Fnac Darty: softening trend in Q1
Q1 proved soft with LfL decelerating and turning negative (leap-year headwind, weakening France, competitive Belgian market). No impact on our FY EBIT in line with guidance at this stage, but monitoring French retail data will be key in late Q2-early Q3. Neutral reiterated ahead of CMD on 11th June.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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