Fielmann Group continues double-digit growth in Q3, confirms 2024 full-year guidance

Fielmann Group continues double-digit growth in Q3, confirms 2024 full-year guidance 

• Fielmann Group’s price leadership as well as its international expansion lead to +13% growth in the first nine months (organic growth +5%, US acquisitions +8%)
• Adj. EBITDA margin in Europe increases by 1.1 percentage points vs. PY to 23.6%
• Eye Health Services now available in about 400 stores, so far more than 70,000 customers

With Germany in recession and consumer confidence levels remaining at low levels across Europe in Q3/2024 – especially in Central Europe – customers choose providers that offer guaranteed quality and services at the best price. In the optical and acoustic industries this is the Fielmann Group. As the price leader, the German family business continues to grow its market shares. Our Vision 2025 investments lead to a sustained topline growth while our Cost Leadership Program helps improve margins in line with our prognosis and long-term strategy.

In the first nine months of the year, the Fielmann Group's consolidated sales increased by +13% to €1.69 billion (previous year: €1.50 billion). Of this, +5% was due to organic growth and +8% were contributed by our US acquisitions. In a challenging market environment in Europe, Fielmann grew its market shares in major countries: Germany, Switzerland and Austria increased their sales between 5% to 9% over the same period last year while Spain and Poland grew significantly at +10% and +31%, respectively. Our US acquisitions contributed €127 million during first 9 months of the year (previous year: €9 million). On an as-if basis, the US business grew 8% over last year.

During the same period, our adjusted EBITDA was up by 13% over last year and reached €379 million (previous year: €336 million). Our adjusted EBITDA margin in Europe continued to increase by 1.1 margin points to 23.6%, thanks to an improved sell-out structure as well as a rigorous implementation of our Cost Leadership Program. As Fielmann USA starts at a significantly lower base, Fielmann Group’s adjusted margin remains stable at 22.4%.

Eye Health Service excites customers, grows rapidly, rollout across Europe
Fielmann is offering an innovative new eye health service in collaboration with Ocumeda, the leading teleophthalmology platform in Continental Europe: 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. So far, the new service has been rolled out to about 400 Fielmann stores across Germany, Austria, and Switzerland. More than 70,000 customers had their eyes checked. Of those, more than 16,000 patients had findings and were referred to local ophthalmologists or clinics for further treatment. Marc Fielmann, CEO of the Fielmann Group: “Many Europeans do not have a regular eye check up and in Germany alone thousands go blind every year unnecessarily. Together with our partners in ophthalmology we change this by making eye health services easily and quickly available. This way, we bridge the gap of missing eye care services and help avoid disastrous consequences. This is one step further towards our purpose – to help everyone hear and see the beauty in the world.”

Considering the urgent need, the fact that more than 95% of patients rate their experience as good or very good and the positive feedback from the ophthalmology community, Fielmann is rolling out this innovative eye health service across Europe.

Outlook
The Fielmann Group confirms its outlook for FY2024: We expect consolidated sales of approximately €2.3 billion, including the consolidation of six months of Shopko Optical’s results. The statements regarding our profitability remain in line with the outlook and guidance published in our half year report as of 30 June 2024.

Hamburg, Germany – November 1, 2024

Fielmann Group AG
The Management Board