Essilor International reported sales at its Sunglasses & Readers segment grew at a record pace in the third quarter thanks in part to Costa sunglasses' continued penetration of the prescription eyewear and travel channels.
Segment revenues reached €126 million, up 32.8 percent from the third quarter of 2014 thanks in part to a 17.3 percent boost from currency effects. That was the largest year-on-year increase in quarterly sales at the segment since the French optics company created the it in 2010. The results reflect sales or reading glasses as well as sunglasses sold under the U.S.-based Costa and Native brands and several Chinese brands
In North America, FGX International's performance improved with the ramp-up of the new reading glasses supply contract with a leading drugstore chain and the gain of new shelf space with a large retail chain. The division's solid results were also driven by the strong growth at Costa, the Florida-based sunglasses brand which is still benefiting from the ramp-up of its prescription sunwear business and accelerating online sales.
The Chinese brands (Bolon , Molsion and Prosun) reported another quarter of growth. Expansion also continued in the travel retail channel, with the slotting of Bolon glasses with a major cruise line in the Asia-Pacific region.
The performance resulted in the Sunglasses & Readers segment generated revenue of €488 million for the nine month ended Sept. 30, up 31.7 percent (4.5 percent c-n) from the first three quarters of 2014.