Ray-Ban maker EssilorLuxottica misses sales expectations as China slows [Yahoo! Finance]
ESSILOR LXTTCA UNSP/ADR (ESLOY)
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Source: Yahoo! Finance
(Reuters) -Franco-Italian eyewear maker EssilorLuxottica missed third quarter revenue expectations on Thursday, dented by a slowdown in consumer spending in China. Group revenue for the three months ended Sept. 30 came in at 6.44 billion euros ($6.97 billion), below analysts' forecasts of 6.58 billion euros, according to a Visible Alpha consensus cited by Dow Jones. Group Chief Financial Officer Stefano Grassi told an analyst call that the group faced a "clear deceleration" in revenue growth in the Chinese market compared with the previous quarter. Essilor's performance in Asia was notably affected by a slowdown in Hong Kong, where the company faced "a structural lack of tourist traffic and consumer spending", he said. The European luxury sector has been hit by lower consumer spending in China, with French luxury giant LVMH reporting on Tuesday its first decline in quarterly sales since the pandemic as demand in China and Japan weakened. Essilor saw its revenue in the Asia-
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