GrandVision reports preliminary 4Q16 revenue growth of 8.0% and comparable growth of 3.8%
January 24 2017 - 1:00AM
Schiphol, the
Netherlands - 24 January 2017. GrandVision NV (EURONEXT:
GVNV), reports preliminary and unaudited revenue growth at
constant exchange rates of 6.6% for FY16 and 8.0% for
4Q16. Comparable growth in 4Q16 reached 3.8%. For the full
year 2016, comparable growth was 2.2%.
In the G4 segment, which comprises the business units
France & Luxembourg, Germany & Austria, Netherlands
& Belgium and UK & Ireland, revenue and comparable growth
accelerated in 4Q16.
In Germany, the revenue growth in the
fourth quarter is a result of attracting customers of which some
had delayed their purchase from 3Q16 when retail traffic, in
general, was weak. This was supported by omnichannel features
and related marketing activities.
In France, revenue grew by low single
digits in FY16 driven by comparable growth, network expansion
and single store bolt-on acquisitions. We estimate that we
gained market share as regulatory changes led to price
pressure in the market, benefiting more affordable concepts such as
Générale d'Optique.
In Other
Europe, revenue and comparable growth accelerated in 4Q16.
The region's biggest market, Italy, contributed to this
performance, as well as the impact of an additional selling
day.
The business in Italy showed solid
growth in the fourth quarter as the impacts of the post-merger
process of Avanzi and Optissimo are diminishing, and the
rebranding efforts, while still not fully completed,
are gaining traction with consumers. In addition, the business
faced easier comparables in 4Q16.
Eastern Europe and the Nordics also
contributed positively to revenue and comparable growth.
In the Americas
& Asia segment comparable growth in 4Q16 was in line
with the first nine months of 2016. The revenue growth was the
result of acquisitions in the USA, Mexico and Uruguay as well as
strong organic growth, especially in Mexico and Turkey.
GrandVision reiterates its medium term
objective of achieving at least 5% revenue growth at
constant exchange rates and adjusted EBITDA growth of high
single digits at constant exchange rates.
GrandVision will host a conference call
and audio webcast on 24 January at 9am CET. The dial-in
details are available at investors.grandvision.com. The Full
Year 2016 results press release will be published on
20 February 2017.
GrandVision 4Q16 Preliminary
Comparable Growth
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Source: GrandVision nv via Globenewswire