reports
- Cedric Rossi
Eyewear: what caught our eyes in Q1 publications
Against macro uncertainty and a fluid tariff backdrop, the O&E industry has played its defensive role with an average performance of +15% YTD (vs. soft luxury sample at -5% and sportswear at -11%), supported by reassuring Q1 publications, proactive tariff mitigation initiatives and reiterated F
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #68
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 fragile US consumer sentiment which might precede a sharp pullback in spe
- Cedric Rossi
Fielmann: margin potential unleashed
The strong improvement in aEBITDA margin in Q1 (+300bps to 24.2%) brought greater credibility to the reiterated margin target of 24% for 2025, considering that the CSSe was still well below that threshold prior to the Q1 publication (BGe: 23.1% / CSSe: 22.8%e). While remaining a bit more prudent th
- Cedric Rossi
Fielmann: strong margin delivery in Q1 2025
Final FY24 results unveiled this morning are in line with last month's pre-release. FIE also provides an update on its Q1 performance: sales jumped by 13% (broadly in line with CSSe) whilst aEBITDA beat expectations by 11% following a 28% surge to EUR146m (CSSe: EUR131.5m). This impressive 370bp-im
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #67
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 largest beauty groups in the world. Happy reading!
- Cedric Rossi
BIC forced to cut FY25 outlook after a perfect storm in Q1
We were bracing for severe turbulence in Q1 due to the weak retail environment in the US and a demanding comparison base for the rest of the world, but these headwinds proved to be more painful than expected (-10.9% LFL vs. CSSe of -7.5%), forcing the group to cut its FY25 outlook for sales (0-3% F
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #66
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 correlation between robust financial markets and healthy US consumer
- 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 #63
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 how sub-sectors within our Consumer coverage have fared since the beginni
- Cedric Rossi
US eyewear: black tariff clouds looming over consumers
In our last report a month ago ("Trumping tariffs"), we were relatively optimistic as Donald Trump had only added a 10% tariff on Chinese imports and implemented a 30-day pause on tariffs for imports from Mexico and Canada. However, the situation has darkened since an additional 10% tariff has been
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #61
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 how Trump's hectic trade policy impacts US consumer sentiment. Happy read
- Cedric Rossi
Fielmann: unlocking margin potential
The stronger-than-expected margin delivery in FY24 unveiled yesterday has two positive outcomes: 1/ Fielmann USA demonstrated its capacity to improve profitability while maintaining a strong operating performance (+11% LFL) and 2/ it lends greater credibility to its reiterated FY25 aEBITDA margin t
- 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
US eyewear: Trumping tariffs
With existing duties relatively low compared to other consumer categories, the potential new tariffs that could be imposed by incoming President Trump are naturally sparking concern across the US optical industry. At this stage, we are optimistic about the sector's ability to navigate tariffs: (i)
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Cedric Rossi
Fielmann: Unexpected CEO change at Fielmann USA
According to Vision Monday, FIE yesterday announced unexpected leadership changes at the helm of its US subsidiary, with Lukas Ruecker stepping down "for personal reasons" and replaced by CFO Russ Steinhorst. Hopefully, this surprising CEO change might not call into question the subsidiary's priori
- 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
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