GrandVision reports comparable revenue growth of 0.8% in 4Q20
22 Gennaio 2021 - 07:00AM
GrandVision reports comparable revenue growth of 0.8% in 4Q20
Schiphol, the Netherlands – 22 January 2021.
GrandVision NV (EURONEXT: GVNV) publishes its preliminary and
unaudited 4Q and FY20 revenue and comparable growth update.
Fourth Quarter and Full Year Development
Following a strong revenue recovery in the third
quarter, GrandVision entered the fourth quarter with good momentum.
The impact of the COVID-19 second wave subsequently built up
through the quarter and slowed our progress resulting in 4Q revenue
growth of 1.1% at constant exchange rates. Organic
and comparable revenue growth for the quarter were
0.7% and 0.8% respectively.
In the fourth quarter, we continued the strong
EBITA momentum from the previous months. However, the increased
restrictions in more and more countries due to the second wave in
November and December resulted in a deceleration in the EBITA
growth compared with the previous quarter. In the fourth quarter
profit growth exceeded revenue growth.
Revenue at constant exchange rates declined by
12.2% for the full year with organic and
comparable decreases of 13.6% and
14.1% respectively, driven by the COVID-19
enforced temporary store closures in the first half, as well as an
overall reduction in footfall through the year. Total e-commerce
sales grew 85%, while e-commerce sales generated by our retail
brands more than doubled compared to the prior year. Acquisitions
made in 2019, including Optica2000 in Spain and McOptic in
Switzerland, continued to have a positive impact this year and
added 1.4% to revenue growth.
For the full year 2020, GrandVision is expecting
an adjusted EBITA margin of approximately 7.5%.
- GrandVision Press Release