Fielmann is planning to end this year with a network of ten stores in northern Italy. The giant German optical retail chain opened its latest stores in the Italian cities of Vicenza, Verona, Trento, Varese and Piacenza. Encouraged by the initial results, it wants to raise the Italian network to a total of 20 locations in the medium term.

Fielmann is also adding more and more shop-in-shops for hearing aids in its 700-plus stores in Germany, Austria and Switzerland. There are currently 175, and are due to grow to between 250 and 300 in the medium term.

Fielmann Consolidated Income Statement

(Million euros, Half year ended June 30)

 

2017

2016

%
Change

Germany

545.6

520.6

4.8

Switzerland

89.0

83.7

6.3

Austria

41.9

40

4.7

Others

19.2

16.2

18.5

Change in Inventories

7.5

6.2

21.0

Total Sales

702.9

666.6

5.4

Other Operating Income

5.6

7.4

-24.3

Cost of Materials

142.1

138.7

2.5

Personnel Costs

286.0

269.5

6.1

Depreciation

20.8

19.2

8.3

Other Operating Expenses

135.8

129.9

4.5

Net Interest Expense

0.8

0.7

14.2

Pre Tax

123.6

116.6

6.0

Tax

87.7

82.7

6.0

NET

84.9

80.2

5.9

Euro per Share
(Diluted)

1.01

0.96

5.2

The company's consolidated sales rose by 5.3 percent to €695.4 million in the first six months of this year, including growth of about four percent on a same-store basis. The number of eyeglasses sold during the period rose by 2.2 percent to 4.01 million pieces. With three working days less than in the previous year, the second quarter closed with a smaller sales increase in terms of volume and value.

The pre-tax profit and the net profit of the group both grew in the first half by 6.0 percent - to €123.6 million and €87.7 million, respectively. Better results were obtained in all the countries except in Austria.