Essilor Luxottica (ESLOF) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome everybody. Thanks for being with us today. I'm Giorgio Iannella from the IR team. I'm pleased to introduce our speakers, Francesco Milleri, Chairman and CEO, Paul Dusayan, Deputy CEO, and Stefano Grassi, CFO of the group. At the end of their presentations, we'll have a 30-minute Q&A section. If you want to make a question, please press star followed by five. We kindly ask you to limit your questions to a maximum of two, each one of you. And with that, I hand over to Francesco Milleri. Good morning and good afternoon to everybody. Thanks for joining us. Today, I'm pleased to present to you a Silor Luxottica sound financial result of the first semester, as well as its new strategic initiative in the hearing aid market. Let me start from the H1 results that we are proud of with respect to both revenue growth and margin trend. Revenue at constant exchange rates grew by 8% in the second quarter and 8.2% in the first six months, close to 13 billion euros. All regions and segments were positive and contributed to growth. We just saw some softness in the u.s market but less material than expected as it was limited only to the sun category So far, this year, the Group Top Line has performed well above the mid-single-digit long-term target, thanks to its open business model, positive integration journey and higher diversification in terms of products, services, geographies, channels and segments. The adjusted operating profits deliver a robust performance in the first six months of the year, growing faster than sales at constant exchange rates to 18.5 margin, 10 basis points higher than last year, which is a remarkable achievement considering the impact of the cost inflation in the period. While working on the efficiency and synergies, we continue to invest in our new ...