reports
- 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
- Cedric Rossi
Fielmann: Reassuring start to the year
With Q1 sales and EBITDA both up 11% YoY, FIE has reassured the market despite a demanding comparison base and challenging macro environment, particularly in Germany. Similarly, FY24 sales outlook highlights robust top-line trends through the year, whilst FIE's prudent EBITDA target leaves some ups
- 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!
- Cedric Rossi
Mister Spex: slow but steady margin improvement
Cautious FY24 sales guidance is explained by a persistently tough retail environment in Germany and key marketing initiatives set to drive sales growth in H2 2024. On a positive note, the FY24 aEBITDA outlook implies another sequential improvement in margins, again mainly driven by GM-expansion. Po
- Cedric Rossi
Mister Spex: FY23 results in line and focus on sustainable growth for ...
Final FY23 results released this morning are broadly in line with pre-announced numbers on 31st January: with FY23 sales up 6% to EUR223 driven by market share gains in Germany (+10% vs. market at +3%) and FY23 aEBITDA close to EUR1m, marking a EUR9m improvement vs. PY. Pending positive results fro
- Cedric Rossi
US eyewear market: looking at a half-full glass for 2024
The 2023 holiday season proved to be a good vintage, as evidenced by stronger-than-expected Q4 revenue performances from our entire Optical sample. Yet, macro uncertainty and a lingering impact from wait-and-see customer behaviour in prescription prevented companies from delivering a more upbeat ou
- Cedric Rossi
Fielmann: Air pockets almost over, appealing FY24 prospects
Yesterday morning, Fielmann reported its preliminary FY23 results. They were broadly in line with FY guidance and CSS expectations that were a bit more optimistic than the company. As expected, soft Q4 numbers reflected temporary headwinds and whilst FY24 outlook will only be shared at the Q1 2024
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