QUOTATIONS
Luxottica Group
Essiluxottica recently reached an agreement with the Orig Bene group for the sale of 34 stores to the Grand Optical brand based in Belgium and 142 stores under the Eyewish brand based in the Netherlands. The sale awaits the go-ahead from the European regulator, scheduled for the first quarter of 2022 and completes the commitments made with the European Commission for the approval of the acquisition of Grand Vision, which
they also included the sale of 174 stores in Italy, announced a few weeks ago.
“The news is qualitatively positive as it allows management to focus entirely on the integration process of GrandVision”, comment today the Equita analysts who maintain the buy rating on the Essilorluxottica stock with a target price of 195 euros. The Milanese sim also reports the positive indications that emerged in the United States on consumption in the weeks preceding Christmas.
A long article in the Wall Street Journal reports several sources in agreement in indicating retail sales in good progress, + 8.5% in the period 1 November-24 December, with sales on the physical channel at + 8.1%, thanks also to the propensity to anticipate purchases to avoid availability problems (an element that has also helped logistics companies).
“We expect that, despite the more restrictive measures introduced in various areas as a result of the new wave of Covid cases, Essilux may have continued at least on the trend seen in the third quarter”, conclude from Equita. The eyewear group generated revenues up 9% in the third quarter at constant exchange rates compared to the previous year and 6.8% in the first nine months compared to the growth guidance + 5/9% for the full year.