BUT - Disappointing 2Q17/18 on weak Christmas and supply chain issues
Disappointing 2Q17/18 on weak Christmas and supply chain issues.
BUT is the third-largest furniture retailer in France with a complementary presence in electrical goods (white and brown goods) and decorating items. It directly operates 203 stores with an additional 98 franchise stores in France. The group today held a conference call after it published disappointing results for 2Q17/18 (the period ended 31 December 2017). In spite of the continued favourable French macro environment, LFL sales declined by 5.3% with all product categories being down - including furniture (60% of sales), white goods (25%), and decoration (9%). This contrasted with the strong 4.9% LFL sales growth in Q1.
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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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