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….
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…
Fourlis announced a deal with Foot Locker to acquire the latter´s operations in Greece and Romania (6 stores + ecommerce; price not disclosed) and to establish exclusive licensing agreements in 6 additional SEE countries (Cyprus, Bulgaria, Croatia, Slovenia, Bosnia and Montenegro).
Fourlis provided 2024 guidance for retail operations during the general assembly (June 21), calling for sales/EBITDA/EBIT of E550m/E41m/E26m or +5.5%/+14.2%/+23.2% yoy. These numbers are below our estimates by 3% in sales terms and by 9%-14% in EBITDA and EBIT. Management said guidance is volume driven and conservative amid a rather tight consumption environment.
Q4 EBITDA came in better than expected by +10% thanks to the higher gross margin in IKEA. DPS announced at E0.12/2.8% yield. Fourlis provided pro forma retail accounts deconsolidating Trade Estates (TE). This is the first step for us to understand the dynamics of the retail business. Conclusion. The second one is deconsolidating TE and…