2Q17 - Solid EBITDA growth but large adverse FX impact
Folli Follie, the Greek jewellery retailer, has released a strong set of 2Q17 results, in line with the Bloomberg consensus. Sales increased by 13% yoy to €405m while EBITDA expanded by 10% to €86m (EBITDA margin: -50bps to 21.2%). This was primarily driven, again, by the key jewellery, watches and accessories division, accounting for 76% of sales (of which 94% are made in Asia) and 94% of EBITDA.
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