US drags on 4Q performance but outlook is improving for Marcolin
​Last week, Marcolin published soft 4Q16 results but broadly in line with our forecast. Yoy sales dropped 4.2% to €107m, better than the 6.7% decline that we anticipated and the 11.3% suffered in 3Q. As in the previous quarter, the performance was dragged by North America (44% of sales), owing to Marcolin USA’s dependence on department stores, a declining channel versus the more dynamic online segment.
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