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
- Loic Morvan
- Paul Rouviere
LVMH: Q3 sales down 3%, a clear deceleration vs Q2 (+1%), mainly due t...
LVMH has reported poor Q3 sales down 3%, confirming the current deterioration in the luxury industry, especially in Mainland China. In the Fashion & Leather division, Q3 sales with the Chinese cluster were down MSD vs the HSD increase seen in H1. We cut our 2024-25 earnings by 4% implying a new
- 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 #42
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 resolution of the ILA port strike which threatened the US holiday sho
- Cedric Rossi
- Loic Morvan
- Paul Rouviere
Luxury Goods: beware of excessive optimism on China in the near term
Although most stocks in our luxury sample rebounded last week following the launch of a stimulus "bazooka" by the Chinese authorities, we expect no material improvement in China's consumption or household confidence in the near term. As such, we would not be surprised if the Chinese government were
- 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
- Loic Morvan
- Paul Rouviere
Luxury Goods: only a very slight rebound expected in H2
As expected, H1 was a poor vintage for Luxury groups. On average, our luxury groups sample achieved 1% organic sales growth, in line with Q1. Only Hermès, Moncler and Brunello Cucinelli enjoyed double-digit growth. Consequently, H1 profitability came under pressure. H2 is not expected to be much be
- 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
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
- Loic Morvan
- Paul Rouviere
LVMH H1 EBIT misses expectations
LVMH reported poor H1 results yesterday. Although top line momentum was almost in line with market anticipations thanks to 2% organic growth indicating a degree of resilience in the current environment, EBIT was clearly below the consensus (EUR10.65bn vs EUR11.04bn), implying a 180bp margin erosion
- Cedric Rossi
Mister Spex: Governance crisis intensifies
Yesterday evening, MRX announced that founder and CEO Dirk Graber would step down on 31st July and hand over to CFO Stephan Schulz-Gohritz. This major announcement comes after a hectic AGM last month and the surprise resignations of two members of the Supervisory Board earlier this month (see our W
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #36
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 US job market that is gradually cooling, prompting investors to bet o
- Cedric Rossi
- Loic Morvan
- Paul Rouviere
Luxury Goods: H1 profitability under pressure
We turn more cautious on the sector as recent newsflows points to a deterioration of China's macro. H1 should prove to be challenging for the sector with Q2 growth expected to decelerate sequentially from +1% FX-n in Q2 to zero in Q2. With lower topline growth, Luxury groups will be under pressure
- 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
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
- 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
- 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
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.