Fielmann posted “considerably” better-than-expected third-quarter results and has lifted its full-year guidance. According to preliminary estimates, consolidated sales were about €420 million compared with €400.0 million a year earlier and pre-tax profit is around €80 million against €78.5 million in the third quarter of 2019.
The German eyewear retailer pointed out that it is enjoying a V-shaped recovery. After suffering a significant drop in unit sales, revenues and profits in April, the company has enjoyed swift recovery since May. It noted that many customers who originally postponed their purchase of glasses are now returning to its stores.
Fielmann now anticipates external sales, which include value-added tax, to exceed €1.6 billion, but to slip from €1.76 billion in 2019, consolidated sales of more than €1.4 billion, against €1.62 billion last year, and a pre-tax profit of more than €140 million, compared with €253.8 million. The forecast is based on the assumption that no further coronavirus-related restrictions will impact its business.
The previous guidance was for external sales of over €1.5 billion, consolidated sales of more than €1.3 billion, and pre-tax profit above €100 million.