SCHIPHOL, The Netherlands—GrandVision NV (EURONEXT: GVNV), the world’s largest optical retailer group, reported revenue growth at constant exchange rates was 5.6 percent for the full year 2017 reaching €3,450 million compared to €3,316 million in fiscal year 2016, with organic growth of 3.5 percent. Comparable store growth, contributed 1.8 percent to revenue growth, the company said. When adjusted for the impact of effect of fewer selling days in 2017, comparable growth would be 0.5 percent higher at 2.3 percent. The continued strong organic expansion of the store network reached its highest contribution ever in 2017.

GrandVision opened more than 450 new stores, resulting in a net addition of 250 stores, bringing the network to over 7,000 at the end of the year. This further strengthened GrandVision’s position as the world’s largest retailer of prescription glasses, the group stated.

Acquisitions contributed 2.1 percent to revenue growth for the full year and 6.5 percent in fourth quarter 2017. This included Visilab in Switzerland and Tesco Opticians in the U.K., growing GrandVision’s leading position in Europe.

In 2017, among GrandVision's product categories, sunglasses showed the highest growth rate, benefiting from the continued expansion of the Solaris concept across our business. From a strategic perspective, the company said, “We have been able to utilize our existing network to open more than 1,300 new Solaris points of sale, bringing the total number to more than 3,500 at year-end.”

In the fourth quarter, revenue growth at constant exchange rates was 8.1 percent, which is an increase from 4.7 percent during the first nine months as acquisitions, mainly Visilab and Tesco Opticians, contributed 6.5 percent to revenue growth. Organic growth was 1.6 percent despite comparable growth of minus 0.8 percent, caused as expected by fewer selling days and the unfavorable timing of the Christmas Holidays. The overall drag of those factors was negative 1.3 percent.

Adjusted EBITDA increased by 4.0 percent at constant exchange rates to €552 million for the fiscal 2017 year, compared to €537 million the prior year.

GrandVision revenues grew in the G4 and Other Europe segments. In the Americas & Asia segment, revenue grew by 13.2 percent at constant exchange rates to €479 million in FY17. Organic growth was 11.8 percent and bolt-on acquisitions contributed 1.5 percent during the year. Comparable growth was 6.5 percent with a particularly strong performance in Chile, Mexico and Turkey.

The U.S. business delivered both revenue and comparable growth in 2017. However, the longer than expected organizational rebuild has led to a negative EBITDA of €15 million during the year and resulted in a previously announced non-cash goodwill impairment of €38 million. In 2018, the company said it expects to see the first benefits of this restructuring through an improved top and bottom line performance.

GrandVision announced the arrival of its new CEO, Stephan Borchert, effective Feb. 28, as VMAIL recently reported The Group’s stores operate under multiple retail banners around the world including Apollo-Optik in Germany, Pearle in the Netherlands, Belgium and Austria, Eye Wish Opticiens in the Netherlands, Generale d’Optique and GrandOptical in France, Vision Express and Lenstore.co.uk in the United Kingdom and Opticas Lux and Masvision in Mexico and For Eyes Optical in the U.S.