reports
- Cedric Rossi
BIC: US consumers already burdened by tariffs
Ahead of the reciprocal tariffs implemented in early April, major US retailers such as Walmart, Costco and Target have already indicated a consumer pullback amid tariff uncertainty and early signs of deteriorating macro trends. Despite its strong value-for-money positioning, BIC is not immune to th
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #59
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 whether the rising American debt burden could be a risk for 2025 or not.
- Cedric Rossi
BIC: A pivotal year 2025
During the call, management stated that BIC was well-positioned to tackle a crucial FY25, which marks the final year of the group's Horizon Plan and the forthcoming announcement of CEO Gonzalve Bich's successor. Although BIC is traditionally conservative at this stage of the year, this level of cau
- Cedric Rossi
BIC: Q4 beats expectations, FY25 targets in line.
FY24 results, released yesterday evening, showed a 5% beat on Q4 aEBIT expectations, driven by stronger-than-expected LFL growth (+4.4% vs. +2.7%e) and tight cost control. FY25 sales and aEBIT targets may appear relatively conservative in light of Tangle Teezer's contribution, but they were largely
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #52
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. For the last Consumer Weekly of 2024, we look at the normal inertia effect between improving US
- Cedric Rossi
BIC: call with detangling effects
The conference call hosted yesterday morning was the opportunity for management to provide the market more details on the governance transition process and the Tangle Teezer acquisition. While we expect the latter to be accretive to the group's aEPS in FY25 by 4%, we will include Tangle Teezer afte
- Cedric Rossi
BIC: disruptive acquisition and... governance announcement
Yesterday evening, BIC made two surprising announcements: 1/ the start of a transition process at the helm of the company given the planned departure of CEO Gonzalve Bich by 30th September 2025, and 2/ the acquisition of Tangle Teezer, a premium detangling haircare company for EUR200m, marking the
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #45
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 spending patterns in Europe, which show a clear reallocation towards the f
- Cedric Rossi
BIC: Play the gradual US recovery
Following the company's margin guidance upgrade and conference call, we increase our FY24-26 estimates by 4% on average and lift our PT to EUR73 vs. EUR68 previously. Normalising trends in North America and encouraging trends in Human Expression ahead of back-to-school in key markets such as Brazil
- Cedric Rossi
BIC: impressive Q3 margin performance and FY guidance upgrade
Yesterday evening, BIC unveiled in-line Q3 sales of around EUR540m with a slight beat in terms of LFL performance (+0.2% vs. CSSe of -0.3%) thanks to a promising rebound in the Flame for Life division. More importantly, we highlight the group's robust aEBIT performance which exceeded the CSSe by 22
- 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
BIC Q3 2024 results preview: a continuation of Q2 trends
In light of recent publications from US & European retailers, we expect BIC's Q3 numbers to show a continuation of Q2 trends, i.e. subdued LFL growth and resilient margins. The US market (39% of sales) is set to be the weak spot again as the US retailing sector was hit by a wave of lowered sale
- Cedric Rossi
BIC: a mixed bag of H1 2024 numbers but resilient margin trajectories
The LFL sales decline in Q2 (-0.9%) was slightly more pronounced than the CSSe was expecting (-0.6%) but we noted a surprising 90bp-expansion in aEBIT margin to 17.4%, well above expectations (15.1%), supporting BIC's margin guidance for a "slight improvement" over FY24 despite the FY sales outlook
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #37
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 react to slower US inflation in June, further opening the door to a September rat
- Cedric Rossi
BIC: a quarter to forget
The sales warning issued last month (see our comment here) was mainly caused by a tough US Lighters market. However, we understand that Stationery and Shavers also decelerated sequentially in the US, as a result of a major consumer shift away from general merchandise to food, recently highlighted b
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #34
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 look at underperformance by European, and especially French, equity indexe
- Cedric Rossi
BIC: FY24 sales warning due to Lighters
Yesterday evening, BIC cut its FY24 sales guidance from +5/+7% FX-n (excl. Argentina) to LSD growth, again due to Lighters. Following soft Q1 numbers caused by a negative performance in Lighters (see our comment here), management was expecting a gradual improvement throughout the course of the year
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #26
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
- Cedric Rossi
BIC: Soft Q1 followed by a gradual acceleration from Q2 onwards
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
- 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!
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