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French fashion company SMCP Q3 sales rise, reiterates 2021 target

PARIS (Reuters) – French fashion company SMCP, whose brands include Sandro and Maje, said on Wednesday that its third-quarter sales had risen from a year ago, albeit still slightly below the pre-pandemic levels of 2019.

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French fashion company SMCP Q3 sales rise, reiterates 2021 target
© Reuters. FILE PHOTO: A Maje label is pictured on clothes inside a Maje luxury clothing store, operated by SMCP Group, in Paris, France, December 21, 2017. REUTERS/Benoit Tessier

PARIS (Reuters) – French fashion company SMCP, whose brands include Sandro and Maje, said on Wednesday that its third-quarter sales had risen from a year ago, albeit still slightly below the pre-pandemic levels of 2019.

It also said it was confident of reaching its overall target of 1 billion euros ($1.2 billion) in sales for 2021.

SMCP’s third-quarter sales rose to 271.7 million euros, from 248.4 million euros a year earlier.

“Looking forward, after having observed a positive dynamic across all markets during the first weeks of October, we are confident in our capacity to reach 1 billion euros in full-year 2021 sales,” SMCP CEO Isabelle Guichot said.

($1 = 0.8593 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Krispy Kreme Shares Plunge Following Goldman Sachs Downgrade

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Krispy Kreme Shares Plunge Following Goldman Sachs Downgrade
© Reuters

By Sam Boughedda

Investing.com — Krispy Kreme Inc (NASDAQ:) stock fell 8% after Goldman Sachs analyst Jared Garber downgraded it to sell.

Garber cut it from neutral, setting a $14 price target. That did represent a 4% downside from Tuesday’s close. However, the stock has now fallen below that level, trading around the $13.28 mark. 

The analyst cited rising cost pressures across many key areas for Krispy Kreme’s company-owned model, which Garber feels presents risks for margins. 

In addition, he explained that consumer data implies that the brand may have limited pricing power to react to inflation, and with the indulgent food category only expected to grow 1.1% per year to 2025, it forced Garber to lower estimates for the company.

 There is “limited clarity on the underlying drivers of top-line growth,” according to the analyst.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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European shares rebound from Omicron-spurred rout

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European shares rebound from Omicron-spurred rout
© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 30, 2021. REUTERS/Staff

By Anisha Sircar and Susan Mathew

(Reuters) -European shares posted their best session in almost six months on Wednesday, as investors picked up beaten down stocks that were hammered in the past few sessions by fears of the spread of a new and highly infectious strain of the coronavirus.

The pan-European rose 1.7%, recovering from a sharp sell-off in the previous session that had sent it to a seven-week low. The index ended November with a 2.6% drop and is 4% away from the record high it hit in the middle of last month. [MKTS/GLOB]

“Europe was already imposing lockdowns before Omicron. Since valuations are still elevated, earnings need to do the heavy lifting from here; that task has now become harder in the EU …. relative to the U.S.,” TS Lombard research head Andrea Cicione said.

A recent Reuters poll of strategists and brokers suggests that European stocks may hit record highs in 2022, boosted by a recovery in corporate profits.

The poll also says that and 40 indexes would hit uncharted peaks by mid-2022, while the STOXX 600 would gain 7% and reach 500 points by July.

“In the short term, uncertainty and therefore market volatility will continue until we get greater clarity on the resistance to vaccines and the lethality and transmissibility of Omicron,” TS Lombard’s Cicione said.

Industrial stocks were the biggest boost to the STOXX 600 on Wednesday. Among sectors, autos as well as travel and leisure rose 3.8% and 3.1%, respectively.

Miners gained 2.3% after prices rebounded on easing concerns about the Omicron coronavirus variant, while oil stocks jumped 2.1% as crude prices rose as OPEC meets. [MET/L] [O/R]

The European Union could greenlight COVID-19 vaccines tailored to target the new variant in three to four months, the region’s drug regulator chief Emer Cooke said on Tuesday, adding that existing shots would continue to provide protection.

A survey showed manufacturing growth in the euro zone accelerated slightly last month, but supply chain bottlenecks worsened.

Among individual stocks, Husqvarna, the world’s biggest maker of power gardening tools, jumped 5.4% after raising its overall financial targets and growth ambitions for robotic lawn mowers and other battery-powered products.

Italy’s Banca Monte dei Paschi di Siena surged 16.7% after saying it had begun a dialogue with the Ministry of Economy and Finance to restart discussions on its plans to raise capital.

Battered German property group Adler’s shares surged 34.5%, pulling up from all-time lows, after announcing divestitures.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Jewellery maker Pandora has no plans to join platforms like Amazon or Farfetch -CEO

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Jewellery maker Pandora has no plans to join platforms like Amazon or Farfetch -CEO
© Reuters. FILE PHOTO: Jewels are seen in a Pandora jewellery shop in downtown Rome, Italy, August 7, 2018. REUTERS/Max Rossi

COPENHAGEN (Reuters) – Jewellery maker Pandora (OTC:) would prefer to invest in physical stores or its own online sales platform rather than join large e-commerce marketplaces like Amazon (NASDAQ:) or Farfetch (NYSE:), its chief executive said on Wednesday.

“If you’re a small and unknown brand, marketplaces offer a great opportunity, because they provide you with an audience. I already have an audience,” CEO Alexander Lacik said during an interview at the Reuters Next conference on Wednesday.

Pandora, the world’s largest jewellery maker by production capacity, has found a niche between cheaper accessories sold by the likes of H&M and more expensive jewellery like that of Tiffany & Co (NYSE:).

“Eight out of ten women globally are aware of our brand, so I don’t need to make you aware of me. What I need to do is to show you what I’ve got, and I can to this much better if I have a direct relationship with my customer,” he said.

The $12.3 billion company, headquartered in Copenhagen, has increased investment in e-commerce during the pandemic. It is present on China’s T-mall platform but not on large global platforms like Amazon or Farfetch.

“Marketplaces always have to make a compromise for all the clients they are serving. I don’t have to compromise,” he said.

Pandora’s more than 2,600 physical stores remain the core of its business and still account for 75% of global sales.

“Nearly two-thirds of my customers are men buying jewellery for their girlfriends, wifes, grandmothers or children. And we know that men buying jewellery need help,” he said.

To watch the Reuters Next conference please register here https://reutersevents.com/events/next/

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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