BUT 4Q16/17 - Sound underlying results; temporary working capital drag
BUT is the third-largest French furniture retailer with a complementary presence in electrical goods (white and brown goods) and decorating items. It directly operates 203 stores on top of 99 franchise stores. The group has published encouraging results for 4Q16/17 (the period ended 30 June 2017), allowing for the fact that the fourth quarter is seasonally weaker than the others. These showed further underlying sales growth (LFL +3.9% excluding brown goods) and margin recovery (EBITDA margin +110 bps; H1 challenges have been addressed). In furniture (60% of sales), BUT continued to outperform the French market (Q4 LFL +2.1% against -1.6%), where it holds a large and growing market share (13%; the third player in France behind Ikea and Conforama)...
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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