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EQS-News: Fielmann Group AG / Key word(s): Preliminary Results/Half Year Results
Fielmann Group grows HY1/2024 sales +12% over 2023, improves profitability
2024-07-11 / 07:29 CET/CEST
The issuer is solely responsible for the content of this announcement.
Fielmann Group grows HY1/2024 sales +12% over 2023, improves profitability
. Strong sales growth across all major markets despite weak consumer sentiment in Europe
. Customer loyalty, sell-out structure and Cost Leadership Program drive HY1/2024 EBITDA margin in European
markets up by 2 percentage points to about 23%
. Earnings outlook 2025: European markets expected to reach Vision 2025 EBITDA target margin of 25%,
Fielmann Group margin including US businesses slightly below
Preliminary financials of HY1/2024
According to preliminary figures, the Fielmann Group generated consolidated sales of around EUR1.1 billion in the first
half of the year 2024. This is a 12% increase over previous year (EUR971 million) and in line with the communicated
prognosis. The loyalty of our customers, an increased share of progressive lenses and hearings aids as well as the
positive impact of our Cost Leadership Program saw our earnings before interest, taxes, depreciation and amortisation
(EBITDA) grow disproportionately to around EUR235 to EUR240 million (about +14% previous year: EUR208 million), corresponding
to an improved EBITDA margin of about 21.6% (previous year: 21.2%). This development was driven by our European
business where we increased our EBITDA margin by around +2 percentage points to circa 23% (previous year: 21.2%).
Fielmann Group earnings before taxes (EBT) are expected to have reached about EUR125 million (+16%, previous year: EUR108
million).
Vision 2025 investments in digitalisation and internationalisation drive growth in HY1/2024
In line with its Vision 2025, the Fielmann Group has digitalised its business model and continues to expand
internationally. During the first half of the year 2024, we introduced various digital innovations such as an online
frame consulting feature utilising artificial intelligence. More than 250 stores in Germany and Switzerland now offer
our innovative eye health check up: 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 a local ophthalmologist for diagnostics and treatment. To-date, already more than 50,000
customers had their eyes checked at Fielmann and more than 10,000 of them have been referred to local ophthalmologists
or clinics based on the findings. This way Fielmann plays an important role in making eye health accessible to
everyone.
Our international markets outperformed, once again, increasing their sales by +26% in HY1/2024. While most of our
European markets were affected by low consumer sentiment, we nonetheless recorded double digit sales growth in Austria
(+10%), Spain (+10%) and Poland (+32%) compared to the same period last year. Germany, our home market, delivered
strong growth of +6%. Switzerland improved +5% over the same period last year.
Fielmann USA added EUR58 million to the topline of our family business. By significantly extending our eye exam
capacities and by introducing our omnichannel services we excite customers and grew by +8% on a comparable base over
last year without opening additional stores. With the closing of our acquisition of Shopko Optical earlier this month,
Fielmann USA is now forming the leading optical retailer in the Upper Midwest. Our omnichannel sales platform is
serving patients via digital sales channels and more than 220 stores across 19 states.
Acquisition of remaining shares in Óptica & Audiología Universitaria
In April 2024, the Fielmann Group has acquired the remaining 20% ownership in Óptica & Audiología Universitaria. "We
thank the Caballero and Gómez families for the constructive and successful four-year transition period, and we are
happy to welcome Aitor Leunda who took over as CEO of the company", says Marc Fielmann, CEO of the Fielmann Group.
"Going forward, our focus lies on the integration of our Spanish businesses as well as further expansion. Thanks to the
trust of our Spanish customers and to our fantastic teams from Medical Óptica Audición as well as Óptica & Audiología
Universitaria, we continue to gain market share. We are going to achieve market leadership in Spain in the
medium-term", Marc Fielmann continues.
Outlook
For the full year 2024, the Fielmann Group expects consolidated sales of EUR2.3 billion (+15% over last year), including
the consolidation of six months of Shopko Optical's results. For our European markets, we expect to reach an EBITDA
margin of about 23% in 2024 and confirm our Vision 2025 goal of 25% in 2025. Fielmann USA is starting at a lower
profitability base but will significantly improve its EBITDA margin in 2024 and 2025. At Group level, including
Fielmann USA, we expect an increased EBITDA margin in 2024 compared to previous year when adjusting for transaction and
integration costs. In 2025, we estimate to reach an EBITDA margin of about 24% at Group level when including the newly
acquired US businesses. Our Group EBT margin is set to increase both in 2024 and 2025. An explanation of these effects
will be provided in today's Annual General Meeting.
Hamburg, Germany - 11 July 2024
Fielmann Group AG
The Management Board
About Fielmann Group AG
The Fielmann Group is a German family business that serves 29 million customers with eyewear, contact lenses, hearing
aids and primary eyecare services. It operates an omnichannel platform consisting of digital sales channels and more
than 1,200 retail stores worldwide. Founded in 1972, the company is led by Marc Fielmann, representing the second
generation of the Fielmann Family who still owns the majority of the company's stock. By staying true to its
customer-centric values, the Fielmann Group helps everyone hear and see the beauty in the world. Thanks to the
dedication of its 24,000 people worldwide, the company is consistently reaching customer satisfaction and retention
rates of more than 90% and has to-date fitted more than 200 million pairs of individual prescription glasses.
Further information
Katrin Carstens Ulrich Brockmann
Director Communication & PR Director Investor Relations

press@fielmann.com          investorrelations@fielmann.com 
Phone +49 40 270 76 5907    Phone +49 40 270 76 442 

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2024-07-11 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com

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Language:     English 
Company:      Fielmann Group AG 

Weidestrasse 118 a
22083 Hamburg
Germany

Phone:        +49 40 270 76-0 
Fax:          +49 40 270 76-390 
Internet:     www.fielmann-group.com 
ISIN:         DE0005772206 
WKN:          577220 
Indices:      SDAX 
Listed:       Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; 

Regulated Unofficial Market in Tradegate Exchange
EQS News ID: 1942519

End of News EQS News Service
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1942519 2024-07-11 CET/CEST

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July 11, 2024 01:32 ET (05:32 GMT)