By Mauro Orru

EssilorLuxottica SA said Friday that it has suspended a share buyback program amid coronavirus uncertainty.

The Franco-Italian optical company launched a program on March 17 to buy back up to 3 million shares, adding that it has repurchased 1.55 million shares for an average price of EUR102.54 since then.

The announcement comes on the same day after EssilorLuxottica said guidance issued three weeks ago is no longer valid due to the coronavirus pandemic.

The company said early on Friday that it expects its second-quarter revenue to further decelerate, and its profitability to take a material hit.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

March 27, 2020 13:30 ET (17:30 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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