EssilorLuxottica Warns of Coronavirus Hit in 2Q After Tough 1Q

EssilorLuxottica SA said Tuesday that first-quarter revenue fell 10% due to the coronavirus pandemic and that the impact of the crisis will likely be stronger in the second quarter.
Revenue for the quarter was 3.78 billion euros ($4.13 billion), the Franco-Italian optical giant said. At constant currencies, revenue shrank 11%.
The company–which was created in October 2018 from the combination of optical-lens manufacturer Essilor and luxury-eyewear maker Luxottica–reported lower revenue across its business divisions, with its lenses and optical instruments category posting a 5.1% decline, while the sunglasses and readers business saw revenue decline 19%.
The company said it can’t assess the full impact of the pandemic at the moment. However, the health crisis is likely to hit revenue and profitability even harder in the current quarter.
In March, the company scrapped its guidance for the year due to the impact of the coronavirus.
EssilorLuxottica won’t propose a dividend at the June 25 shareholders’ meeting. However, it may propose a special dividend before the end of the year “if the recovery is solid enough,” it said.

https://www.marketscreener.com/ESSILORLUXOTTICA-4641/news/EssilorLuxottica-Warns-of-Coronavirus-Hit-in-2Q-After-Tough-1Q-30538453/