Banc Sabadell | We expect comparable sales growth in Q3 2025 (published 03/12) of 7.8%, representing a normalisation in the second half of the quarter to a solid 7% (versus 9% indicated in the trading update, Aug/8-Sep). At a reported level, it will fall to +3.8%, still penalised by the exchange rate effect.
We expect some improvement in gross margin (10 bps to 61.6%), favoured by a comparable base, which, together with very controlled costs, will place the EBIT margin at 22.9% (7 bps versus Q3 2024).
In relation to the Q4 2025 trading update (1 November to ~1 December), we expect a similar trend to the pace seen in Q3 2025, >7%, while there should be no surprises in terms of 2025 targets (stability in gross margin (BS(e) and consensus in line).
