By Andrea Figueras
The Fielmann Group has recently completed the acquisition of U.S. optical retailer SVS Vision for an undisclosed amount. As a result, the German eyewear company has raised its sales guidance for the year.
Increased Sales Forecast
Fielmann now expects external sales of approximately 2.3 billion euros ($2.49 billion) for the year, which represents a significant 13% increase compared to last year. This revised forecast surpasses the earlier estimate of a hike between 7% and 10%.
Strong Earnings Growth
Furthermore, the company anticipates a growth rate of 18% in earnings before interest, taxes, depreciation, and amortization (EBITDA), projecting a total of EUR400 million. Notably, this figure aligns with the upper end of the previous forecasted range of 9% to 21%.
Impact of Acquisition
While the SVS Vision acquisition is expected to impact Fielmann’s EBITDA for this year, the company asserts that it will lead to significant improvement in 2024. Although the exact value of the transaction remains undisclosed, Fielmann states that it amounts to “several million euros.”
This recent acquisition complements Fielmann’s previous purchase of the U.S. online retailer Befitting. Together, these deals reflect the company’s strategic approach towards international expansion.