NoHo Partners updates its guidance for 2023. The company now expects its EBIT margin to be above 9.5% (previous guidance: approximately 9%), while the adjusted EBIT margin will be above the current long-term target of 10%. Revenue is expected to be approximately EUR 370m (previously 380m). We view this update as a signal of solid profitability in a challenging consumer demand environment. We note that the guidance update has been anticipated (Vara consensus: 9.8% EBIT margin and EUR 380m revenue for 2023E), and thus the consensus estimate revisions are likely to be muted. NoHo aims to release its new strategy and financial targets for the strategy period of 2024-26 during H1 2024.
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