PICARD - 4Q15/16 RESULTS
Picard, the French frozen food retailer, has held its 4Q15/16 results conference call for the period ended on March 31, 2016. Trends in Q4 were similar to that of the previous quarters. Organic sales in France grew slightly by 1.0%, driven by an increase in transaction numbers (+0.2%) and in the average basket value (+0.8%, helped by CRM initiatives and the timing of Easter which happened in Q4 this year). The impact of new store openings (30 in France and 6 in Sweden in FY15/16) was offset by the sale of the Italian subsidiary last year. Reported sales rose by 1.0% to €331m (vs. SRe: €332m). The gross profit margin slightly progressed yoy (+20 bps yoy to 44.5% in Q4), again supported by favorable negotiations with suppliers. EBITDA was €42m in Q4 (SRe: €43m). The EBITDA margin rose by 60 bps to 12.3%, also benefiting from lower logistics costs.
Picanol is an international, customer-oriented group specialized in development, production and sale of weaving machines and other high-tech, industrial products, systems and services. Co. operates in three business segments: Weaving Machines and Industries. Weaving Machines: Co. develops, manufactures and sells high-tech weaving machines based on air (airjet) or rapier technology. Industries: Proferro comprises all foundry activities and Co.'s machining activities. It produces cast iron parts for e.g. compressors, pumps and agricultural machinery, and parts for Picanol weaving machines.
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