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The carmaker Ferrari and corrective lenses and optical instruments manufacturer EssilorLuxottica have just released their results for the first quarter of 2020. The two luxury giants have been affected by the pandemic crisis and are already announcing an even more disastrous second quarter.
Ferrari revises downwards its objectives for 2020
In the first quarter, Ferrari’s sales fell by 1% to 932 million euros. Revenues from sponsorship and branding fell by 30% as a result of the postponement of the F1 season and lower traffic to stores and museums, while those from the sale of engines fell by 44,2%.
On the other hand, revenues generated by the sale of cars increased by 7.3%, while the number of vehicles delivered (2,738 vehicles) increased by 4.9% over the first three months of the year.
In mid-April, CEO of Ferrari Louis Camilleri said the order portfolio was “stronger than ever“, although this one could also be affected by the pandemic. Over the quarter, the group’s net profit fell by 8% to 166 million euros, in line with analysts’ forecasts, while revenues were slightly below expectations.
Ferrari had delivered more than 10,000 vehicles worldwide last year, a first in its history. Driven by these sales, its turnover had increased by 10.1% to 3.76 billion euros.
Like many manufacturers, Ferrari revises its targets downward for the year 2020. The manufacturer is forecasting a turnover of between 3.4 and 3.6 billion euros, against more than 4.1 billion euros before the outbreak, a drop of 14 to 20%.
The pandemic “will have an impact especially on the results of the second quarter, causing a sharp reduction in revenues and derivatives of Formula 1, activities related to the brand and the sale of engines to Maserati“, explained the group in a press release.
Essilor-Luxottica first-quarter sales down by 10%.
Corrective lenses and optical instruments manufacturer EssilorLuxottica also stated on Tuesday expecting that it is expecting the second quarter to be more severely impacted by the crisis than the first, when sales have already declined by 10% based on reported figures due to the consequences of the health crisis.
From January to March, the group’s sales reached 3.78 billion euros, down by 10.1% from the same period in 2019, according to published data. At constant exchange rates, the group’s revenues fell 10.9% in the first three months of the year.
EssilorLuxottica said it had “solid trends” until March, followed by a sudden decline in activity in most markets due to store closings caused by the health crisis. “Because the group is dependent on consumers’ ability to undergo eye examinations and access points of sale, it has experienced a decrease in business in all of its divisions and geographic areas after the implementation of social distancing measures.” explained the company.
The groupn created from the merger of Essilor and Luxottica, said it did not have sufficient visibility to assess the extent of Covid-19’s impact and therefore could not issue new annual targets. At the end of March, the company had given up its outlook for 2020 and had also suspended its share buyback program.
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Featured photo : © Ferrari[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
The carmaker Ferrari and corrective lenses and optical instruments manufacturer EssilorLuxottica have just released their results for the first quarter of 2020. The two luxury giants have been affected by the pandemic crisis and are already announcing an even more disastrous second quarter.
Ferrari revises downwards its objectives for 2020
In the first quarter, Ferrari’s sales fell by 1% to 932 million euros. Revenues from sponsorship and branding fell by 30% as a result of the postponement of the F1 season and lower traffic to stores and museums, while those from the sale of engines fell by 44,2%.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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The carmaker Ferrari and corrective lenses and optical instruments manufacturer EssilorLuxottica have just released their results for the first quarter of 2020. The two luxury giants have been affected by the pandemic crisis and are already announcing an even more disastrous second quarter.
Ferrari revises downwards its objectives for 2020
In the first quarter, Ferrari’s sales fell by 1% to 932 million euros. Revenues from sponsorship and branding fell by 30% as a result of the postponement of the F1 season and lower traffic to stores and museums, while those from the sale of engines fell by 44,2%.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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