Fielmann rises after outlook hike on strong performance, US acquisitions

Fielmann AG

01/09/2023 09:22

** Shares in Fielmann Group  FIEG.DE  are up 4% after the
German eyewear maker raised FY outlook citing strong performance
in its existing European markets and contribution of new
acquisitions in the U.S.
    ** The company upgrades FY 2023 external sales forecast to
2.3 billion euros ($2.49 billion), corresponding to YoY growth
of around 13% vs previous guidance of 7-10% growth
    ** It sees EBITDA of about 400 million euros in 2023, or 18%
YoY growth, at the higher end of its prior range of 9-21%
    ** Following acquisitions of SVS Vision and Befitting,
Fielmann says the U.S. business contribution to group EBITDA
will "significantly improve" in 2024
    ** Fielmann's stock tops the German small-cap index
 .SDAXI , as Friday's rise bring YTD gains to around 22%
($1 = 0.9223 euros)

 (Reporting by Anna Mackenzie)
 ((Anna.mackenzie@thomsonreuters.com))