Richemont FY24 results: jewellery continues to shine

Richemont FY24 results were broadly in line with expectations but remained solid nonetheless given good sales growth at Cartier & VCA despite a tough comparison basis, and a healthy performance in Europe and the Americas. We continue to favour Richemont as growth prospects in jewellery remain p

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

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

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

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!

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

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

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

Welcome Q3 sales surprise confirms our confidence in the group's outlo...

Richemont's 8% Q3 sales increase was slightly above market expectations and reassured investors after last week's profit warning from Burberry. Momentum remained healthy with the European cluster and accelerated with US clientele over the period, while the double-digit exit rate was another positiv

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

Richemont H1 results prompt 5% cut to our earnings estimates

We lower our FY24 and FY25 estimates by 5% to reflect i/ the weaker than expected H1 2024 performance (mainly at the EBIT level), and ii/ lower growth prospects for FY24. Nevertheless, we expect Richemont's Jewellery Maisons (Cartier and Van Cleef & Arpels) to continue to gain market share and

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

Luxury Goods: normalising demand to limit upside in H2

Where do we stand after H1?Since the start of the year, we have been positive on the European Luxury Goods sector on expectations that China's reopening would bolster Luxury Goods sales throughout 2023. Q2 sales grew 17% on average. As expected, Hermès (+27%), Moncler (+26%) and Tod's Group (+24%)

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

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

Luxury Goods: VICs keep splashing out

Despite questions raised by investors on China's reopening, and US market normalization, we still expect strong growth in Q2 2023e (+15% y/y FX-n) for our Luxury goods coverage. Beyond Q2, we remain strongly convinced by the growth potential of the China luxury market especially for the most exclus

Bryan, Garnier & Co Consumer Daily | Casino, Ceconomy, Richemont

Richemont benefiting from rising demand for jewellery

We lift our FY24 and FY25 estimates by 11% to reflect i/ the strong FY23 performance, and ii/ higher growth prospects for FY24 with 1) a gradual recovery in luxury spending by Chinese clientele as they travel outside of Asia, and 2) the superior brand desirability of Richemont's Jewellery Maisons (

Bryan, Garnier & Co Consumer Daily | Richemont, Mister Spex, Eyeswear

Gradual margin improvement to come in 2023

As demonstrated by Q1 results showing a sequential improvement at the GM and aEBITDA levels, Mister Spex has made good progress in its L4L efficiency programme. Management is confident that aEBITDA margin will improve further quarter after quarter as the results from L4L ramp-up. On the path to mar