Silmäasema Oyj Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Year 2018
November 09, 2018 at 12:31 pm IST
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Silmäasema Oyj reported earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported net sales of EUR 26,892,000 compared to EUR 26,385,000 a year ago. EBITDA was EUR 3,039,000 compared to EUR 1,889,000 a year ago. Operating profit was EUR 1,520,000 compared to EUR 519,000 a year ago. Adjusted EBITDA was EUR 2,147,000 compared to EUR 2,232,000 a year ago. Adjusted operating profit was EUR 639,000 compared to EUR 796,000 a year ago. Basic earnings per share were EUR 0.06 compared to EUR 0.02 a year ago. Like-for-like net sales are decreased by 3.2%. Total net sales increased due to the opening of new stores and the eye clinic in Oulu, but like-for-like net sales decreased in both reporting segments.
For the nine months, the company reported net sales of EUR 90,520,000 compared to EUR 87,472,000 a year ago. EBITDA was EUR 8,312,000 compared to EUR 4,574,000 a year ago. Operating profit was EUR 3,914,000 compared to EUR 676,000 a year ago. Adjusted EBITDA was EUR 8,230,000 compared to EUR 8,977,000 a year ago. Adjusted operating profit was EUR 3,863,000 compared to EUR 5,087,000 a year ago. Basic earnings per share were EUR 0.14 compared to loss per share of EUR 0.13 a year ago. Cash flow from business operations amounted to EUR 6.2 million compared to EUR 2.4 million a year ago. Like-for-like net sales are decreased by 2.1%.
The company's outlook for 2018 remains unchanged. Net sales are estimated to grow compared to the previous year. The company also expects adjusted EBITDA to be 9% to 13% of net sales. However, adjusted EBITDA for the full year will be closer to the lower end of this range. Net sales are expected to increase in 2018, mainly due to new optical retail stores to be opened or acquired in 2018, as well as sales growth with regard to stores opened in 2016 and 2017.
Silmaasema Oyj is a Finland-based holding company of Silmaasema group, which offers ophthalmic goods and services. The Group is engaged in the retail of glasses, sunglasses and contact lenses, with a portfolio comprising such brands as Burberry, Dolce & Gabbana, Emporio Armani, Fendi, Furla, Gucci, Juicy Couture, Max Mara, Michael Kors, Pierre Cardin, Polaroid, Ray-Ban, Skaga, Tommy Hilfiger and Versace, among others. The Group also offers a range of healthcare services, such as eye surgery, eyelid and lens surgery, and ophthalmologist and optician services, among others. Additionally, it provides information on eye diseases and methods of treatment. The Group operates a chain of more than 120 stores and over 10 eye hospitals.