Roche Bobois - Q2 sales up, sales volume down slightly, H2 still expected to grow
Organic growth in Q2, after a dynamic Q1, thanks to accelerated deliveriesH2 should see growth, although organic growth is expected to decline slightlyThe €/$ effect will weigh on H2 margins, but should be offset by geographical mix and operating leverageWe maintain our full-year guidance and BUY opinion, with an unchanged fair value of €59.Roche Bobois SA, formerly Furn Invest SAS, is a France-based company operating in the furniture design and distribution businesses. It offers a broad range of made-to-order customizable designs, manufactured in small European workshops. The full furniture collection, divided in Living Room, Dining Room, Desks, Bedroom, Outdoor Furniture, and Other Products includes sofas, armchairs, cocktail tables, dining chairs, sideboards, beds, wardrobes, storage and accessories including lighting, cushions and rugs. The Company service offering includes Delivery, Financing, Warranty, Wedding Registry, Maintenance Guide, Catalogues, Interior Design and Online 3D (tridimensional) Planner. The Company operates through retail or franchising stores and owns more than 250 showrooms across the world. It is active in Europe, America, Africa, Asia and Middle East.
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