Fourth quarter of slower growth
In the fourth quarter of last year alone, revenues increased by 3.9% at constant exchange rates, with a still sustained pace albeit slower than in the other quarters of the year, mainly due to the difficult basis of comparison with what had been the best quarter 2021 when comparable revenue increased by 11.0% compared to the fourth quarter 2019 at constant exchange rates.
In the fourth quarter, the‘EMEA was the best performing geographic area, with a growth of 6.2% at constant exchange rates thanks to the good results of France, Italy, Spain, the United Kingdom and the Scandinavian countries. In North America, revenues increased by 2.7% at constant exchange rates1 compared to the difficult comparison with the fourth quarter 2021, when it was recorded a growth of +13.9% compared to 2019, with the Professional Solutions division supported by the lenses business and by a solid price-mixe the Direct to Consumer segment growing despite a difficult basis for comparison. Revenues in Asia-Pacific and Latin America increased by 3.1% and 0.6% at constant exchange rates1, at a slower pace due to the negative impact of COVID-19-related regulations in China and stable performance of the business of Brazil.
In terms of operating segments, the Direct to Consumer division led the Group’s revenue growth in the fourth quarter, with revenues up 4.9% at constant exchange rates. Comparable store sales increased approximately 4%, slowing from the third quarter primarily due to a difficult comparison base. The Professional Solutions division grew by 2.8% at constant exchange rates1 primarily driven by solid performance in EMEA and an accelerating performance in North America. E-commerce decelerated in the last quarter of the year, up 1%, mainly due to a difficult comparison basis. E-commerce accounted for 7% of the group’s turnover overall for the full year.
Improve profitability
As for group profitability, adjusted gross profit for the year amounted to 15,606 billion euros, reaching 63.7% of revenues, 30 basis points higher than in pro forma 2021 (or 40 basis points basis plus at constant exchange rates).
L’adjusted operating profit reached $4.115 billion for the yearrepresenting 16.8% of turnover, compared to 16.1% pro forma4 in 2021, amargin expansion of 70 basis points (or 60 basis points at constant exchange rates1), despite the significant increase in labor costs, due to inflationary pressure on global wages. Adjusted group net profit was €2.86 million for the full year, up 15.4% at constant exchange rates compared to pro forma 2021, representing 11.7% of turnover this year.