FOLLI FOLLIE- 4Q17 - Surprising EBITDA drop; FCF improved again but fi...

Folli Follie, the Greek jewellery retailer, has released surprisingly weak 4Q17 results, with a material EBITDA drop (-20% yoy to €80m). While sales were broadly stable yoy, the EBITDA margin dropped by 510 bps to 21.0%. This was exclusively attributed to the key jewellery, watches and accessories division, which accounts for 73% of sales (of which 93% are made in Asia) and 92% of EBITDA.