Nine months and third quarter 2019 highlights
• 9M19 revenue growth of 8.1% at constant exchange rates and comparable growth of 3.9% (9M18: 3.6%)
• 3Q19 revenue growth of 9.7% at constant exchange rates and comparable growth of 4.0% (3Q18: 5.1%)
• 9M19 adjusted EBITDA (i.e. EBITDA before non-recurring items) increased by 3.3% at constant exchange rates
• 3Q19 adjusted EBITDA increased by 4.9% at constant exchange rates
• The 9M19 adjusted EBITDA margin decreased by 75 bps to 15.2% (9M18: 15.9%), in part driven by higher
investments in the ongoing product value chain transformation and into digital capabilities
• The 3Q19 adjusted EBITDA margin decreased by 76 bps to 15.7% (3Q18: 16.5%)
• The net debt position was € 831 million (€ 867 million as of June 2019)
• E-commerce sales grew over 60% in 9M19, also driven by the expansion of Lenstore and the acquisition of Charlie
Temple. In addition, GrandVision's omni-channel platform has now been successfully launched in 7 countries
• Our store base grew by 101 to 7,366 stores during the quarter driven by store openings and acquisitions.
GrandVision will host an analyst call on 30 October at 9 am CET. Dial-in details are available at the end of this press
release.

Management comments
Stephan Borchert, GrandVision's CEO said: "We are pleased to announce another good quarter in terms of comparable
and revenue growth, despite some operational and macroeconomic headwinds in parts of our business. Revenue
growth of 9.7% at constant exchange rates was driven by comparable growth of 4.0% and a strong contribution from
acquisitions of 4.6%.
Our Dutch business showed an impressive recovery after a challenging year of management transition, as we met
customer expectations through the successful execution of commercial campaigns and the re- launch of the Pearle
and Eyewish websites.
At the same time, we saw only modest comparable growth in the United Kingdom driven by the growth of our Tesco
stores, while the overall business continued to be impacted by the weaker retail environment, evidenced by a
significant decrease in footfall during the month of September. In addition to this, we remain focused on improving
profitability in the United States over the mid-term by sharpening the store footprint and customer value proposition.
During the first nine months of the year, we went live with the centrally developed omni-channel platform in 7
countries. In addition, online appointment bookings grew by 37% year-to-date and global e-commerce sales increased
by 64% reflecting the continued expansion of Lenstore into new markets, the acquisition of Charlie Temple as well as
strong growth of Zonnebrillen.com.
We also achieved our first milestone in the product value chain transformation with the launch of our first Regional
Fulfillment Hub in Porto, which will process customer orders from Denmark, Italy, Portugal, Spain and Sweden. In
combination with the further roll-out of our showroom model, these Regional Fulfillment Hubs enable us to stock only
the display products, without in-store inventory. The implementation of this strategy will help us to improve our
customer value proposition by significantly increasing product availability and decreasing lead times.
We have seen a sequential improvement of EBITDA growth throughout the first nine months, and are also expecting
EBITDA growth progression in the fourth quarter. However, macroeconomic developments and operational challenges
in key markets as well as the accelerated pace of strategic investments behind our digital and product value chain
capabilities have led to EBITDA growth below our initial expectations. As a consequence, we are now expecting
adjusted EBITDA growth for the year to be below our medium-term objective.
Finally, I would like to say a few words regarding the announced acquisition of GrandVision by EssilorLuxottica. While
there is no news to share as the two companies are working through the regulatory approval processes, I would like to
assure all stakeholders that our focus remains on business continuity, and in particular on achieving our medium-term
objectives. Through the execution of our strategy, we are continuing to grow our business and attract more customers
to our store network and our digital platforms.”
Outlook
We expect a further sequential improvement in 4Q19 EBITDA growth, however we are now expecting FY19 EBITDA
growth to be below our medium-term objective.

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