While the Coronavirus pandemic continues to significantly affect daily life as well as economies across Europe, Fielmann has recorded a swift economic recovery since May. This recovery led to a positive result in the first half of the year and even accelerated from July to September.
Q3 2020
The number of units sold in the third quarter of 2020 stood at 1.98 million pairs of glasses (previous year: 2.06 million). External sales grew by 4.0% to €481.6 million (previous year: €463.2 million) and consolidated sales rose by 5.2% to €421.0 million (previous year: €400.1 million).
The pre-tax profit increased to €81.4 million (previous year: €78.5 million) and the net income to €57.8 million (previous year: €54.8 million).
Q1-Q3 2020
Unit sales in the first nine months of this financial year amounted to a total of 5.07 million pairs of glasses (previous year: 6.13 million). External sales declined by 11.4% to €1.19 billion (previous year: €1.35 billion) while consolidated sales were 10.9% lower with €1.03 billion (previous year: €1.16 billion).
In the same period, Fielmann generated a pre-tax profit of €118.9 million (previous year: €206.1 million) and the net income was €82.8 million (previous year: €144.0 million).
As at 30 September 2020, the group operated 783 stores (previous year: 770), 216 of which also contained hearing aid studios (previous year: 206).
Vision 2025
Despite the economic challenges posed by the Coronavirus pandemic, the business development has proven to be resilient. This strengthens the company determination to continue the implementation of its Vision 2025 that entails a continued digitisation and internationalisation of its business model. In the first nine months of 2020, investments totalled €55.0 million (previous year: €74.4 million) and were financed from its cash flow.
Outlook
Based on the recovery during the third quarter, the company expects external sales of more than €1.6 billion (previous year: €1.76 billion), net group sales of more than €1.4 billion (previous year: €1.52 billion) and earnings before taxes of more than €140 million (previous year: €253.81 million) for the year as a whole.
As governments in most of our markets have taken strong measures in order to contain the second wave of the pandemic, these restrictions as well as additional measures that might likely follow might lead to a reassessment of its prognosis later this year. Nonetheless, Fielmann remains confident to emerge from the crisis in a position of strength.
The company is confident that it will enter at least one new market within the next 9 months.