Fielmann AG, Europe’s largest chain of optical stores, retreated the most in more than three years in Frankfurt trading after reporting earnings that missed analyst estimates.
Fielmann shares sank as much as 8.75 percent to 72.50 euros, the biggest intraday drop since November 2008, and traded 7.5 percent lower as of 8:22 a.m. The Hamburg, Germany-based company reported net income of 124 million euros for 2011, missing the 132.7 million-euro average estimate of 11 analysts surveyed by Bloomberg.
“Earnings figures are a clear disappointment,” Holger Schwesig, analyst at DZ Bank AG in Frankfurt, wrote in a report today. “Peak prices of 80 euros are not justified any longer.”
Fielmann said consolidated sales in 2011 were 1.05 billion euros, below the 1.06 billion-euro average estimate of 19 analysts surveyed by Bloomberg.