We believe Fourlis business strategy makes sense. Both in execution and in rolling back the initiatives that underperform. Opening additional IKEA stores in Greece, re-strategizing on the HB rollout, modernizing Intersport stores and simplifying the EBITDA reporting and breakdown. Our verdict remains open about Foot Locker, where the company is moving quickly with store openings in GR-BUL-ROM.

Q3 sales/cash EBITDA/net income (x-Trade Estates contribution) went up by +15%/+20%/+47% yoy. IKEA sales/EBITDA grew +7%/+15% yoy; Sport goods sales/EBITDA went up +31%/+94% yoy. Both business sectors include new stores. Management reiterated its FY guidance for E600m in sales and E38m in cash EBITDA. This requires sales to grow by +22% and EBITDA by +60% yoy in Q4. This appers demanding…

The E4.5m of phasing/pre-opening costs (50% of cash EBITDA) was a notable drag on group cash EBITDA in Q2. The stock declined -4% down on the day of the release. Sales and cash EBITDA came in at E146m and E10m or +13% and -23% yoy. On the flipside…

FY 2024 retail sales and EBITDA OPR** came in at E530m and E42m vs guidance for E550m and E41m respectively. Management said it lost E15m in sales due to the Cyber-attack in Q4. DPS at E0.15 is +25% higher yoy with payout at 40% (from 33%). the dividend payment of E6.3m, additional buy-back of c. E1m and capex of E6.5m.

Fourlis Q3/9M retail performance confirmed the business is moving forward while the share price is heading the opposite direction, down -15% since our OI upgrade in Apr and -10% since the deal with Footlocker in Sep…