2Q17/18 - Continued positive LFL sales; EBITDA hurt by one-off provisions
Picard, the French frozen food retailer, has published its 2Q17/18 results for the three months to end-September 2017. The underlying trend remains positive, with LFL sales up by 2.2% yoy in France (representing 98% of sales). This was driven by an increase in the average basket (+2.0%) and higher ticket numbers (+0.1%), which were helped by a positive 0.8% calendar effect. The group is benefiting from the improving macro environment in France, and from its selective expansion strategy abroad, although this is still quite small-scale. Reported sales increased by 4.1% to €286m and gross margin remained broadly stable at 44.5%. However, reported EBITDA fell by 17% to €24m.
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