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Retailing: A sector still subject to macroeconomic volatility
RetailingA sector still subject to macroeconomic volatility
The Q2 earnings season highlighted a sluggish environment for non-food retail, especially in France, while food retail remained quite resilient in Europe and recovered in LatAm. The trends observed in Q2 should continue in Q3 but several non-food retailers bet on a recovery in Q4, pending an improving consumption trend in France following the tax cuts that are currently implementing. We continue to favour Fnac Darty and Maisons du Monde for their strong fundamentals and best-in-class business models but we believe that investors will remain in a wait and see behaviour pending the first signs of an improvement in France’s macroeconomic environment.
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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.
Clement Genelot
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