reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #48
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 annual Bain-Altagamma Luxury Goods study which expects a period of tur
- Cedric Rossi
Well on track to meet FY24 targets and savings in FY25-26
Whereas Q3 was clearly a transitional quarter following the launch of the group's restructuring transformation programme SpexFocus, MRX posted in-line Q3 revenue and a lower aEBITDA loss thanks to a strong GM improvement. Also, as part of SpexFocus aimed at strengthening its "Vision-as-a-service" i
- Cedric Rossi
Mister Spex: first take on Q3 results
This morning Mister Spex posted in-line Q3 revenue marked by a sharp decline in International (-17%) following future store closures, while Germany posted resilient 2% growth. The aEBITDA loss of EUR1.4m was lower than CSSe (-EUR2.7m) thanks to a solid GM expansion of 300bps. FY24 sales and margin
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #47
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 impact of Donald Trump's election. Happy reading!
Safilo Group: 1 director
A director at Safilo Group bought 25,773 shares at 0.944EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...
- Cedric Rossi
US eyewear: groups embrace the holiday season with cautious optimism
This week, National Vision (NV) and Warby Parker (WRBY) both reported positive Q3 numbers, confirming the first signs of stabilisation within the US eyewear market as the two players address different customer bases and price points. Obviously it was too early to draw conclusions from Trump's win o
- Cedric Rossi
Safilo: Q3 continuation of Q2, promising growth in October
Q3 numbers unveiled yesterday evening were a continuation of Q2 trends with continued margin improvement despite a 3.4% FX-n sales decline (flat growth ex-Jimmy Choo). During the call, management was cautiously optimistic on the back of all regions growing in October but the remainder of the quarte
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #46
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 growing valuation gap between European and US retailers. Happy reading!
- Cedric Rossi
Fielmann: management eyeing a strong rebound in Q4 after a bumpy Q3
Last Friday, FIE reported weaker-than-expected Q3 numbers, with consolidated sales of EUR604m 4% shy of the CSSe, while EBITDA was significantly below CSSe (EUR124m vs. EUR157m) due to one-off costs and, arguably, an overly-optimistic CSSe margin uplift scenario for FIE's US business. During the ca
- Cedric Rossi
EssilorLux: Q3 sales miss but rebound already in sight for Q4
Q2 sales released last night came in 2% shy of the CSSe due to weaker-than-expected FX-n growth (+4% vs. CSSe of c.6%) resulting from sequential decelerations in EMEA (temporary in our view) and China (LSD growth vs. +9% in H1). Reassuring, CFO Stefano Grassi confirmed during the call that Q4 sales
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #43
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. As we are now entering the crucial holiday shopping season, this week we look at external facto
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #41
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 endless reshuffling of European purchasing alliances among food retai
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #40
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 dig into the strange equation of US purchasing power vs. savings rates. Happy rea
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #39
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 discuss the Fed's upcoming meeting and rate cut. Happy reading!
- Cedric Rossi
OTC hearing aid market: no worms in the Apple
Among all the innovative products presented at Monday's Apple Keynote, the AirPods Pro 2 stood out for the new OTC hearing aid capability to be included for users with mild to moderate hearing loss, representing EUR1.4bn people globally. While most hearing aid stocks and, to a lesser extent, Essilo
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #38
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 analyse the implications of Chinese tourist flows to Japan. Happy reading!
- Cedric Rossi
FIE & MRX: distinct H1 trajectories
Yesterday, Fielmann (FIE) and Mister Spex (MRX) both reported their final H1 2024 results which were in line with their respective pre-announced figures. Arguably, Germany remains their largest market with a revenue share of 73% and 75% respectively but the market's focus has differed in recent mon
- Cedric Rossi
Mister Spex: short-term pain, long-term gain
As part of a new restructuring programme announced yesterday, MRX will close its nine International stores which have struggled to reach the same profitability levels as its store network in Germany. Beyond a negative EUR9m impact on top of initial FCF guidance for -EUR12 to -EUR16m, MRX is also re
- Cedric Rossi
US eyewear: watch out for inflation-weary consumers
Although eyewear players operate in a durable category that enjoys a relatively defensive status, US consumers showed signs of flagging in Q2 as pent-up demand in prescription did not materialise and the sunglass category suffered subdued trends. This cautious behaviour was particularly visible amo
- Cedric Rossi
Safilo: weak sales trends as in Q1 but resilient margins in Q2 2024
Yesterday evening, Safilo reported Q2 numbers showing similar trends to Q1: a FX-n sales decline of 3.1% with a greater negative impact from the phase-out of Jimmy Choo (-3 to -4pp) whereas GM and aEBITDA margin continued to improve. With July showing no inflection point, we expect improving sales
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