GrandVision reports 2020 Revenue of €3,481 million and adjusted EBITA of €266 million



GrandVision reports 2020 Revenue of €3,481 million and adjusted EBITA of €266 million

Schiphol, the Netherlands - 26 February 2021. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2020 results. 

Full Year 2020 Highlights

Revenue decreased by 12.2% at constant exchange rates to €3,481 million (FY19: €4,039 million) with a comparable revenue decline of 14.1%E-commerce sales grew by 85% while retail brands e-commerce sales more than doubled compared to the prior yearAdjusted  EBITA (i.e. EBITA before non-recurring items) decreased by 43.1% at constant exchange rates to €266 million (FY19: €475 million)Adjusted EBITA margin fell 411bps to 7.7%. Strong commercial execution, structural improvements, and cost discipline were more than offset by limited operating leverage due to COVID-19 related temporary store network closuresNet result was -€45 million for the FY20, with a strong recovery from -€212 million in the 1H 2020 to EUR 167 million in 2H 2020Adjusted EPS of -€0.07 (FY19: €0.91)Net debt decreased to €539 million at year-end 2020 (FY19: €753 million) with a 1.3x leverage ratioThe store base decreased to 7,260 stores from 7,406 at the end of 2019Contingent upon the Company's financial position not being materially worsened due to the impact of the second wave of COVID-19 in the first quarter of 2021, GrandVision confirms its intention to propose a dividend for the fiscal year 2019 at the Annual General Meeting on 23 April 2021.

GrandVision will host an analyst call on 26 February 2021 at 9am CET.

Attachment

GrandVision FY2020 Press Release

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