Essilor: LFL sales growth stable in Q1 vs. +1.5% expected by consensus
BUY, Fair Value EUR85 (-1%)
Essilor reported this morning Q1 13 sales of EUR1,276m (consensus: EUR1,300m), growing at a slight 0.5% as reported. Q1 LFL is flat, materially below market expectations (+1.5%e), which reflects the record Q1 12 sales growth of 8.5%. The negatives came from the US (challenging comps, unfavourable weather) and LatAm (fewer selling days). Overall, these fewer billing days have cost about 1.9% of Essilor’s in Q1. In our view, ahead of the conference call scheduled today at 9am (CET), the stock will be under pressure.
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