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BRIEF-EssilorLuxottica Q1 Revenue Down 10.1% Y/Y

May 5 (Reuters) - EssilorLuxottica SA:

* GOOD RESISTANCE FOR THE FIRST QUARTER WITH REVENUE DOWN 10%, TAKING MEASURES TO CONTROL COSTS AND PRESERVE CASH & PREPARING FOR RECOVERY AND DELIVERING ON OUR RESPONSIBILITIES TO ALL

* Q1 REVENUE FELL 10.1 PERCENT TO 3.784 BILLION EUR

* CONSOLIDATED REVENUE FOR Q1 OF 2020 TOTALLED EURO 3,784 MILLION, REPRESENTING A YEAR-ON-YEAR DECLINE OF 10.1% COMPARED TO Q1 2019 REVENUE (-10.9% AT CONSTANT EXCHANGE RATES1), REVEALING GOOD RESISTANCE IN CURRENT UNPRECEDENTED GLOBAL CRISIS

* Q1 ROBUST BALANCE SHEET AND LIQUIDITY WITH EURO 4.9 BILLION IN CASH AND SHORT-TERM INVESTMENTS

* AS ANNOUNCED ON MARCH 27, 2020 COMPANY’S OUTLOOK FOR 2020, INITIALLY PUBLISHED ON MARCH 6, 2020 IS NO LONGER VALID

* SOLID GROWTH UP TO FEBRUARY, FOLLOWED BY MATERIAL DECLINES IN MARCH DUE TO COVID-19

* COMPANY HAS INSUFFICIENT VISIBILITY TO PROVIDE ASSESSMENT OF FULL IMPACT OF COVID-19 ON FUTURE ACTIVITY, AS SITUATION REMAINS VOLATILE

* LIKELY THAT Q2 REVENUE AND PROFITABILITY WILL STILL BE NEGATIVELY IMPACTED BY CRISIS, AND MORE SEVERELY SO THAN IN Q1

* BOARD OF DIRECTORS DECIDED NOT TO SUBMIT ANY DIVIDEND DISTRIBUTION PROPOSAL TO ANNUAL SHAREHOLDERS’ MEETING OF JUNE 25, 2020

* IF RECOVERY IS SOLID ENOUGH, BOARD OF DIRECTORS MAY PROPOSE A SPECIAL DIVIDEND PAYMENT BEFORE END OF 2020

* ONLINE SALES STAGED AN ACCELERATION SINCE MARCH, WHEN THEY REACHED 7% OF GROUP REVENUE VERSUS 5% FOR QUARTER, AND THEY INCREASED FURTHER IN APRIL

* IN FIRST COUNTRIES TO REOPEN, DOMESTIC SALES OF PRESCRIPTION PRODUCTS HAVE REGAINED MOMENTUM SINCE END OF MARCH

* ON COVID-19: IN CHINA, DOMESTIC SALES OF PRESCRIPTION LENSES RETURNED TO YEAR-ON-YEAR GROWTH SINCE END OF APRIL, EVEN THOUGH TOTAL SALES WERE STILL DOWN

* Q1 OF 2020 WAS MARKED BY SOLID TRENDS UNTIL MARCH, FOLLOWED BY A RAPID DECLINE IN MOST MARKETS DUE TO STORE CLOSURES RELATED TO COVID-19 PANDEMIC

* GIVEN COMPANY’S RELIANCE ON EYE EXAM ACTIVITY AND RETAIL TRAFFIC, ACTIVITY SLOWED ACROSS ALL DIVISIONS AND GEOGRAPHIES WHERE SOCIAL DISTANCING MEASURES WERE ENACTED Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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