Manutan International : Q3 sales higher than we expected – good resilience in business
>Q3 sales were down 3.2% to € 184.5m (vs € 166m est.) - Yesterday evening Manutan International reported Q3 sales (April-June) down 3.2% to € 184.5m, much higher than our estimate of € 166m (-13%e). The organic decline was -5.4% and the scope effect was +3% (acquisition of Kruizinga in June 2019). In the first nine months of the year, activity showed good resilience with a decline limited to 0.4% y-o-y (-3.6% l-f-l), i.e. sales of € 560.7m. Strong slowdow...The Manutan Group is a retailer whose focus is on the multichannel distribution market, providing supplies and equipment for a businesses and local authority customer base. Co. mainly markets its products and services in 19 countries throughout Europe where it has operations, Africa, Asia and in the Middle East. Co.'s product offerings comprise over 200,000 items, covering products required by businesses for their materials handling, lifting, storage, industrial supplies, safety, hygiene, packaging, office and workshop furniture, supplies and consumables needs, as well as furniture for hotels and restaurants, and educational, healthcare and sport materials for local authorities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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