There were no surprises in Q2/H1 results. With Q2 sales +3.5% yoy, gross profit flat and opex up 8.5%, cash EBITDA fell 47% yoy to E5m. The quarter absorbed E1.6m one-off transformation costs, with the remaining E9.1m expected in H2 (E5.9m booked YTD). As a reminder, the E10.7m total transformation costs = E9.1m recurring benefits…
During the General Assembly on June 12, Fourlis provided details on its transformation program.
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…
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%…
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…