reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
On the shelves now: Consumer Weekly #64
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 accelerating trends in European corporate earnings relative to those in t
- Cedric Rossi
Mister Spex: all eyes on execution of "SpexFocus" plan
When MRX announced its SpexFocus plan last summer, we commented that its initiatives would bring short-term pains before delivering long-term gains. In 2025, these short-term pains will be visible at the revenue level, while margins and FCF should show a sequential improvement thanks to the SpexFoc
- Cedric Rossi
Mister Spex: Reassuring FY24 numbers; priority for FY25 is margin impr...
Mister Spex reported this morning in-line FY sales of EUR217m (-3% YoY) reflecting the Group's decision to close all its nine International stores. On the positive side, FY aEBITDA of -EUR5.8m was less negative than anticipated by the market (-EUR7.1m). For FY25, i.e. "discount detox" and the negat
- 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
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
Mister Spex: preliminary 2024 results broadly in line with guidance an...
Yesterday morning, Mister Spex unveiled preliminary Q4 numbers matching the company's guidance and expectations, reflecting good progress in the SpexFocus transformation programme and no negative surprises from its induced effects on the group's operating performance. Final FY24 results and FY25 ou
- 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
Eyewear: what caught our eyes in Q3 publications
Q3 publications were generally more mixed than previous quarters with many players flagging polarised consumer behaviour even in the traditionally defensive prescription category. Most companies were relatively optimistic about Q4 thanks to easier comparatives and a more favourable category-mix, wh
- 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!
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