Announced its audited consolidated results for the year ended 31 March 2016.
Broadly disappointing, even on our lower than consensus estimates. The bottom line growth figure is clouded by the one off gain on the merger of Yoox and Net a Porter, as well as non-recurrence of FX losses on financial instruments in the prior year. We would focus on operating profit, which fell 23% to euro2061m during the year – even after adjusting for 97m worth of restructuring charges during the year, the adjusted number of 2158m is a 5-6% miss relative to consensus of 2285m. We were looking for EBIT of 2267 (-15%), but hadn’t pencilled in any restructuring charges in H2 – still a miss.