GrandVision: third-quarter results

At 152 million euros, the GrandVision group's turnover for the third quarter of 2003 was practically the same as in the same period last year, a 3% increase at constant rates.

As a consequence, the group had to lower its profit estimates (9.5% of billings), even though the end result will in any case be higher than in 2002.

Comparable store growth in turnover is positive for all the group's outlets in all countries, with the exception of Vision Express and Solaris.

In France, GrandOptical, with 75 outlets, recorded a 3.5% increase for the third quarter. Générale d'Optique (124 stores) rose by 10% for comparable stores, and had the best three-monthly result since the start of the year.

GrandVision opened 11 new outlets in 2003 and 4 new openings for Générale d'Optique are in the pipeline.

In the United Kingdom and Ireland, pound lost 9% against the euro compared to the third quarter of 2002 and this affected the group's billings. The falloff for comparable store for the period was 5.6%, which was also due to a drop in store customers. In the rest of Western Europe, growth was 8% (4% for comparable stores).