EssilorLuxxotica’s Share Price Tumbles

PARIS – EssilorLuxottica’s share price took a hit on Friday after it reported results for the first time since Essilor and Luxottica merged last October. The new eyewear behemoth’s stock closed down 6.3 percent to 101.80 euros on the Paris stock exchange, as the market reacted negatively to indications that the integration of the two companies will take longer than expected. The company said net profit on a pro forma, adjusted basis – which consolidates the two companies’ results starting from Jan. 1, 2018, and adjusts them from one-off or otherwise unusual expenses – declined 1.7 percent to 1.87 billion euros for the full year. Operating profit was down 4.8 percent to 2.57 billion euros, while sales eased 1.2 percent to 16.16 billion euros. At constant exchange rates, sales were up 3.2 percent, with both Essilor and Luxottica contributing to the gain. “The results seemed OK, with some acceleration in the fourth quarter of 2018, which is good,” said Luca Solca, senior research analyst, luxury goods, at Sanford C. Bernstein & Co. Grégoire Laverne, deputy chief executive officer and senior fund manager at Roche-Brune Asset Management, noted that EssilorLuxotica sales were in line with analysts’ expectations. “The reason for [the revenue] decline is essentially explained by

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