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Investing.com -- German eyewear retailer Fielmann reported third-quarter sales and adjusted EBITDA below market expectations, causing its shares to fall 1.3%.
The company posted sales of €620 million in the third quarter, representing a 2.7% increase, which fell 2-3% short of consensus estimates. Organic growth reached approximately 4% in both European and North American markets.
North America showed a reacceleration in growth after barely positive results in the first half of the year.
Adjusted EBITDA came in at €144.3 million, up 1.6% but 7-8% below market expectations. The earnings miss was primarily attributed to North American operations, where margins declined sequentially as Fielmann continues implementing its retail concept in the US market.
The company aims to complete this implementation process by the end of the year or early next year.
In Europe, profit margins reached 24.1%, falling below the prior year’s level of 25.1%.
Despite the quarterly miss, Fielmann reaffirmed its full-year outlook.
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