Net sales down by 5.5% but stable on a lfl basis, negative surprise of 3% on consensus. Adjusted operating EBITDA decreased by 21.5% and by 17% on a lfl basis, negative surprise of 13% compared to consensus. Adjusted operating EBITDA margin at 13.6% vs 16.4% in Q1 15. Adjusted EPS at CHF-0.22 vs consensus of CHF-0.15. Operating free cash flow improved by 19%. Net debt increased by 4.5% (c.CHF800m) to CHF18bn because of seasonality. Guidance for FY2016: adjusted o
12 May 2016
Disappointing Q1 but FY outlook unchanged
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Disappointing Q1 but FY outlook unchanged
Net sales down by 5.5% but stable on a lfl basis, negative surprise of 3% on consensus. Adjusted operating EBITDA decreased by 21.5% and by 17% on a lfl basis, negative surprise of 13% compared to consensus. Adjusted operating EBITDA margin at 13.6% vs 16.4% in Q1 15. Adjusted EPS at CHF-0.22 vs consensus of CHF-0.15. Operating free cash flow improved by 19%. Net debt increased by 4.5% (c.CHF800m) to CHF18bn because of seasonality. Guidance for FY2016: adjusted o