20150623-HSBC-普拉达(1913):HOLD,DON’T_GET_LED_INTO_TEMPTATION-744149

$普拉达(hk01913)$ Q1 results a major disappointment with consequences:Q1 to end-April saw sales in line(down 5% at constant FX with same store sales growth down high single

$普拉达(hk01913)$
Q1 results a major disappointment with consequences:Q1 to end-April saw sales in line(down 5% at constant FX with same store sales growth down high single digit as we had forecast),but EBIT was a massive miss as margins collapsed(down 910bp).EBIT margin deteriorated to 11% and this was driven by(i)a 150bp gross margin decline as a positive FX impact was more than offset by unfavourable product and geographic mix and(ii)a large 760bp increase in the SG&A ratio as cost containment measures are yet to bear fruit and marketing events were concentrated in the quarter.Although one could argue there were one-offs such as these marketing events,the reality is elements of the mix–underperformance of Greater China,of leather goods and of the Prada brand relative to Miu Miu–could well drag on.
查看PDF
格隆汇声明:文中观点均来自原作者,不代表格隆汇观点及立场。特别提醒,投资决策需建立在独立思考之上,本文内容仅供参考,不作为实际操作建议,交易风险自担。

相关股票

相关阅读

评论