SCHIPHOL, The Netherlands—GrandVision NV (EURONEXT: GVNV), the major global optical retail group, reported that revenues for the 3 months ending Sept. 30, rose by 2.2 percent to €825 million, or 4.9 percent at constant exchange rates. Revenue for the nine months of fiscal 2016, rose by 3.2 percent to €2,495 million, an increase of 6.1 percent at constant exchange rates.

Comparable growth was 0.4 percent in the third quarter, “driven by weakness in the ‘other Europe’ segment, particularly Finland and Italy as well as lower growth levels in the G4 and Americas & Asia business segments,” according to its statement. Its comparable growth for the nine-month period was 1.7 percent.

Adjusted EBITDA (i.e. EBITDA before non-recurring items) increased by 2.8 percent to €411 million in 9M16 (€400 million in 9M15) or 4.3 percent at constant exchange rates with organic adjusted EBITDA growth of 3.6 percent and a 0.7 percent contribution from acquisitions. The adjusted EBITDA margin remained constant at 16.5 percent. Non-recurring items of a loss of €6 million in 9M16 were mainly related to acquisition costs for recently acquired businesses and integration costs following the merger of the Italian business as well as one-off adjustments of inventory and insurance income, the statement said.

In 3Q 2016, adjusted EBITDA decreased by 1.9 percent but increased by 0.2 percent at constant exchange rates to €139 million. The decrease in EBITDA is mainly related to the lower level of comparable growth during the quarter.

In the company’s Americas & Asia segment, revenue increased by 25.6 percent to €326 million in 9M16, or 38.9 percent at constant exchange rates. Organic and comparable growth reached 14.0 percent and 7.8 percent, respectively. Acquisitions added 24.9 percent to revenue growth.

In Mexico, GrandVision strengthened its market position through the acquisition of 181 small store-in-store points of sale within the Walmart network. The Americas & Asia segment now represents 25 percent of GrandVision's store base. “This is in line with our strategy to further growing our presence in the faster growing emerging markets,” the company said.

GrandVision said that capital expenditure not related to acquisitions was €41 million in 3Q 2016 and €104 million in 9M16, compared to €34 million in 3Q 2015 and €98 million in 9M15. The majority of the capex was invested in store openings, maintenance and refurbishments. Net debt decreased to €841 million from €911 million at the end of June 2016.

GrandVision’s optical retail banners operate in 44 countries across Europe, the Americas, the Middle East and Asia. Total number of stores grew to 6,454 (compared to 6,110 at year-end 2015) as a result of store openings and acquisitions, especially in the Americas & Asia segment. Among GrandVision’s businesses are Apollo-Optik in Germany, Générale d'Optique and GrandOptical in France, Pearle in the Netherlands, Belgium and Austria, Eye Wish Opticiens in the Netherlands, Vision Express in the United Kingdom, Ireland, Poland, Hungary, the Middle East and India and For Eyes Optical in the U.S.

Finally, GrandVision said it “remains confident in achieving its medium term objectives of delivering annual revenue growth of at least 5 percent and high single digit adjusted EBITDA growth at constant exchange rates.”