Fielmann's preliminary Q3 2020 figures exceed expectations
Business performance suggests faster recovery than expected despite ongoing pandemic
The coronavirus pandemic continues to have a substantial impact on daily life as well as economies across Europe, resulting in ongoing protection measures enacted by governments across the continent.
Thanks to our robust business model, the outstanding performance of our employees and consistent cost reductions, Fielmann's business performance in 2020 during the crisis resembles a V-shaped curve: after a significant drop in unit sales, sales revenue and profits in April, Fielmann experienced a swift recovery since May. Despite the extensive restrictions that come with the pandemic, Fielmann was able to record a positive result in the first half of the year.
From July to September, the positive development accelerated further: according to preliminary estimates, Fielmann generated consolidated sales of approximately € 420 million (previous year: € 400.0 million) in Q3 and will reach a pre-tax profit of around € 80 million (previous year: € 78.5 million). Consequently, Fielmann will likely close the third quarter with a performance that is considerably better than expected.
Thanks to the consistent application of our hygiene standards, we safeguarded the health of our customers and employees alike. Many customers who originally postponed their purchase of glasses are now coming back to our stores. With our online appointment tool we allow our customers to plan their visit in advance. At the same time, we welcome spontaneous walk-ins using our digital time management tool. This way, Fielmann controls the footfall in the store, minimises waiting times and maximises productivity.
Provided that there are no further restrictions due to the coronavirus pandemic in the course of the year, Fielmann will most likely exceed the numbers previously forecast for the full year and expects to generate external sales (incl. VAT) of more than € 1.6 billion (previous year: € 1.76 billion), consolidated sales of more than € 1.4 billion (previous year: € 1.52 billion) and a pre-tax profit of more than € 140 million (previous year: € 253.81 million). We remain confident that we will emerge from this crisis stronger than before.
Hamburg, 30 September 2020
The Management Board