reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #28
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 about the positive stock market trend in spite of constant delays in Fed
- Cedric Rossi
US eyewear: Distinct Q1 trajectories between NV and Warby Parker
Except for National Vision which faced company-specific issues, Q1 proved to be a reassuring vintage for most optical players, despite several headwinds such as the "Artic Blast" in January and the earlier Easter that mainly impacted prescription sales. Relative optimism continues to prevail for 20
- 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 #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
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
US eyewear market: chilly summer
The summer proved to be particularly chilly for the eyewear sector given a negative sunglass category and persisting weak consumer demand for prescription. However, recent weeks have seen some reassuring signs such as more predictable customer behaviour returning to pre-Covid patterns and normalisi
- Cedric Rossi
Q3 numbers and current trading showed resiliency in a challenging envi...
Mister Spex was able to post resilient Q3 numbers against a series of unfavourable headwinds (low consumer sentiment, bad weather, tough comps) thanks to good progress in its L4L efficiency programme. Ahead of a crucial month of November, Mister Spex had a strong month in October both in prescripti
- Cedric Rossi
Q3 results showing a gradual improvement that should amplify in Q4
Albeit uninspiring, Safilo's Q3 sales and margins were broadly in line with CSS expectations as investors were well aware of the group's adverse environment, i.e. subdued trends in the sunglass category (especially in the mid-range segment) and the lingering impact of the GrandVision phase-out. We
Safilo Group: 2 directors
Two Directors at Safilo Group bought 97,500 shares at between 0.800EUR and 0.812EUR. The significance rating of the trade was 55/100. 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 las...
- Cedric Rossi
Headed in the right direction
Better-than-expected Q2 2023 results confirm that Mister Spex continued to gain market share and made good progress in its L4L efficiency programme in a market environment that has just started to stabilise in Germany. While Q3 sales and profit trends might be less dynamic than in Q2 due to softer
- Cedric Rossi
US eyewear market: Resilient H1 and good vibes for H2
Initial fears of a soft first half for the US eyewear market proved to be wrong as the half-year period ended with a fairly solid performance in Q2, helped by a stronger-than-expected US economy. Whereas there are clear signs of consumers holding back spending due to inflation, eyecare providers ar
- Cedric Rossi
Bumpy Q2, but H2 expected to be more buoyant
Indeed, Q2 proved to be quite bumpy for Safilo which had to deal with the phase out of GrandVision's business in Europe and poor trends in the US. The latter was partly due to unfavourable weather conditions that affected the sunglasses category. However, Safilo weathered these headwinds efficientl
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