Fielmann: FY24 sales guidance upgrade

Yesterday, FIE revised its FY24 sales outlook upwards from EUR2.2bn to EUR2.3bn to reflect the completion of its second US acquisition Shopko Optical, which was announced in mid-June (see our comment here). Unsurprisingly, the profit outlook remains unchanged considering PPA and integration costs r

On the shelves now: Consumer weekly #33

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we take a new look at the latest rumors around Shein London IPO. Happy reading!

Fielmann: Greater presence in Midwest

Yesterday, FIE announced the acquisition of Wisconsin-based retail chain Shopko Optical, for a total consideration of USD290m. Last year, Shopko Optical generated USD168m in sales and counted 140 stores across 13 US States, which now gives Fielmann USA a stronger footprint in the Midwest region as

On the shelves now: Consumer weekly #27

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we take a look at the Q1 earnings season in the US, which is set to be a good vintag

Fielmann: Reassuring start to the year

With Q1 sales and EBITDA both up 11% YoY, FIE has reassured the market despite a demanding comparison base and challenging macro environment, particularly in Germany. Similarly, FY24 sales outlook highlights robust top-line trends through the year, whilst FIE's prudent EBITDA target leaves some ups

US eyewear market: looking at a half-full glass for 2024

The 2023 holiday season proved to be a good vintage, as evidenced by stronger-than-expected Q4 revenue performances from our entire Optical sample. Yet, macro uncertainty and a lingering impact from wait-and-see customer behaviour in prescription prevented companies from delivering a more upbeat ou

Fielmann: Air pockets almost over, appealing FY24 prospects

Yesterday morning, Fielmann reported its preliminary FY23 results. They were broadly in line with FY guidance and CSS expectations that were a bit more optimistic than the company. As expected, soft Q4 numbers reflected temporary headwinds and whilst FY24 outlook will only be shared at the Q1 2024

Fielmann: Significant store optimisation planned in Italy

According to the French ophthalmic industry's news source Acuité, Italian Trade Unions were recently informed of Fielmann's decision to close up to 11 stores in the country, representing 20% of its total store network. With this optimisation, Fielmann's expects Italy to reach break-even this year,

US eyewear market: chilly summer

The summer proved to be particularly chilly for the eyewear sector given a negative sunglass category and persisting weak consumer demand for prescription. However, recent weeks have seen some reassuring signs such as more predictable customer behaviour returning to pre-Covid patterns and normalisi

Q3 results beat and an attractive defensive profile

Yesterday morning, Fielmann posted stronger-than-expected Q3 numbers, with LFL growth in double-digits for the third consecutive quarter (+10% LFL), as well as a sharp rebound in margins thanks to positive operating leverage. Fielmann confirmed it FY23 sales and profit outlook which was raised last

US eyewear market: Resilient H1 and good vibes for H2

Initial fears of a soft first half for the US eyewear market proved to be wrong as the half-year period ended with a fairly solid performance in Q2, helped by a stronger-than-expected US economy. Whereas there are clear signs of consumers holding back spending due to inflation, eyecare providers ar

Two US deals that no one saw coming

We were expecting new acquisitions this year but arguably, these two US deals are surprising moves since they mark Fielmann's first acquisitions outside Europe and its entry into the US. Obviously, the US represents an attractive market for FIE, accounting for c.35% of the global eyewear industry a

Bryan, Garnier & Co Consumer Daily | Fielmann, Food inflation, Mister ...

Good Q1 numbers and promising FY outlook as Germans are back in optica...

German consumer sentiment has improved for the seventh month in a row, as demonstrated by Fielmann's better-than-expected Q1 publication. Interestingly, sales in prescription eyewear picked up (+8% YoY), driven by significant pent-up demand and restored consumer confidence. This brighter picture ec

Bryan, Garnier & Co Consumer Daily | RBREW, ABI, CAGNY, BEI, TKWY, Eye...

Caught between a rock and a hard place, National Vision warns on FY23 ...

Yesterday, National Vision unveiled FY22 results and a FY23 outlook that both missed CSS expectations, leading to a 39% correction in the share price. Whereas this disappointing publication could cast some doubts on the outlook for the US eyewear market, it is clearly company-specific since Nationa