In Q4, while management was able to honour its annual revenue guidance (at CER), the lfl and reported revenue came in below our expectations. Softer lfl performance outside DACH is a negative surprise for us – we estimated that the majority of the pain (related to 8 October 2018 profit warning) was attributable to Germany. Although the company’s Board is scouting for a new Captain of the ship, a performance turnaround looks to be an uphill task. No change to our stock recommendati
25 Oct 2018
No major surprise in Q4; waiting for the new ship's Captain
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No major surprise in Q4; waiting for the new ship's Captain
In Q4, while management was able to honour its annual revenue guidance (at CER), the lfl and reported revenue came in below our expectations. Softer lfl performance outside DACH is a negative surprise for us – we estimated that the majority of the pain (related to 8 October 2018 profit warning) was attributable to Germany. Although the company’s Board is scouting for a new Captain of the ship, a performance turnaround looks to be an uphill task. No change to our stock recommendati