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GrandVision reports 1Q21 revenue of €899 million and adjusted EBITA of €79 million

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GrandVision reports 1Q21 revenue of €899 million and adjusted EBITA of €79 million


Schiphol, the Netherlands – 23 April 2021. GrandVision N.V. publishes its First Quarter 2021 trading update.

Due to the exceptional nature of the year 2020, GrandVision will also include in the present press release comparisons versus 2019.

Highlights

• GrandVision continues to show resilience in the first quarter despite the most recent COVID-19 related government restrictions in Europe and Latam

• At constant exchange rates, revenue declined by -0.7% compared with 1Q20 to €899 million from €926 million in 1Q20 (1Q19: €974m)

• Comparable revenue declined by -1.5% versus 1Q20 and on a 2019 basis, -10.8% versus 1Q19

• Adj. EBITA increased by 98.1% at constant exchange rates to €79 million from €41 million in 1Q20 (1Q19: €107m). Continued cost discipline, structural improvements in certain territories and improved product and price mix contributed to the underlying performance

• Adj. EBITA margin at 8.8%, +437bps versus 1Q20 and -219bps versus 1Q19

• Approximately 95% of our store network was open at the end of March 2021. Temporary store closures from ongoing government restrictions impacted outlets, mainly in shopping malls. France was the most affected with around 300 stores temporary closed during the period

• Net debt at €569 million at the end of March 2021 (FY20: €539m; March 2020: €755m)

• European launch of Karün, a 100% sustainable brand using recycled products from Patagonia, Chile

• GrandVision joined the United Nations Global Compact initiative

• GrandVision to maintain its dividend proposal of €0.35 per share for the fiscal year 2019 at the Annual General Meeting on 23 April 2021

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