Isabel Marant - comment

The Q1 numbers won’t impact trading levels, as the underlying credit story remains unchanged. The DTC channel continues to grow with +7% lfl sales driven by shoes, while wholesale remains broadly flat at –0.5% despite SS26 and FW26 orders tracking ahead of prior years. FX adjusted, overall sales were flat, with EBITDA and cash flow broadly in line with expectations. 

Management is holding the Q1 call later today. As a reminder, Isabel Marant announced a €20m equity injection last month as part of a debt maturity extension to September 2030, with the equity injected in April and therefore not included in the Q1 numbers.