The Fielmann Group experienced a continued recovery in the first nine months of 2021. According to the Q3 interim statement published today, consolidated sales during the first nine months increased by nearly 22% over 2020 and by 8% over 2019.
While footfall levels in many European cities and shopping centres have not yet fully returned to pre-crisis levels, the Fielmann Group grew significantly thanks to the loyalty of its 27 million customers as well as strong growth in its international markets: Our international sales (net) reached € 338 million in the first nine months of 2021, a 39% increase over the same period in 2019. The sales share of our international markets went up from 21% in 2019 to 27% in 2021.
In the first three quarters of 2021, external sales rose by almost 22% to € 1.45 billion (previous year: € 1.19 billion) and consolidated sales by 21% to € 1.25 billion (previous year: € 1.03 billion). This development was driven by double-digit growth in all major markets.
Pre-tax profit increased by 52% to € 181.3 million (previous year: € 118.9 million), while net income for the period rose to € 121.9 million (previous year: € 81.9 million). Earnings per share (EPS) increased by 47% to € 1.38 (previous year: € 0.94).
The third quarter accounted for external sales of € 531.6 million (+10%, previous year: € 481.6 million) and consolidated sales of € 460.8 million (+10%, previous year: € 421.0 million). While Germany generated Q3 sales levels not only above 2020, but also well above 2019, Switzerland and Austria reached pre-crisis levels but did not grow over 2020. Our other international markets grew by about 20% on a comparable basis in the quarter while Spain contributed further growth.
Quarterly pre-tax profit (EBT) reached € 85.4 million, a 5% increase over the same period last year. After taxes, our net income stood at € 57.4 million, which was 2% more than in the third quarter of 2020.
Vision 2025 stimulates growth and creates jobs
"Our positive development is the result of our continued investments into the digitisation and internationalisation of our Group as part of our Vision 2025," says Marc Fielmann, CEO of the Fielmann Group." „In 2021, the Fielmann Group entered another new market, added digital sales channels in various countries and will have opened 46 additional stores by year-end. Our large-scale investments into our omnichannel business model, our international expansion and growing product categories such as the hearing aids create a strong basis for organic growth in the coming years.“
As at 30 September 2021, the Fielmann Group operates digital sales channels in nearly all its markets as well as 897 stores (end of 2020: 870), of which 308 also provide hearing aid services (end of 2020: 280). In the first nine months of 2021, Fielmann has created 392 additional jobs and currently employs a total of 22,245 staff, including 4,522 trainees.
All investments were financed entirely from existing cash-flows and liquidity.
Outlook: Targets for the full year confirmed
Based on the visible recovery in the first three quarters of 2021 the Management Board of the Fielmann Group confirms its guidance: We continue to expect external sales of more than € 1.9 billion (previous year: € 1.6 billion), net sales of around € 1.7 billion (previous year: € 1.4 billion) and a pre-tax profit of more than € 200 million (previous year: € 175.5 million) for the full year.
The profit forecast includes increased up-front costs resulting from an accelerated organic growth strategy, higher transport costs and one-off write-offs for software applications that were changed in scope. This prognosis is contingent on the assumption that no major, coronavirus-related restrictions will impact our business during the remainder of the year.
For 2022, we anticipate double-digit growth rates for both external and net sales. We will continue to expand our omnichannel business model as well as our international distribution network to at least one new country.
Hamburg, 11 November 2021
The Management Board