ESLOF - EssilorLuxottica Société anonyme (ESLOF) Q4 2023 Earnings Call Transcript
2024-02-14 16:19:02 ET
EssilorLuxottica Société anonyme (ESLOF)
Q4 2023 Earnings Conference Call
February 14, 2024 12:30 PM ET
Company Participants
Giorgio Iannella - Head of Investor Relations
Francesco Milleri - Chairman and Chief Executive Officer
Paul du Saillant - Deputy Chief Executive Officer
Stefano Grassi - Chief Financial Officer
Conference Call Participants
Oriana Cardani - Intesa Sanpaolo
Ben Rada Martin - Goldman Sachs
Luca Solca - Bernstein.
Cedric Lecasble - Stifel
Domenico Ghilotti - Equita
Veronika Dubajova - Citi
Piral Dadhania - RBC
Presentation
Giorgio Iannella
Good afternoon everybody. This is Giorgio Iannella from the IR team. Thank you for joining EssilorLuxottica Full Year 2023 Results Management Call. The Group's Chairman and CEO, Francesco Milleri; the Deputy CEO, Paul du Saillant; and the CFO, Stefano Grassi will walk you through the business and financial highlights of last year. After their presentations, there will be a 30-minute Q&A session. [Operator Instructions] We kindly ask you to limit your questions to a maximum of two.
With that, I hand over to Francesco.
Francesco Milleri
Good morning, and good afternoon to everybody. Thanks for joining us. Today, I am glad to present EssilorLuxottica sound financial result of 2023, and give an update on our key strategic initiatives and vision.
2023 has been another record year for the group in terms of its financial performance, which make us particularly proud in the context of more challenging macroeconomic and geopolitical environment throughout the entire year. We advanced it fast on our integration journey, while delivering the richest pipeline of innovation ever. At the same time, increasing our earnings and cash flows. This gave us the confidence to propose a dividend 22% higher than the previous year.
Group's total revenue reached €25.4 billion growing at the sound pace of 7.1% at constant exchange rate, third consecutive year above 7%. This reflects the deep diversification of our revenue mix, while balanced across geographies, trade channels, product categories, and price segments. Innovation played a key role across all the activities, including lenses, luxury brands and wearables.
The successful integration of GrandVision drove the comp sales growth at 9% laying the groundwork for the future expansion of the businesses. The group's adjusted operating profit near €4.2 billion, reaching 16.9% margin at constant exchange rates, 10 basis points higher than 2022, despite the substantial impact of the cost inflation and the investment for the future. All of that was more than offset by the business growth, diversification, and the operating synergies and efficiencies....
EssilorLuxottica Société anonyme (ESLOF) Q4 2023 Earnings Call Transcript