Report
Optical & Eyewear
After warning about its Q1 outlook in February due to Omicron, the third largest US optical retailer National Vision (NV) has reported a softer-than-expected top-line performance (2% miss vs. CS expectations) and cut its FY22 outlook due to weaker consumer confidence, low-income consumer especially, as well as exam capacity constraints. Obviously this negative publication triggered a negative market reaction for shares in the EssilorLuxottica and Safilo group, which have strong exposure to the US (~46% and ~48% of sales respectively). While the two groups are not entirely immune to this challenging environment, we are convinced they will fare better in the US market in 2022.
Provider
Bryan Garnier
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.
Cedric Rossi
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