BIC: H1 13 results are a touch above market expectations
NEUTRAL, Fair Value EUR87 (+4%)
BIC published H1 13 results
a touch above market expectations. H1 sales reached EUR937.5m
(CS: EUR928.6m), down 0.9% as reported but up 2.2% LFL. Q2 LFL growth (+4.1%) has accelerated vs. Q1 (flat LFL) thanks to a more favourable comparison base (Q2 12: +3.1% vs. +9% in Q1 12).Q2 normalised IFO margin decreased 340bp to 20.3% but is better than consensus (19.9%). The group margins continued to be negatively impacted by a lower volume effect and adverse input costs, partly compensated by a decrease in marketing expenses and a positive FX impact at the opex level. Conference call today at 4pm Paris time.
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