Moncler Spa - LFL beats but small EBIT miss due to one-offs
Q: How did the results compare vs expectations?
A: Adjusted EBIT of €59m was a €2m miss vs UBSe, impacted by higher than expected costs related
mainly to flagship stores not yet opened in H1 (€4m 1H16 vs €1m 1H15).
Q: What were the most noteworthy areas in the results?
A: H1 retail LFL +5% (UBSe +4%) was consistent across the two quarters and positive in all regions.
Inventory growth +2% reflects tighter management this year with a focus on ensuring full price sell-out.
FY17 store openings initially indicated at 9-11 (FY16 15).
Q: Has the company's outlook/guidance changed?
A: No, FY16 store and cost guidance remains consistent with prior indications.
Q: How would we expect investors to react?
A: Given we don't expect significant changes to FY16 estimates following this print we only expect a
limited reaction; September is the first important month for H2 Retail.