HAMBURG, Germany—Global eyewear provider The Fielmann Group (ETR: FIE), whose network in the U.S. includes the brands SVS Vision, Befitting and the recently acquired Shopko Optical, has announced financial results for the first six months of 2024, noting an increase in sales, revenue and profit compared with the previous year, in line with expectations. Group sales grew by 11 percent to €1,081 million in the first half of the year (previous year: €971 million), including 5 percent attributed to organic growth and 6 percent attributed to acquisition in the U.S. Eyewear sales increased by 3 percent to a total of 4.5 million pairs of glasses in the period January to June 2024 (previous year: 4.4 million pairs of glasses).

The Group's international markets increased sales by 27 percent in the first six months of 2024, and Fielmann USA added €59 million in the same period. By significantly extending its eye exam capacities and by introducing omnichannel services, the company advised, Fielmann USA grew by 9 percent on a comparable base over last year. As part of Vision 2025, the Group continued its international expansion, completing the acquisition of Shopko Optical during the first half of the year and closing the acquisition on July 1. As of June, the Group noted, it operated 1,085 stores (previous year: 987) and digital sales channels in its markets. A total of 398 of its locations operated hearing aid studios (previous year: 371).

Looking ahead for the full year 2024,the Group expects consolidated sales of €2.3 billion, up 15 percent over last year. At the Group level, including Fielmann USA, the company projects an increased EBITDA margin in 2024 compared with the previous year when adjusting for transaction and integration costs. For its European markets, the Group expects to reach an EBITDA margin of about 23 percent and confirm its Vision 2025 goal of 25 percent in 2025. The company said Fielmann USA is starting at a lower profitability base but expects significant improvement in its EBITDA margin in 2024 and 2025.

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