The Fielmann optics group expects further growth for the current year. The management is assuming higher sales of corrective glasses. They were also an important driver in the first quarter, as the company announced on Thursday in Hamburg. Thanks to the ongoing savings program, profitability should also improve in 2023 after a decline last year.
Group sales are expected to increase this year by seven to ten percent to up to EUR 1.94 billion. Earnings before interest, taxes, depreciation and amortization (Ebitda) should benefit from the ongoing savings program and, after a decline, should increase again in 2022, by 9 to 21 percent to 370 to 410 million euros. Fielmann sees the corresponding earnings margin before taxes at 9 to 11 percent after 9.1 percent in 2022. Last year, higher costs and investments caused the optics group to suffer a decline in earnings.
In the first quarter, sales increased by 15 percent to 478 million euros. The main driver was an increase in sales of prescription glasses, which, according to Fielmann, benefited from increasing price awareness among customers as a result of high inflation. Fielmann sees itself as the price leader in the market and thus benefits from competitively priced glasses.
Stock increases sharply
The first-time consolidation of Medical Optica Audicion in Spain also had a positive effect. According to Fielmann, before interest, taxes and depreciation remained 18 percent more than a year earlier thanks to the savings program at 105.5 million euros. The bottom line is that the profit rose even more strongly to a good 39 million euros.
With an increase of 7.5 percent, the paper almost leveled out the valley since last July. At that time, Fielmann had to dampen expectations for 2022 due to depressed consumer sentiment, which caused the price to slide. Until mid-October, it then continued to go down for the most part. From then on, the stock launched several recovery attempts. But it was only in the past few weeks that the signs of an economic recovery had caused the SDax share price to rise steadily. (dpa)