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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 €176million 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 €1,047million 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 €602million, a reduction of €151 million compared to the end of June 2020
- The store base decreased to 7,247stores 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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