Germany's biggest optical retailer scored year-on-year sales increases in Germany of around 5 percent in the third quarter and 3 percent for the first nine months of this year on a same-store basis, according to a spokesman for the company. It did not perform as well in Switzerland, but the spokesman attributed this to a tenfold reduction in Swiss government subsidies for purchases of hearing aids, which are sold at 16 stores operated by Fielmann in that country.

Fielmann's consolidated revenues rose by 4.5 percent to €873.9 million in the nine months, and they generated 6.6 percent higher pre-tax earnings of €153.0 million and 5.6 percent higher net profits of €108.8 million. In terms of volume, the company's sales went up by 3.1 percent to 5.4 million pairs of glasses. Comparatively, the rest of the optical industry suffered a decline of 1 percent.

Including new stores, Fielmann's German revenues went up by 6.6 percent to €698.3 million in the first nine months of 2013, and they generated a pre-tax profit of €121.0 million, up from €111.6 million in the year-ago period.

In Switzerland, the group's sales dropped by 1.5 percent to €102.5 million, leading to reduced pre-tax income of €21.3 million, down from €23.2 million. Sales in Austria, the largest market for Fielmann after Germany and Switzerland, grew by 12.4 to €51.6 million, producing pre-tax earnings of €10.8 million, up from €8.8 million.

Fielmann Consolidated Income Statement

('000 Euros, Third Quarter ended Sept. 30)

 

2013

2012

%
Change

REVENUES

300,978

284,477

5.8

Other Income

2,230

3,658

-39.0

Cost of Materials

68,537

65,025

5.4

Personnel Costs

112,017

107,676

4.0

Depreciation

8,442

8,571

-1.5

Other Expenses

53,299

52,203

2.1

Net Interest Income

220

70

-

Pre-Tax

60,693

54,410

11.5

Income Tax

17,563

15,344

14.5

Minority Interest

(1,652)

(1,491)

10.8

NET

41,478

37,575

10.4

Euro/Share

0.99

0.89

11.2

The results published for the third quarter show an increase in consolidated revenues of 5.8 percent to €350.8 million as compared to a year ago. Unit sales rose by 5.0 percent to 1.9 million. The pre-tax profit went up by 11.5 percent to €60.7 million. Net earnings increased by 10.4 percent to €43.1 million.