Tefal maker SEB jumps after Q4 LFL sales slip less than expected

SEB SA

31/01/2023 10:17

** Shares in SEB  SEBF.PA  jump around 8% after the French
domestic appliances maker reported Q4 revenue, with Midcap
Partners pointing to slower-than-expected LFL decline 
    ** Q4 revenue came in at 2.40 billion euros ($2.60 billion),
down 5.6% like-for-like
    ** Midcap Partners notes Q4 sales show a less pronounced
decline as it had expected a drop in line with the one reported
in Q3 (-8.1% LFL) 
    ** It points to a beat driven by the consumer segment in
EMEA, Americas and China, and a solid growth in the professional
sector (+17.6% LFL)
    ** The company also confirmed its operating result from
activity margin for 2022, expected to be in the high-end of the
7.0% to 7.5% range
    ** Consequently, Midcap Partners revises upwards its margin
expectations for 2022 at 7.4% from 7.1% previously
    ** The stock is at the top of SBF 120 index  .SBF120 
($1 = 0.9246 euros)
 (Reporting by Clement Martinot)
 ((Clement.martinot@thomsonreuters.com))