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 year
- Adjusted 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 closures
- Net result was -€45 million for the FY20, with a strong recovery from -€212 million in the 1H 2020 to EUR 167 million in 2H 2020
- Adjusted 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 ratio
- The store base decreased to 7,260 stores from 7,406 at the end of 2019
- Contingent 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.
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