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GrandVision has published its first quarter results, with an 8 % turnover increase, largely thanks to acquisitions. The optician chain’s operational profit did drop slightly compared to last year.
Partial recovery
In the first quarter of 2018, the Dutch optician chain only partially recovered from its slower growth pace from last year: turnover grew 8 % to 913 million euro, slightly better than its fourth quarter 6.1 % increase. Its acquisitions (Tesco Opticians, United Kingdom – Visilab, Switzerland) were mostly to thank for that increase. The parent company for opticians chains like Pearle and GrandOptical points to weaker North European results for the slower growth, because Mexico, Eastern Europe and Turkey did perform well.
Compared to the same period last year, its operational profit dropped 9 million euro to 87 million euro, although its EBITDA did grow 1 %.
GrandVision opened more 250 new stores in 2017 and is counting on the acquisitions’ effect to help grow turnover in 2018. In the long run, the company forecasts a 5 % turnover growth.
