CHARENTON-LE-PONT, France—EssilorLuxottica posted double-digit growth for the three months ended March 31, 2022. The company reported Friday that consolidated first-quarter 2022 revenue climbed to €5,607 million, a year-on-year increase of 33.1 percent at constant exchange rates compared to the first quarter of 2021 (+38.1 percent at current exchange rates). On a comparable basis, revenue grew by 11.5 percent at constant exchange rates, or 15.7 percent at current exchange rates, with all regions experiencing positive results. Notably, EMEA and Latin America were up double digits, and North America remained robust, the company said.

EssilorLuxottica noted that its sun business bounced back in the first quarter, leveraging reopening and luxury momentum. Its best-selling sun brands, Ray-Ban and Oakley, increased by double digits. The company also reported solid progress in optical, driven by its branded lens portfolio which includes Varilux and Transitions.

“We’re very pleased to report a strong start to the year, with a solid performance in all regions and divisions showing positive results,” said Francesco Milleri and Paul du Saillant, respectively CEO and deputy CEO of EssilorLuxottica. “It’s a great moment for EssilorLuxottica—we are off to a good sun season, demand for luxury brands continues and our innovative products like Stellest are beginning to rewrite the story of sight for so many people. The fast-paced integration of GrandVision represents a meaningful milestone in our journey as a vertically integrated network company, committed to growing the industry for all stakeholders.”

EssilorLuxottica reported that its Professional Solutions division had a strong quarter, with comparable revenue reaching €2,780 million, up 9.6 percent at constant exchange rates compared with the same period of 2021 (+14.0 percent at current exchange rates). The division’s performance was positive in all regions, with EMEA and Latin America growing by double digits and North America and Asia-Pacific respectively posting high-single-digit and mid-single-digit growth. North America accelerated, mainly driven by the growth of the key accounts, sport channel and third-party e-commerce platforms.

The company’s Direct to Consumer business unit posted comparable revenue of €2,827 million, up 13.5 percent at constant exchange rates compared with the same period of 2021 (+17.5 percent at current exchange rates). Direct to Consumer expanded in all regions at constant exchange rates, except for Asia-Pacific (flat at current exchange rates). EMEA and Latin America drove the performance, both expanding by around 20 percent at constant exchange rates, while North America grew high-single digit supported by both physical banners and e-commerce platforms, according to EssilorLuxottica.

Brick-and-mortar comparable-store sales grew double digits, thanks to Latin America and EMEA, rebounding strongly compared to the first quarter of 2021 when severe restrictions affected results in the two regions. North American comparable-store sales grew by 3 percent, while the Asia-Pacific region posted a slightly negative performance.

The optical and sun categories both contributed to the overall performance, with Sunglass Hut as the top performer among the company’s main banners. E-commerce revenue grew 9 percent at constant exchange rates, with Oakley.com and SunglassHut.com as the best performing platforms, EssilorLuxottica said.

The North American region posted comparable revenue of €2,565 million, up 7.8 percent at constant exchange rates versus the first quarter of 2021 (+15.8 percent at current exchange rates), with the two operating segments equally contributing. The Professional Solutions division grew by high-single digits in the quarter, driven by sun frames at double digits, with Oakley and the luxury brands outperforming, as well as Varilux, Transitions and Crizal lenses. Key accounts, sport retailers and third-party e-commerce players drove the overall results, while the independent ECPs decelerated in the period.

Brick-and-mortar retail stores in North America positively contributed, with comparable-store sales increasing by 3 percent compared with the first quarter of 2021. LensCrafters and Target Optical increased low-single digit, while Sunglass Hut continued to outperform with comparable-store sales up mid-single digit. E-commerce revenue grew high-single digit, driven by a sound performance of SunglassHut.com, followed by Ray-Ban.com and Oakley.com. EyeMed’s business continued to expand, with total membership exceeding 68 million lives.

EMEA recorded comparable revenue of €2,054 million, up 18.0 percent at constant exchange rates versus the first quarter of 2021 (+17.1 percent at current exchange rates), was driven by the solid growth of the underlying business combined with a favorable comparison base last year when the brick-and-mortar stores were heavily impacted by COVID-19 restrictions.

Professional Solutions had a strong start posting double-digit comparable sales growth versus the first quarter of 2021. Varilux, Transitions and Eyezen were the growth drivers in the lens portfolio, while Stellest sales gained further momentum. On the frames side, sunglasses led the performance supported by Ray-Ban and Oakley.

Brick-and-mortar comparable revenue in the EMEA region grew by 25 percent versus last year, on the back of a comparison base highly impacted by COVID-related store closures, with approximately half of the Sunglass Hut locations closed. The business proved to be strong even compared to pre-pandemic levels, with the only exception of the airport locations, still suffering low traffic. Sunglass Hut comparable-store sales were up triple digits with all stores open, while the optical segment including GrandVision’s banners and Salmoiraghi & Viganò increased by double digits.

Asia-Pacific recorded comparable revenue of €685 million, up 3.1 percent at constant exchange rates versus the first quarter of 2021 (+7.3 percent at current exchange rates). The Professional Solutions business expanded by mid-single digit. Mainland China posted positive sales until February, then deteriorating in March due to the increasing number of COVID-19 outbreaks and subsequent lockdowns. Stellest continued to gain momentum in the country, recording exponential growth of the units sold.

The performance of the other markets in the region was characterized by a strong Southern Asia benefitting from a progressive deconfinement, a solid Japan supported by strong growth in the frame and AFA business and a sound acceleration of India in the second part of the quarter.

Brick-and-mortar comparable-store sales were low-single-digit negative, with flattish Australia as a result of a mixed performance between the different banners. OPSM decelerated into negative territory due to heavy floods and a spike in COVID-19 cases impacting its store locations. Conversely, Sunglass Hut posted a double-digit growth in the first quarter with revenue driven by both volumes and price-mix. Mainland China was negative with about three fourths of the fleet impacted by COVID-19 related closures or subdued traffic in the month of March. South-East Asia gained momentum following the progressive reopening of the region.

Latin America posted comparable revenue of €302 million, up 21.2 percent at constant exchange rates versus the first quarter of 2021 (+27.8 percent at current exchange rates), rebounding strongly with all the main countries in the region posting double-digit growth compared to last year when multiple lockdowns impacted the performance. The Professional Solutions division was supported by double-digit growth in the key countries of Brazil and Mexico. Comparable revenues of the brick-and-mortar stores increased double digits at constant exchange rates, benefiting from the lifting of COVID-19 related restrictions which affected the first quarter of 2021.

EssilorLuxottica noted that it continued its philanthropic and inclusive business initiatives throughout the first quarter, creating access to vision care for nearly two million people and allowing for nearly 1,000 vision care entrepreneurs to be trained in developing communities. The company reported that it raised €4 million to help people in Ukraine and provided direct support to its colleagues and their families in the region. Its financial contribution, which includes donations from 10,000 employees, a 1:1 match from EssilorLuxottica and a €1 million contribution from the Leonardo Del Vecchio Foundation, will support valuable NGOs in the field.