The analyst believes that Q1 2024 figures 'are as expected with little short-term visibility'. He confirms his neutral recommendation on the stock, with an unchanged target price of E849.

' Q1 sales are in line with expectations, but no indication of a slower pace of sales would reassure the market in the context of the recent weakness in the share price. We therefore remain neutral," says the analyst firm.

' The Group's first-quarter organic sales growth of +3% is in line with expectations (UBSe estimate of +2%), with total sales reaching 20,694 ME (UBSe estimate of 20,485 ME). The largest division, Fashion & Leather Goods, achieved organic growth of +2% to 10,490 ME', stresses UBS.

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