1.2% at constant exchange rates, while net profit slipped 1.7% to EUR1.87 billion.
Still feeling its way through the merger, the company also reported figures for its two constituent businesses. At constant exchange rates, Essilor's 2018 revenue rose 4.6% to EUR7.46 billion, while Luxottica’s rose 1.5% to EUR8.93 billion.
In a statement, EssilorLuxottica said it expects synergies from the merger to range from EUR420 million-EUR600 million to impact on its operating profit within the next five years. “Once we are fully integrated with Essilor and our synergies have taken effect, together we will redefine a revolutionary service model for the benefit of wholesale partners and consumers everywhere," said Leonardo Del Vecchio, EssilorLuxottica executive chair and Luxottica founder.
