- As consumer confidence declines during Q3/2023, the Fielmann Group’s price leadership secures continued sales growth of +13.8% over PY (organic +10.0%, acquisitions +3.8%)
- Cost Leadership leads to positive EBITDA development (+26.6% over first 9 months of PY)
- Launch of new Eye Health Services in 100+ stores across Germany & Switzerland
With Germany in recession and consumer confidence levels declining across Europe in Q3/2023, customers choose providers that offer guaranteed quality and services at the best price. In optical and acoustic retail this is the Fielmann Group. As the price leader, the German family business makes vision and hearing affordable and grows its market shares. Our Vision 2025 investments in the digitalisation and internationalisation of our organisation continue to result in the outperformance of digital sales channels and international markets while the Cost Leadership Program helps improve margins in line with our prognosis and long-term strategy.
In the third quarter, external sales increased by 12.2% to €602 million (previous year: €536 million) and consolidated sales grew by 13.8% to around €526 million (previous year: €463 million). EBITDA at €130 million showed a significant +35.6% increase compared to Q3/2022 (previous year: €96 million). Earnings before taxes (EBT) grew by +25.1% to €65 million (previous year: €52 million). The main drivers of our positive development in Q3 were strong organic growth in existing markets amounting to +10.0% compared to previous year and acquisitions contributing an additional growth of +3.8% TLY in the quarter.
In the first nine months of the year, the Fielmann Group's external sales including VAT and changes in inventories rose by +13.1% to €1.73 billion (previous year: €1.53 billion), while consolidated sales increased by +13.6% to €1.50 billion (previous year: €1.32 billion). EBITDA improved by +26.6% to €338.6 million (previous year: € 267.5 million) during the same period. Earnings before taxes (EBT) amounted to €173.1 million (previous year: €141.0 million), a 22.8% improvement compared to the same period last year.
Vision 2025 investments in the digitalisation and internationalisation of our family business drove the outperformance of our digital channels (+16.2% over last year) as well as our international business (+20.8% over last year). While Switzerland grew +6.0% percent over the first nine months of last year, Germany, Austria, Italy and Poland all recorded double-digit growth. Spain reached an impressive sales growth of 42.4% over last year. Our newly acquired operations in the United States added +5% to the Group’s topline in September 2023 and +2% in Q3/2023.
Fielmann launches Eye Health Services
While demographic change drives demand for eye care services across Central Europe, the number of ophthalmologists is decreasing. To address this gap and to help customers, Fielmann introduces an innovative new service in collaboration with Ocumeda – a start-up founded by Swiss ophthalmologists: Certified opticians take images of the retina and measure the intraocular pressure with state-of-the-art equipment in Fielmann stores. Subsequently, the data is digitally transferred to ophthalmologists who conduct an assessment and provide customers with feedback within a few days. Customers with findings receive a recommendation to consult local ophthalmologists or clinics for diagnostics and treatment. Marc Fielmann, CEO of the Fielmann Group: “Fielmann helps everyone hear and see the beauty in the world. Every year, thousands of Germans unnecessarily go blind. This number can be significantly reduced by means of regular eye health screenings. Together with our partners in ophthalmology we are proud to make them easily and quickly accessible to everyone.” After piloting and improving the service for two years, eye health screenings are currently being rolled out to more than 100 stores in Germany and Switzerland. To-date more than 14.000 customers have already had their eye health checked in Fielmann stores.
The Fielmann Group confirms its optimistic outlook for FY2023: We expect external sales (incl. VAT and inventory changes) of about €2.3 billion. This corresponds to a +13% growth over last year. Consolidated sales are expected to reach approximately €2.0 billion. EBITDA is expected to grow disproportionately, reaching a value of about €400 million (+18%). Earnings before taxes (EBT) are expected to reach more than €190 million, corresponding to a growth of +18% as well. 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 – 9 November 2023
Fielmann Group AG
The Management Board