HAMBURG, Germany—The Fielmann Group, a global eyewear provider, reported 12 percent sales growth year-over-year for the first half of 2024 as well as improved profitability. According to preliminary figures, the company generated consolidated sales of around €1.1 billion in the first half of 2024, a 12 percent increase compared with the previous year (€971 million) and in line with its forecast, the company said. The company stated that the loyalty of its customers, an increased share of progressive lenses and hearings aids, as well as the positive impact of its cost leadership program helped its EBITDA grow disproportionately to around €235 million to €240 million (about a 14 percent increase compared with the previous year's €208 million), corresponding to an improved EBITDA margin of about 21.6 percent (compared with previous year of 21.2 percent).

Fielmann Group said its earnings before taxes (EBT) are expected to have reached about €125 million (16 percent growth over the previous year's €108 million).

The company’s international markets increased sales by 26 percent in the first half of 2024. While it noted that most of its European markets were affected by low consumer sentiment, it recorded double digit sales growth in Austria (10 percent), Spain (10 percent) and Poland (32 percent) compared with the same period last year. Germany delivered growth of 6 percent, while Switzerland improved 5 percent over the same period last year.

Fielmann USA added €58 million during the first half of 2024. According to the group, extending eye exam capacities and introducing omnichannel services helped lead to growth of 8 percent on a comparable base over 2023 without opening additional stores. The group closed on its acquisition of Shopko Optical earlier this month, as reported in VMAIL, giving Fielmann USA a leading optical retail presence in the Upper Midwest. 

In April 2024, the Fielmann Group acquired the remaining 20 percent ownership in Óptica & Audiología Universitaria.

“We thank the Caballero and Gómez families for the constructive and successful four-year transition period, and we are happy to welcome Aitor Leunda who took over as CEO of the company,” said Marc Fielmann, CEO of the Fielmann Group. “Going forward, our focus lies on the integration of our Spanish businesses as well as further expansion. Thanks to the trust of our Spanish customers and to our fantastic teams from Medical Óptica Audición as well as Óptica & Audiología Universitaria, we continue to gain market share. We are going to achieve market leadership in Spain in the medium-term.”

For full year 2024, the Fielmann Group said it expects consolidated sales of €2.3 billion (15 percent growth over last year), including the consolidation of six months of Shopko Optical’s results. For its European markets, the group expects to reach an EBITDA margin of about 23 percent in 2024 and confirmed its Vision 2025 goal of 25 percent in 2025. Fielmann USA is starting at a lower profitability base, the company said, but expects to improve its EBITDA margin in 2024 and 2025.

At group level, including Fielmann USA, Fielmann expects an increased EBITDA margin in 2024 compared with the previous year when adjusting for transaction and integration costs. In 2025, the company is estimated to reach an EBITDA margin of about 24 percent at group level when including the newly acquired U.S. businesses. They noted that group EBT margin is set to increase both in 2024 and 2025.