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Essilor sticks to targets despite lower-than-expected third quarter sales

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Essilor sticks to targets despite lower-than-expected third quarter sales

Essilor sticks to targets despite lower-than-expected third quarter sales
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Philippe Wojazer(Reuters)
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PARIS (Reuters) - Essilor <ESLX.PA>, the world's largest maker of ophthalmic lenses, reported lower-than-expected revenue on Monday but kept its guidance unchanged for the year.

The French company, which merged earlier this month with Italian group Luxottica <LUX.MI> in a 48 billion euro ($55 billion) deal - said sales in the third quarter rose 4.4 percent to 1.81 billion euros.

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Analysts polled by Refinitiv had been targeting average revenue of 1.98 billion euros.

The company, renamed EssilorLuxottica, said it was keeping its 2018 targets for Essilor, namely like-for-like revenue growth of around 4 percent.

Sales at Luxottica, which also kept its outlook for the year, were up 2.9 percent to 2.22 billion euros, with Ray-Ban.com being the main driver of its online business.

EssilorLuxottica will report fully integrated results from next year.

The tie-up between Luxottica, which controls brands such as Ray-Ban and Oakley, and Essilor, which sells lenses under the Varilux brand, is aimed at taking advantage of strong demand for prescription spectacles and sunglasses as populations age globally.

($1 = 0.8724 euros)

(Reporting by Matthias Blamont; Editing by GV De Clercq)

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