AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II


Bloomberg   CRI FP
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From an industrialist to a luxury player
Upside 5.78%
Price (€) 13.2
Market Cap (€M) 328
Perf. 1W: 0.46%
Perf. 1M: 21.1%
Perf. 3M: 10.9%
Perf Ytd: 13.0%
10 day relative perf. to stoxx600: 3.35%
20 day relative perf. to stoxx600: 17.8%
Earnings/sales releases10/05/2011


Q1 11: revenue was €140.6m, up 14.6%, of which c.11% due to the raw material price increase and 4% to higher volumes.
The better top-line growth was in the wool division up 18% to €47.8m.
For H1, management anticipates “very good operational performances” but also highlighted the expected increase in expenses linked to the financial restructuring.


During the AGM (06 May), E. Malone indicated that the cost cutting plan had borne fruit since its implementation was launched.
Nevertheless, the big issue for the group is to succeed in managing the huge cost increase, both in term of intensity and rapidity. Price increases were fully passed through in Q1 but results will improve more slowly.


No change to our forecast at this stage.