By Andrea Figueras
Shares in Fielmann Group surged on Friday as the company raised its sales outlook for the current year following the successful acquisition of SVS Vision, a U.S. optical retailer.
At 1044 GMT, the shares saw an impressive increase of 7.8% at EUR46.78.
This deal showcases the German eyewear company’s ability to capitalize on its international expansion strategy, further bolstering its strong performance in the thriving domestic market, according to research analyst Thomas Wissler from Alster.
The positive performance in the optical retail industry is further confirmed by solid first-half results from both Fielmann and its German competitor, Mister Spex.
Despite an expectation that the transaction with SVS Vision, valued at “several million euros,” will impact earnings in 2023, Fielmann anticipates significant improvement in 2024.
The company now expects sales to grow by 13% for 2023, surpassing the previous forecast range of 7% to 10%. Additionally, the earnings before interest, taxes, depreciation, and amortization (EBITDA) are projected to grow by 18%, at the upper end of the prior outlook range of 9% to 21%.