Fielmann increases profit and expects slightly higher margin

The optician chain Fielmann increased its profits in the first half of the year. According to preliminary calculations, earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by around 14 percent to 235 million to 240 million euros, as the company announced on Thursday ahead of the annual general meeting in Hamburg.

The corresponding margin was around 21.6 percent, after 21.2 percent in the previous year. Fielmann benefited from a growing share of more expensive progressive lenses and hearing systems as well as its cost-cutting program. The company sees pre-tax earnings 16 percent higher at around 125 million euros. Group sales increased by 12 percent to 1.1 billion euros.

For the current year, the optician chain is forecasting an adjusted EBITDA margin slightly above the previous year. This does not include acquisition and integration costs, for example for the new US acquisition Shopko Optical. Last year, the EBITDA margin was 20.8 percent. In the European markets, a margin of just under 23 percent is emerging. The US business has a lower EBITDA return than the Fielmann Group, but will increase this significantly in 2024 and 2025. At the beginning of July, Fielmann had already slightly increased its sales target to 2.3 billion euros after the Shopko takeover.

The group is sticking to its goal of achieving an EBITDA margin of 25 percent for its European business by 2025. Including the companies acquired in the USA, the margin is expected to be around 24 percent. (DPA)