reports
- Loic Morvan
- Paul Rouviere
L'Oréal reports encouraging Q1 2024 sales figures
L'Oréal's Q1 sales were above market expectations. Excluding a technical one-off positive impact, sales grew 8.1% lfl over the quarter (consensus: +6.4%) thanks to strong performances in the mass market and Derma Beauty divisions. L'Oréal continued to outperform a still dynamic beauty market (+6%).
- Loic Morvan
- Paul Rouviere
LVMH: Q1 might be the low point for F&LG growth
As anticipated, LVMH reported a quite poor Q1 2024 performance, with a 3% sales growth (at same FX), but at least in line with consensus expectations and with no dramatic trend. Furthermore, we remind investors that LVMH faced a fairly demanding comparison basis (sales were up 17% in Q1 23). We rei
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #24
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we highlight how resilient equity markets had been over the past months, despite a c
- Loic Morvan
- Paul Rouviere
Ferragamo Q1 preview: far from a sales inflection point
Ahead of Ferragamo's Q1 publication on the 9th May, we become even more cautious on the name as Kering's warning due to Gucci (-20% expected) and a recent contact with the company prompt us to believe that consensus figures for Q1 (-2% lfl sales growth) and FY24 (+2% lfl sales growth) are overly op
- Loic Morvan
- Paul Rouviere
Hermes not penalised by final demand, unlike peers
Once again, Hermès is set to have enjoyed one of the most, if not the most, dynamic sales growth levels in Q1, thanks to still-strong final demand, also boosted by a significant positive pricing impact. Hence a 14% organic sales increase is expected while the sector is set to report a low single di
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #23
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the recovery in global passenger air traffic. Happy reading!
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #22
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the favourite sub-sectors for short sellers post-earnings. Happy reading!
- Loic Morvan
- Paul Rouviere
As anticipated, LVMH set to report poor Q1 sales growth
As expected, LVMH is set to report muted Q1 2024 sales growth (+3% organic) in view of the more challenging environment. The Wines & Spirits division is like to be down sharply (due to both champagne and cognac) while the Fashion & Leather division should report a LSD sales increase. We mai
- Loic Morvan
- Paul Rouviere
Kering issues sales warning on sharp decline in Gucci Q1 sales
Yesterday after market close Kering issued a sales warning for its Q1 performance due to an expected 20% fall in Gucci sales with Kering revenues set to decline 10%. We see this warning as Gucci-specific given that other group brands (Bottega Veneta, Saint Laurent...) should be far less impacted. W
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #21
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we look at the expected growth recovery among e-commerce players and the necessary b
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #20
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we comment on the US-Europe decoupling as US GDP growth forecasts for 2024 become in
- Loic Morvan
- Paul Rouviere
Ferragamo: GM expansion and opex decline in H2 helped deliver profitab...
Salvatore Ferragamo released its FY23 results and delivered a clear beat at bottom-line level coming in 13% ahead of CSS expectations. The positive surprise on profitability stemmed from Gross Margin improvement thanks to a focus on higher quality of sales and better product mix whilst management k
- Cedric Rossi
- Loic Morvan
- Paul Rouviere
Kering Eyewear attracted by Marcolin?
Last month, Italian press reports mentioned that PAI Partners would prefer to sell Marcolin to an industrial partner for EUR1.3bn. Earlier this week, Miss Tweed reported that Kering Eyewear was well-positioned to be the winning bidder among three other rivals cited by Corriere Veneto: US-based Marc
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #19
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we return to the Q4 earnings season in Europe with a global view. Happy reading!
- Loic Morvan
- Paul Rouviere
Interparfums: another beat & raise story in 2024?
Interparfums reported FY23 EBIT at EUR160m, up 16%, (consensus: EUR155m), implying a 50bp EBIT margin improvement to 20% (consensus at 19.4%). Management seems quite confident on 2024, and we reiterate our sales expectations of EUR920m, above company guidance (EUR880-900m). We cautiously maintain o
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #18
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we comment on the CCP accelerating policy support. Happy reading!
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #17
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we comment on the markets' harsh reaction to the January CPI (US), which from an opt
- Loic Morvan
- Paul Rouviere
- Loic Morvan
- Paul Rouviere
Hermès FY23: a stellar performance in an increasingly polarised sector
Hermès ended FY23 with impressive sales growth (+18% in Q4), implying no slowdown versus Q3. We remain confident in Hermès growth prospects for 2024, expecting 15% organic sales growth (+12% previously) with a slight 20bps EBIT margin decline. We lift our 2024-25 earnings by 4%. Despite lofty valua
- Loic Morvan
- Paul Rouviere
L'Oréal: a few short term issues in China
FY23 L'Oréal results were below market expectations. FY sales grew 11% including +6.9% in Q4 (+9% expected). This was mainly due to North Asia (26% of total sales) and especially the Travel Retail channel. Excluding Travel Retail in Asia, Q4 sales growth should have been up double-digit. This shoul
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