Schiphol, the Netherlands - 6 August 2018. GrandVision N.V. publishes Half Year and Second Quarter 2018 results.
Half Year 2018 highlights
- Revenue in HY18 grew by 11.8% at constant exchange rates. Comparable growth was 2.8%
- 2Q18 revenue growth of 12.6% and comparable growth of 3.5% were driven by all three segments and product categories
- Adj. EBITDA (i.e. EBITDA before non-recurring items) increased by 8.0% at constant exchange rates with a solid improvement from 1.0% in 1Q18 to 14.8% in 2Q18
- The adj. EBITDA margin declined by 40 bps to 15.6% in HY18 mainly due to the dilutive effect of acquisitions. In 2Q18, the adj. EBITDA margin improved by 38 bps to 16.4%
- Adj. EPS was €0.44 in HY18, compared to €0.47 in HY17 as adjusted EBITDA growth was offset by higher non-cash depreciation and amortization in the period
- Store base remained stable at 7,002 stores in line with our network optimization strategy, as openings of 163 new stores were offset by store closings. The rebranding of all 209 Tesco Opticians stores to Vision Express was completed ahead of schedule in June 2018.
The Half Year 2018 Financial Report is available at www.grandvision.com. Dial-in details for the analyst call at 9:00 am CET are available at the end of this press release.
