Essilor: first quarter 2005 results

Essilor has announced its consolidated sales for the three months ended March 31, 2005: 570 millions euro, up 4.5% based on IFRS and excluding the currency effect.

On a like-for-like basis, sales were up 1.3%, compared with a first-quarter 2004 that saw exceptionally strong like-for-like growth of 9%.

First-quarter 2005 performance was shaped by a decline in sales in almost all European markets (-1,5%) caused by the challenging business environment and unfavorable weather conditions. However, business continued to expand in North America (+4,6%), Asia (+9,5%) and Latin America (+16,5%), while overall, demand for value-added products remained robust and the product mix continued to improve.

Companies acquired in 2004 and in the first three months of 2005 added 3.2% to reported growth. The currency effect was a negative 2.1% due to the decline in the dollar, yen and pound against the euro compared with first-quarter 2004.

Furthermore, Essilor Canada has acquired Groupe Vision Optique (Gvo), which owns prescription laboratories in several large cities in the Province of Quebec and has annual sales of C$6 million (around €4 million) and 70 employees. Separately, Essilor Canada has signed a contract with Hakim Optical, Ontario's leading optical chain, to acquire its Coating Lab Enterprises business, which comprises three anti-reflective treatment centers in London and Toronto, Ontario and in Halifax, Nova Scotia.