GrandVision reports 3Q18 revenue growth of 13.3% at constant exchange rates and comparable growth of 5.1%

Schiphol, the Netherlands - 31 October 2018. GrandVision N.V. publishes Nine Months and Third Quarter 2018 results.

Nine Months and Third Quarter 2018 highlights

•  In 3Q18, revenue growth of 13.3% at constant exchange rates with comparable growth of 5.1%, driven by a particularly strong performance in the G4 and Americas & Asia segments
•  Revenue in 9M18 grew by 12.3% at constant exchange rates. Comparable growth was 3.6%
• Adj. EBITDA (i.e. EBITDA before non-recurring items) increased by 8.6% at constant exchange rates in 9M18. The adj. EBITDA margin declined by 45 bps to 15.9% mainly due to the dilutive effect of acquisitions
• In 3Q18, adj. EBITDA grew by 9.7% at constant exchange rates with an adj. EBITDA margin decline of 57 bps to 16.5%
• GrandVision booked a non-cash goodwill impairment charge of €19 million, reflecting the continued low EBITDA margin of the Italian business
• The store base increased to 7,041 stores from 7,002 in June 2018, in line with our network optimization strategy, as openings of more than 250 new stores were partially offset by store closings.