While the German optical retail market declined by an estimated 1 percent in terms of units in the first nine months of this year, Fielmann managed to post a 4.2 percent increase in units sold over the same period, reaching a new record of 5.0 million pairs of glasses.

Sales in Germany went up to €635.3 million during the nine-month period, compared with €602.8 million in the corresponding 2010 period, and they generated a higher pre-tax profit of €114.4 million. On a same-store basis, its sales revenues in Germany grew by 5.5 percent during the nine-month period, with growth of 4 percent in the third quarter. Including the results of its subsidiaries in other countries, its consolidated sales went up by 6.4 percent to €795.8 million, while its external sales including VAT advanced by 6.2 percent to €930.9 million.

Sales and operating results improved in each of the countries in which Fielmann has a presence. According to a company spokesman, sales were partly boosted by the very successful rollout of its hearing aid counters. They are now available at more than 70 locations, compared with 50 at the end of last year.

Profit margins have improved. In fact, pre-tax income rose more than the revenue flow in the first nine months, up by 7.9 percent to €140.1 million. Net income increased by 8.6 percent to €100.2 million.

The company's figures for the third quarter show increases of 4.3 percent in revenues, 5.1 percent in pre-tax earnings and 5.8 percent in net profit. In terms of volume, sales of glasses rose by more than 50,000 pairs in the quarter to over 1.7 million units.

Fielmann Consolidated Income Statement

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

 

2011

2010

%
Change

REVENUES

270,374

259,324

4.3

Other Income

1,493

2,853

-47.7

Cost of Materials

59,704

60,453

-1.2

Personnel Costs

102,096

97,127

5.1

Depreciation

8,554

8,477

0.9

Other Expenses

48,490

45,711

6.1

Net Interest

720

718

0.3

Pre-Tax

53,743

51,127

5.1

Income Tax

15,343

14,827

3.5

Minority Interest

1,396

1,329

5.0

NET

37,004

34,971

5.8

Euro/share

0.88

0.83

6.0

Fielmann is opening this month what it defines as the most modern optical store in Germany on the central Schildergasse in Cologne. This new Fielmann Supercenter offers more than 15,000 styles on six floors. The company had a total of 659 stores in operation as of last Sept. 30, up from 652 one year earlier. In the past four years, it has opened 70 new stores, in spite of the financial crisis.

Fielmann reports that it again accounted for all the national winners in the training competitions for the German optical craftsmen's trade, and for 92 percent of all the winners at state level. With 2,773 apprentices belonging to its staff of 14,297 people, Fielmann employs 35 percent of all the trainees in the German optical retail sector.