Schiphol, the Netherlands - 31 October 2017. GrandVision N.V. publishes the Nine Months and Third Quarter 2017 trading update.
Highlights
- 9M17 revenue grew by 4.7% (3Q17: 5.3%) at constant exchange rates with comparable growth of 2.6% (3Q17: 3.1%), driven by all categories: spectacles, contact lenses and sunglasses
- Adj. EBITDA (i.e. EBITDA before non-recurring items) increased by 4.3% (3Q17: 6.2%) at constant exchange rates to €422 million in 9M17, including a loss of €11 million in the US
- The adj. EBITDA margin increased by 23 bps to 17.1% in 3Q17
- The total number of stores expanded to 6,709 (6,516 at year-end 2016)
- The US business delivered comparable growth during 9M17 and 3Q17. However, due to the delayed improvement of profitability, a non-cash goodwill impairment charge of €38 million was recorded in 3Q17
- The 4Q17 relative performance will be impacted by fewer selling days compared to the previous year related to the timing of the 2017 Christmas holidays
- GrandVision has published the convocation note and details for the extraordinary shareholders meeting on Thursday, 14 December 2017 related to the appointment of Stephan Borchert as member of the company's Management Board
Dial-in details for the analyst call at 9:00 am CET are available at the end of this press release.
