S&P pares Hunkemoller

S&P said it lowered its ratings for Hunkemoller and its senior secured notes to CCC+ from B-.

“Hunkemoller's current trading performance has fallen short of our expectations owing to challenging market conditions and increased competition. Over the first half of fiscal 2023, the company reported revenue of €278 million, decreasing 2.8% compared to the same period last year. The drop in revenue mainly stemmed from 12.2% lower online sales and was slightly offset by a limited uptick of in-store traffic. In turn, store sales only increased 1.1% compared to first-half fiscal 2022,” the agency said in a press release.

The agency said it now forecasts S&P Global Ratings-adjusted EBITDA of €129 million in fiscal 2023 and €137 million in fiscal 2024, about €15 million lower annually than its initial forecasts.

The outlook is negative.

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