“At present, the company has insufficient visibility to provide an assessment of the full scope of COVID 19 impact, as the situation remains volatile,” the eyewear maker said in a statement.”During the second quarter, the company expects revenue to further decelerate with a material impact on profitability.”The company had projected in early March that sales would grow between 3% and 5% in 2020.EssilorLuxottica said it was implementing a contingency plan, including cost and cash control measures, putting on hold non crucial investment initiatives and adjusting global capacity to meet current demand.Article content “The optics business, and specifically lenses, is a very resilient business if your sight changes, you need new glasses or contacts,” he told France’s BFM Business TV, adding the group’s activity would be closely tied to stores re opening in countries such as Italy, Spain and France, where retailers have had to close as governments try and contain the pandemic.The company is also growing in e commerce.Sagnieres said EssilorLuxottica had a strong cash position, after starting the year with some 6 billion euros ($6.6 billion) on hand. The group could draw down on a further 4 billion euros if needed, he added.The company’s plants in France and Italy have shut temporarily, but the group said it was keeping production going thanks to factories in China that had now re opened and at smaller laboratories and workshops in other locations.EssilorLuxottica has yet to decide whether to scrap its dividend. Companies in France are coming under pressure from unions to forgo payments to shareholders during the coronavirus crisis.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
It’s hard to recall a time since the gluttonous 1980s when fashion wasn’t wobbly. But most agree that after the 2008 recession, the industry was never the same. When the economy tanked, Saks Fifth Avenue took the lead in frantically discounting merchandise, and other stores followed.
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