Fielmann reports FY results below expectations as inflation, interest rates weigh
29/02/2024 06:30
Feb 29 (Reuters) - German eye-wear maker Fielmann
FIEG.DE reported preliminary full-year 2023 results below
expectations on Thursday, as high inflation and interest rates
dented customer spending.
Preliminary consolidated sales for the full year of 2023
came in at 1.97 billion euros ($2.13 billion), missing analysts'
estimates of 1.99 billion euros as per LSEG data.
Consumer sentiment was weak in most markets in the
fourth quarter and early 2024, especially in Germany where a
bleak economic outlook led to an even further decline, the
optician and glasses retailer said in a statement referring to
its 2024 outlook.
The company will publish its full-year outlook later as a
part of the annual report, it added.
According to preliminary figures, EBITDA is expected to
reach 410 million euros, up 21% from the previous year but 3%
below analysts' estimate of 422.8 million euros.
The company also proposed an increased dividend of 1.00 euro
per share, 33% higher from the previous year.
($1 = 0.9230 euros)
(Reporting by Mateusz Dobrzyniewski and Amir Orusov; Editing by
Varun H K)
((Mateusz.dobrzyniewski@thomsonreuters.com))