reports
- Cedric Rossi
Mister Spex: Q1 numbers less negative than feared; trends improved in ...
Yesterday, Mister Spex posted reassuring Q1 numbers considering the negative calendar effect for prescription (i.e. Earlier Easter) and demanding comparison base in Germany. Against signs of an acceleration in April, management reiterated the FY24 sales and margin outlook, as well as a sequential i
- Cedric Rossi
Safilo: Q1 less negative than feared and reassuring month of April
The Q1 sales decline of 1.8% FX-n was less damaging than our -4.6% FX-n figure (see our preview here) thanks to a stronger-than-expected performance in Europe. Q1 aEBITDA margin also surprised positively with a 20bp-improvement to 11.5% (CSSe: 11.2% / BGe: 11.3%). Management confirmed a return to p
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #27
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 take a look at the Q1 earnings season in the US, which is set to be a good vintag
- Cedric Rossi
Fielmann: Reassuring start to the year
With Q1 sales and EBITDA both up 11% YoY, FIE has reassured the market despite a demanding comparison base and challenging macro environment, particularly in Germany. Similarly, FY24 sales outlook highlights robust top-line trends through the year, whilst FIE's prudent EBITDA target leaves some ups
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #25
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 resilient US activity from the perspective of a healthy Logistics Mana
- Cedric Rossi
EssilorLux: in-line Q1 sales performance and good vibes ahead of Q2
Yesterday evening, EssilorLux unveiled Q1 sales up 5.5% FX-n to EUR6.34bn, fairly in line with CSSe (EUR6.38bn) despite a tough comp base and unfavourable calendar effect. We see room for accelerating trends given increased tailwinds from: 1/ pricing in frames (BGe: MSD price hike), 2/ the ramp-up
- 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
- 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
Safilo: Return of sunshine after a cloudy Q1?
In our last sector report, we were highlighting Safilo's prudent message given the wait-and-see attitude of US wholesalers ahead of the sun peak season. As we understand that no positive inflection point occurred in March, we expect a 4.6% FX-n sales decline. On a positive note, Q1 margins are set
- Cedric Rossi
Mister Spex: slow but steady margin improvement
Cautious FY24 sales guidance is explained by a persistently tough retail environment in Germany and key marketing initiatives set to drive sales growth in H2 2024. On a positive note, the FY24 aEBITDA outlook implies another sequential improvement in margins, again mainly driven by GM-expansion. Po
- Cedric Rossi
Mister Spex: FY23 results in line and focus on sustainable growth for ...
Final FY23 results released this morning are broadly in line with pre-announced numbers on 31st January: with FY23 sales up 6% to EUR223 driven by market share gains in Germany (+10% vs. market at +3%) and FY23 aEBITDA close to EUR1m, marking a EUR9m improvement vs. PY. Pending positive results fro
- Cedric Rossi
US eyewear market: looking at a half-full glass for 2024
The 2023 holiday season proved to be a good vintage, as evidenced by stronger-than-expected Q4 revenue performances from our entire Optical sample. Yet, macro uncertainty and a lingering impact from wait-and-see customer behaviour in prescription prevented companies from delivering a more upbeat ou
- Cedric Rossi
Safilo: FY24 aEBITDA margin to reap first benefits of last year's inve...
Final FY23 results unveiled by Safilo yesterday evening were in line with pre-released numbers on 30th January. FY23 aEBITDA margin contracted 40bps to 9%, as GM gains were largely reinvested in growth drivers (marketing, digital). After a year of investment, management qualified FY24 as a year of
- 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
Fielmann: Air pockets almost over, appealing FY24 prospects
Yesterday morning, Fielmann reported its preliminary FY23 results. They were broadly in line with FY guidance and CSS expectations that were a bit more optimistic than the company. As expected, soft Q4 numbers reflected temporary headwinds and whilst FY24 outlook will only be shared at the Q1 2024
- 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
- Cedric Rossi
EssilorLuxottica: margin expansion set to "materially accelerate" in F...
FY23 sales came out at EUR25.4bn, fairly in line with expectations (CSS: 24.43bn) and with a third consecutive year of growth above 7% (+7.1% FX-n). The slight EBIT margin miss (16.5% vs. 16.7%e), caused by strategic investments (50bp dilution) and FX headwinds (-40bp) should be more than offset by
- Cedric Rossi
Safilo: reassuring Q4 numbers
Yesterday evening, Safilo posted in-line Q4 sales which showed a positive inflection point in Europe and North America on the back of FX-n sales growth in both regions. Safilo guides on a FY23 aEBITDA margin of "around 9%" (-40bp YoY), which would imply a modest margin improvement in Q4 (BGe: +20bp
- Cedric Rossi
Fielmann: Significant store optimisation planned in Italy
According to the French ophthalmic industry's news source Acuité, Italian Trade Unions were recently informed of Fielmann's decision to close up to 11 stores in the country, representing 20% of its total store network. With this optimisation, Fielmann's expects Italy to reach break-even this year,
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