GrandVision posts record adjusted EBITA of €176 million in 3Q20 and returns to revenue growth
EBITA grew by 35.2% in 3Q20 on 2.3% revenue growth at constant exchange rates
Schiphol, the Netherlands – 30 October 2020. GrandVision N.V. publishes its Third Quarter and Nine Months 2020 results.
Third quarter 2020 highlights
- 3Q20 adjusted EBITA (i.e. excluding non-recurring items) increased to €176 million from €132 million in the third quarter of 2019 (+35.2%) at constant exchange rates. The adjusted EBITA includes a positive one-time effect of €10 million from COVID-19 related measures
- Revenue grew by 2.3% at constant exchange rates to €1,047 million in 3Q20 (3Q19: €1,045 million), as GrandVision's store network fully reopened
- Comparable revenue growth was 0.8% in 3Q20, led by a strong performance in the G4 of 3.4%
- Banner e-commerce sales grew by of 225% during the first nine months
- GrandVision's net debt position as of 30 September 2020 was €602 million, a reduction of €151 million compared to the end of June 2020
- The store base decreased to 7,247 stores from 7,271 at the end of June 2020 driven by store closures in the ordinary course of business and openings of 45 new stores
- GrandVision intends to pay the postponed 2019 dividend contingent upon developments relating to COVID-19.
GrandVision will host an analyst call on 30 October 2020 at 9am CET. Webcast and dial-in details are available at investors.grandvision.com and at the bottom of this press release.
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