- 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 the 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