Fielmann confirmed its positive performance in the first half of 2019, reporting a pre-tax profit of €127.6 million and net income of €88.3 million for the period on 6.6 percent higher consolidated sales of €386.4 million. Including VAT, external sales rose by 7.5 percent to €884.4 million, but the actual volume of glasses sold remained basically stable, growing by only 0.3 percent to 4.1 million pairs as compared to the same period of 2018.
Pre-tax earnings rose to €127.6 million from €116.1 million and net income improved to €88.3 million from €80.4 million. Ebitda jumped by 38.8 percent to €191.7 million in the first six months of this year, but it showed an increase of only 10.2 percent without the effect of the newly introduced IFRS 16 accounting rules.
Sales remained stable in terms of volume also during the second quarter. In spite of the contraction of the German economy during the quarter, external sales grew by 6.1 percent to €446.8 million and consolidated revenues went up by 6.9 percent to €386.4 million. Profit before and after tax continued to advance, rising to €60.5 million and €41.7 million, respectively.
During the first half of the year, Fielmann's sales grew in all the main markets where it operates, led by Germany with a turnover of €599.2 million, followed by Switzerland with €88.7 million and Austria with €44.7 million.
As of last June 30, the group operated 743 stores in 13 countries, up from 727 a year earlier. A big expansion has been taking place in northern Italy, where the German company's store network reached 23 units.
Fielmann's profitability increased in the first half in its three major markets. In Italy and the other countries where it has a presence, the company suffered a net loss of €3.6 million, up from a loss of €1.6 million in the year-ago period. In Germany, its net profit increased to €73.5 million from €66.7 million.