SCHIPOHL, The Netherlands—GrandVision N.V. (EURONEXT: GVNV) reported that its first quarter revenue increased by 5.2 percent to €845 million (€803 million in 1Q 2016) or 6.2 percent at constant exchange rates.

The total number of stores operated by GrandVision was 6,551 (compared to 6,516 at year-end 2016) across more than 40 countries throughout Europe, the Americas, the Middle East and Asia.

GrandVision, one of the largest optical retailing groups in the world, reported that comparable growth of 4.1 percent in Q1 2017 was positively impacted by a lower year comparable of 0.9 percent, the effect of a later Easter holiday, robust underlying growth in the Group’s Other Europe segment as well as a strong sunglass performance, particularly in the G4, Southern Europe, Eastern Europe and Turkey.

Adjusted EBITDA, which is EBITDA excluding exceptional and non-recurring items, increased by 10.7 percent to €136 million (€123 million in 1Q 2016) or 12.6 percent at constant exchange rates. Adjusted EBITDA growth benefited, the company said, “from further leveraging our global capabilities in the supply chain as well as topline growth. The adjusted EBITDA margin increased by to 16.1 percent (15.3 percent in 1Q 2016). No non-recurring items were recorded in 1Q 2017.

Capital expenditures were €34 million in 1Q 2017 (€25 million in 1Q 2016). The increase of €9 million is due to investments in IT systems, including the ongoing deployment of the global ERP system and omnichannel solutions as well as the growing size of the business, GrandVision said.

Revenue in the Americas and Asia segment increased by 17.4 percent to €119 million (€101 million in 1Q 2016) or 15.2 percent at constant exchange rates. The acquisitions in Mexico and Uruguay, added 3.1 percent to revenue growth. Comparable growth of 7.6 percent was driven by a strong performance in Mexico and Turkey.

Organic growth of 12.1 percent also benefited from the ongoing store network expansion in the region, particularly in Colombia, Mexico and Turkey. Adjusted EBITDA in the Americas and Asia segment decreased by 42.8 percent to €2 million (€3 million in 1Q 2016), and by 17.7 percent at constant exchange rates. The decrease is mainly due to integration costs related to the businesses in the U.S. and Mexico.

Revenue in the G4 segment increased by 0.7 percent to €498 million in 1Q 2017 (€494 million in 1Q16) and by 3.1 percent at constant exchange rates. The devaluation of the British pound had a negative impact on revenue of 2.3 percent.

Organic revenue growth and comparable growth were 2.6 percent and 1.5 percent, respectively. Within the segment, Germany and Austria showed the strongest comparable growth due to commercial effectiveness, the increasing impact of the omnichannel functionalities and also an easier comparable. Sunglass sales were strong throughout the segment.

Revenue in the Other Europe segment increased by 9.9 percent to €228 million (€208 million in 1Q 2016) or 9.4 percent at constant exchange rates. Organic growth was 9.0 percent and comparable growth reached 8.0 percent. The segment saw a strong performance across all regions in Northern, Eastern and Southern Europe, strong sunglass sales in Italy and Portugal, as well as the benefit of additional selling days related to the timing of the Easter holiday.

1Q 2017 adjusted EBITDA increased by 20.5 percent to €32 million (€26 million in 1Q 2016) and 20.0 percent at constant exchange rates. The EBITDA margin increased to 13.9 percent (12.6 percent in 1Q 2016), benefiting from operating leverage and cost savings achieved through global capabilities, the company said.