TOD'S GROUP: Q4 sales slightly better than expected, but same store growth still negative | SELL | EUR32(-12%)
TOD'S GROUP - SELL | EUR32(-12%)Q4 sales slightly better than expected, but same store growth still negative
Better trend in Q4, albeit still negative at same stores
Rebound in Europe and in US
Profitability still under pressure
We remain sell on the stock
Tod's operates in the luxury sector under its proprietary brands (TOD'S, HOGAN and FAY) and licensed brands (ROGERVIVIER). Co. creates, produces and distributes shoes, leather goods and accessories, and apparel. The TOD'S brand is known for shoes and luxury leather goods. The HOGAN brand is known for shoe collections for women, men and children, and also crafts various leather goods items. FAY is a brand with a focus on casual wear. ROGERVIVIER brand includes shoes, handbags, small leather goods, jewelry and sunglasses.
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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