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
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #46
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 growing valuation gap between European and US retailers. Happy reading!
- Cedric Rossi
Fielmann: management eyeing a strong rebound in Q4 after a bumpy Q3
Last Friday, FIE reported weaker-than-expected Q3 numbers, with consolidated sales of EUR604m 4% shy of the CSSe, while EBITDA was significantly below CSSe (EUR124m vs. EUR157m) due to one-off costs and, arguably, an overly-optimistic CSSe margin uplift scenario for FIE's US business. During the ca
- 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
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
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #38
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 analyse the implications of Chinese tourist flows to Japan. Happy reading!
- 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
- 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
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
Fielmann: sound H1 numbers and ambitious FY25 EBITDA target
Beyond good preliminary H1 2024 numbers, FIE delivered an ambitious EBITDA target of 24% for 2025 (CSSe: 21.5%), with strong margin expansion for both its European and US operations embedded in the target. While this upbeat FY25 target must now be followed by strong execution evidence, it should gr
- 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
Fielmann: FY24 sales guidance upgrade
Yesterday, FIE revised its FY24 sales outlook upwards from EUR2.2bn to EUR2.3bn to reflect the completion of its second US acquisition Shopko Optical, which was announced in mid-June (see our comment here). Unsurprisingly, the profit outlook remains unchanged considering PPA and integration costs r
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #33
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 new look at the latest rumors around Shein London IPO. Happy reading!
- Cedric Rossi
Fielmann: Greater presence in Midwest
Yesterday, FIE announced the acquisition of Wisconsin-based retail chain Shopko Optical, for a total consideration of USD290m. Last year, Shopko Optical generated USD168m in sales and counted 140 stores across 13 US States, which now gives Fielmann USA a stronger footprint in the Midwest region as
- 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 #27
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 the Q1 earnings season in the US, which is set to be a good vintag
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