Tod's Group: Tod's Q4 sales in line; EBITDA margin target should be reached
SELL, Fair Value EUR80 (-22%)
Tod’s published Q4 12 sales that were in line with consensus ests. Retail same-store sales at constant FX were up 7.2% in FY12, with Q4 broadly in line with 9M, although we understand Asia slowed. There was no conference call, but we spoke to IR who confirmed Tod’s would reach the 26% EBITDA margin target in FY12.