GrandVision reports 2Q and HY20 results
Schiphol, the Netherlands – 5 August 2020. GrandVision N.V. publishes the Half Year and Second Quarter 2020 results.
Half year and second quarter 2020 highlights
- Revenue declined by 26.4% at constant exchange rates in HY20 (HY19: +7.3%) and 47.5% in 2Q20 (2Q19: +7.1%) as a result of store closures related to the coronavirus pandemic. Comparable revenue declined by 29.1% in HY20 and 49.3% in 2Q20
- HY20 adj. EBITA was -€24 million in HY20 (HY19: €237 million) and -€65 million in 2Q20, driven by negative operating leverage, particularly in April and May
- During the month of June, more than 90% of GrandVision's store network gradually reopened, leading to strong recovery of revenue and a positive adjusted EBITA
- GrandVision booked a non-cash goodwill impairment charge of €75 million, related to our businesses in the US, Italy, Colombia and Peru, which was triggered by the severe impact of the COVID-19 pandemic on our business performance in these markets, and an additional €35 million impairment charge mainly related to customer data bases
- HY20 adj. EPS was - €0.70 (HY19: €0.29)
- GrandVision's net debt position as of 30 June 2020 was €755 million, compared to €753 million at year-end 2019
- Our store base decreased to 7,271 stores from 7,320 at the end of March 2020 driven by store closures in the ordinary course of business, while store openings were temporarily delayed due to the COVID-19 pandemic.
The Half Year 2020 Financial Report is available at www.grandvision.com.
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