As food deflation risks increasingly diverge from one market to another, we take a fresh look at local price war risks and at the sector earnings cycle. We remain puzzled by the YTD sector derating and underperformance while FY 2024-25 expected EPS growth is still strong. Many investors seem to be
Ahead of its full Q2 publication on Wednesday, Ceconomy has pre-released its Q2 and clarified its FY EBIT guidance from "clear increase YoY" to EUR290-310m, coming out 6-14% above consensus with Spain and Italy fuelling the performance. Within our specialised retail segment, Ceconomy (Buy) remains
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
Q1 sales and EBIT topped expectations in both of the group's geographies, continuing to demonstrate Ahold Delhaize's ability to preserve LfL growth and profitability during disinflationary times. We expect limited upgrades to consensus estimates prior to the CMD, but are betting more on a gradual r
Latest Kantar French market share data highlight a continued and surprising outperformance by Leclerc (+80bp) despite very tough comps vs. other independents and Lidl (slightly up) and vs. integrated groups (down 100bp). The wide gap between Leclerc and Intermarché, Systeme U and Lidl in a fast-dec
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 closer look at TikTok's weight in the US advertising market ahead of its l
Atos: weak Q1 2024 results, need for fresh funds has already increasedVerisure launches a new term loan; new bonds to followVerallia: Q1 2024 logically weak but the recovery in demand is confirmedAngloAmerican Plc: Takeover offer from BHP Group for the entire share capital>...
Atos : faibles résultats au T1 2024, les besoins de nouveaux fonds a augmentéVerisure lance un nouveau term loan ; des nouvelles obligations suivrontVerallia : T1 2024 logiquement faible mais la reprise de la demande se confirmeAngloAmerican PLC : Offre de rachat sur la totalité du capital par BHP>...
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
>Q1 2024: in line with forecasts - Yesterday evening, Carrefour published its sales figures for Q1 2024. Sales including tax were € 22.2bn, a slight 0.4% increase on a reported basis of which 13.5% l-f-l, broadly in line with expectations in France, relatively weak in Europe and a shade above in Latin America. Overall, as expected, the quarter was marked by the continued deceleration in food inflation and a volume effect still under pressure in Europe, to which sho...
Groupe SEB showed a stronger-than-expected LFL growth of 7.3% (CSSe: +6.2%) driven by a fourth consecutive quarter of growth above 5% in Consumer, whilst Professional posted another buoyant performance (+18.5% LFL). Q1 ORfA of EUR111m matched expectations (EUR110m) despite a more harmful FX impact
>T1 2024 : en ligne avec les attentes - Carrefour a publié hier soir ses ventes du T1 2024. Le CA TTC s’élève à 22,2 Md€, en légère hausse de 0.4% en données publiées dont 13.5% en LFL, globalement en ligne avec les attentes en France, assez faibles en Europe et un peu au-dessus au Latam. Globalement, le trimestre est sans surprise marqué par la poursuite de la décélération de l’inflation alimentaire et un effet volume toujours sous pression en Europe, auquel s’ajou...
After a soft Q1 missing expectations at the group-level excluding Argentina and in France, we welcome Carrefour's more proactive stance on its French price positioning (targeting a volume market share trend reversal) with ongoing waves of price cuts that should materialise throughout the year, fina
The Q1 LfL trend continued to slow in line with estimates while product mix provided a nice 30bp gross margin boost. Even with reiterated FY 2024 EBIT and FCF guidance, uncertainty over the timing of a consumption recovery remains a huge pushback preventing everyone from being more bullish despite
Yesterday, BIC unveiled Q1 numbers that reflected management's message highlighting a soft start to the year, but showed a modest miss vs CSS expectations (sales: -1% / aEBIT: -1.5%) given the negative phasing impact in Lighters (38% of sales and 69% of aEBIT before unallocated costs). With trends
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
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