Salvatore Ferragamo (SFER IM) Italy
Consumer Discretionary
Upgrades the stock to Buy - Woozle’s primary research reveals LFL sales +4% Y/Y in Europe this quarter, with 50% of stores beating targets. UK And Italy foot traffic levels are beating expectations due to new perfume and fragrance offering. In APAC, LFL sales trends are +2% Y/Y in 4Q22 as intra-Asian tourist activity increases. Local customer demand rises in Nov vs. Oct resulting in higher units per transaction. Male formalwear outperforms expectations. Also noteworthy, 70% of total sales have been made at full price across Europe and APAC, marking similar Y/Y trends in pricing mix.
Edition: 149
- 25 November, 2022