The second wave of the pandemic has more heavily impacted the group’s most relevant markets. Consequently, the weaker than expected year-end performance has led the group to finish the year with both the top line and EBIT below consensus and our expectations.
However, the group’s industry-leading flexibility of its business model (proximity sourcing and single inventory position) and accelerated online business expansion (32% of total sales) have led us to look beyond the pandemic.
11 Mar 2021
Hit harder by the second wave, but keep an eye post-opening
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Hit harder by the second wave, but keep an eye post-opening
- Published:
11 Mar 2021 -
Author:
Jie Zhang -
Pages:
4
The second wave of the pandemic has more heavily impacted the group’s most relevant markets. Consequently, the weaker than expected year-end performance has led the group to finish the year with both the top line and EBIT below consensus and our expectations.
However, the group’s industry-leading flexibility of its business model (proximity sourcing and single inventory position) and accelerated online business expansion (32% of total sales) have led us to look beyond the pandemic.