EQS-News: Fielmann Group AG
/ Key word(s): Half Year Report/Half Year Results
Fielmann Group AG:Fielmann Group confirms double-digit growth in HY1/2023 (news with additional features)
24.08.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
Fielmann Group confirms double-digit growth in HY1/2023
Vision 2025 investments drive outperformance of digital sales channels and international markets
• HY1/2023 figures confirmed: sales grew +13.6%, EBITDA +21.5% over last year
• Outperformance of digital sales channels (+28.1%) and international markets (+21.5%)
• Closing of second US acquisition expected shortly
In an environment of low consumer confidence levels, customers look for providers that offer guaranteed quality at the best prices − among optical and acoustic providers, this is the Fielmann Group. In HY1/2023, the German family business capitalised on its position as price leader and further grew its market shares across major markets. While its Vision 2025 investments led to sustained sales growth, the company’s Cost Leadership Program ensured a positive EBITDA margin development.
HY1/2023: double digit growth and disproportionate EBITDA growth confirmed
The Fielmann Group confirms its preliminary numbers published in July 2023. In the first half of 2023, the Fielmann Group generated external sales (incl. VAT and inventory changes) of €1.13 billion, a 13.6% increase over previous year (€994 million). Consolidated sales climbed by the same rate to €971 million (previous year: €855 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew disproportionately to €208 million (+21.5%, previous year: €171 million), corresponding to an improved EBITDA margin of 21% (previous year: 20%). Earnings before taxes (EBT) rose to €108 million (+21.4%, previous year: €89 million). This favourable development was driven by Vision 2025 investments leading to particularly strong e-commerce sales (+28.1%) and international sales growth (+21.5%) over last year.
Closing of second US acquisition expected shortly
In June this year we announced our expansion to the United States of America. The acquisition of the optical retailer SVS Vision is proceeding. Regulatory approval is expected in the next few weeks and the transaction will close shortly thereafter. Together with the acquisition of the online eyewear retailer Befitting, closed already in June 2023, these acquisitions constitute an important milestone in the internationalisation we pursue with our Vision 2025 growth strategy.
Fielmann Group confirms FY2023 outlook
In a challenging environment, the Fielmann Group is developing favourably as customers opt for the price leader. Considering the strong performance in our existing European markets we confirm our outlook. Once the closing date of our US acquisition has been set, we are going to update our prognosis for the full year. While SVS Vision is going to contribute to Fielmann Group sales immediately after the closing, we expect that due to the acquisition costs of several million euros, the US business contribution to Group EBITDA will be negligible in 2023 but significantly improve in 2024.
Looking forward, we are optimistic that our Vision 2025 investments will continue to drive our topline growth while our Cost Leadership Program puts us on track to reach the EBITDA margin as communicated in our Vision 2025 plan.
Hamburg, Germany – 24 August 2023
Fielmann Group AG
The Management Board
About the Fielmann Group:
The Fielmann Group is a German family business that serves more than 27 million customers via its omnichannel platform consisting of digital sales channels and about 1,000 retail stores. Founded in 1972, it is led by Marc Fielmann, representing the second generation of the Fielmann Family who still owns the majority of the company’s stock. By making fashionable eyewear affordable and staying true to its customer-centric values, the Fielmann Group is consistently reaching customer satisfaction and retention rates of more than 90% and has to-date fitted more than 170 million pairs of individual prescription glasses. The family business employs more than 22,000 people worldwide.
Further information:
Katrin Carstens · Director Communications & PR · · Phone 907
Ulrich Brockmann · Director IR · · Phone 42
24.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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