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EssilorLuxottica revenue up 7.1% in Q4 driven by China, Brazil

MILANO (Reuters) -Revenue at eyewear maker EssilorLuxottica rose 7.1% at constant exchange rates in the last quarter of 2023 boosted by China and Brazil, reaching 6.25 billion euros ($6.7 billion).

The company said on Wednesday in a statement that sales in Europe, the Middle East and Africa also performed well in the October-December period. The full year revenue broadly met an analyst consensus forecast provided by LSEG, at 25.4 billion euros.

North America, the group's main market, showed a softer growth compared with other areas and a slight acceleration in the last quarter compared to the previous one.

Adjusted operating profit rose 7.7% last year, to 4.2 billion euros, despite rising inflation and the impact of currencies and of investments to support new projects, such as myopia management lenses and smart glasses.

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"With all these positive results and momentum, we are confident that we will keep the pace and meet our long-term targets," Francesco Milleri, EssilorLuxottica's Chairman and Chief Executive, and Paul du Saillant, Deputy CEO, said in a statement.

The group confirmed its medium-term targets of "mid-single-digit" annual revenue growth from 2022 to 2026 and an operating profit margin of 19% to 20% by the end of that period.

The executives added that last year's investments would support the company evolution in the next decade.

In a separate statement, the Ray-Ban owner added the board had proposed the re-appointing all current directors at the shareholders' meeting to be held in April, including Milleri.

($1 = 0.9318 euros)

(Reporting by Elisa Anzolin; Editing by Valentina Za and Josie Kao)