Anuncio • Apr 13
Forus S.A., Annual General Meeting, Apr 27, 2026 Forus S.A., Annual General Meeting, Apr 27, 2026. Location: av americo vespucio oriente n 1353, pudahuel, santiago Chile Upcoming Dividend • Apr 13
Upcoming dividend of CL$27.28 per share Eligible shareholders must have bought the stock before 20 April 2026. Payment date: 24 April 2026. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Chilean dividend payers (6.5%). Lower than average of industry peers (13%). Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: CL$106 (vs CL$116 in FY 2024) Full year 2025 results: EPS: CL$106 (down from CL$116 in FY 2024). Revenue: CL$403.8b (up 7.4% from FY 2024). Net income: CL$27.5b (down 8.8% from FY 2024). Profit margin: 6.8% (down from 8.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Luxury industry in South America. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Nov 23
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: CL$10.00 (up from CL$8.52 in 3Q 2024). Revenue: CL$85.9b (up 7.4% from 3Q 2024). Net income: CL$2.58b (up 17% from 3Q 2024). Profit margin: 3.0% (up from 2.8% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Luxury industry in South America. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 10
Upcoming dividend of CL$15.50 per share Eligible shareholders must have bought the stock before 17 November 2025. Payment date: 21 November 2025. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Chilean dividend payers (7.5%). Lower than average of industry peers (5.8%). Reported Earnings • Sep 01
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: CL$39.40 (down from CL$45.00 in 2Q 2024). Revenue: CL$111.6b (up 1.0% from 2Q 2024). Net income: CL$10.2b (down 13% from 2Q 2024). Profit margin: 9.1% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Luxury industry in South America. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Jun 02
First quarter 2025 earnings released: EPS: CL$19.27 (vs CL$20.36 in 1Q 2024) First quarter 2025 results: EPS: CL$19.27 (down from CL$20.36 in 1Q 2024). Revenue: CL$94.5b (up 13% from 1Q 2024). Net income: CL$4.98b (down 5.3% from 1Q 2024). Profit margin: 5.3% (down from 6.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Luxury industry in South America. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 27
Now 20% undervalued Over the last 90 days, the stock has risen 28% to CL$2,400. The fair value is estimated to be CL$3,003, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 41% in the next 2 years. Upcoming Dividend • Apr 28
Upcoming dividend of CL$31.34 per share Eligible shareholders must have bought the stock before 05 May 2025. Payment date: 09 May 2025. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Chilean dividend payers (7.9%). Lower than average of industry peers (5.6%). Anuncio • Apr 02
Forus S.A., Annual General Meeting, Apr 16, 2025 Forus S.A., Annual General Meeting, Apr 16, 2025. Location: avda las condes n 11 281, floor 1 tower c, san damian condominium commune of las condes, santiago Chile Price Target Changed • Mar 03
Price target increased by 13% to CL$2,150 Up from CL$1,905, the current price target is provided by 1 analyst. New target price is 13% above last closing price of CL$1,900. Stock is up 17% over the past year. The company is forecast to post earnings per share of CL$119 for next year compared to CL$112 last year. Reported Earnings • Nov 24
Third quarter 2024 earnings released: EPS: CL$8.14 (vs CL$18.59 in 3Q 2023) Third quarter 2024 results: EPS: CL$8.14 (down from CL$18.59 in 3Q 2023). Revenue: CL$80.0b (up 9.9% from 3Q 2023). Net income: CL$2.20b (down 54% from 3Q 2023). Profit margin: 2.8% (down from 6.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in South America. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Upcoming Dividend • Oct 18
Upcoming dividend of CL$15.50 per share Eligible shareholders must have bought the stock before 25 October 2024. Payment date: 30 October 2024. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Chilean dividend payers (9.3%). Lower than average of industry peers (4.4%). Reported Earnings • Aug 26
Second quarter 2024 earnings released: EPS: CL$45.00 (vs CL$36.84 in 2Q 2023) Second quarter 2024 results: EPS: CL$45.00 (up from CL$36.84 in 2Q 2023). Revenue: CL$110.5b (up 26% from 2Q 2023). Net income: CL$11.6b (up 22% from 2Q 2023). Profit margin: 11% (in line with 2Q 2023). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in South America. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • May 29
First quarter 2024 earnings released: EPS: CL$20.60 (vs CL$23.57 in 1Q 2023) First quarter 2024 results: EPS: CL$20.60 (down from CL$23.57 in 1Q 2023). Revenue: CL$83.4b (up 8.1% from 1Q 2023). Net income: CL$5.26b (down 14% from 1Q 2023). Profit margin: 6.3% (down from 7.9% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Luxury industry in South America. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • May 06
Upcoming dividend of CL$29.14 per share Eligible shareholders must have bought the stock before 13 May 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Chilean dividend payers (11%). Higher than average of industry peers (4.0%). Price Target Changed • Mar 06
Price target increased by 11% to CL$1,937 Up from CL$1,747, the current price target is an average from 3 analysts. New target price is 18% above last closing price of CL$1,635. Stock is up 7.8% over the past year. The company is forecast to post earnings per share of CL$122 for next year compared to CL$112 last year. Reported Earnings • Mar 04
Full year 2023 earnings: Revenues exceed analyst expectations Full year 2023 results: Revenue: CL$326.6b (up 3.7% from FY 2022). Net income: CL$28.9b (down 8.5% from FY 2022). Profit margin: 8.8% (down from 10.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.8%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 26
Third quarter 2023 earnings released: EPS: CL$18.70 (vs CL$17.32 in 3Q 2022) Third quarter 2023 results: EPS: CL$18.70 (up from CL$17.32 in 3Q 2022). Revenue: CL$72.8b (up 5.7% from 3Q 2022). Net income: CL$4.81b (up 7.4% from 3Q 2022). Profit margin: 6.6% (up from 6.5% in 3Q 2022). Revenue is forecast to stay flat during the next 2 years compared to a 10% growth forecast for the Luxury industry in South America. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 06
Upcoming dividend of CL$15.50 per share at 7.6% yield Eligible shareholders must have bought the stock before 13 November 2023. Payment date: 17 November 2023. Payout ratio is a comfortable 42% but the company is paying out more than the cash it is generating. Trailing yield: 7.6%. Lower than top quartile of Chilean dividend payers (13%). Higher than average of industry peers (5.6%). Reported Earnings • Sep 03
Second quarter 2023 earnings released: EPS: CL$36.72 (vs CL$52.03 in 2Q 2022) Second quarter 2023 results: EPS: CL$36.72 (down from CL$52.03 in 2Q 2022). Revenue: CL$87.5b (down 1.6% from 2Q 2022). Net income: CL$9.52b (down 29% from 2Q 2022). Profit margin: 11% (down from 15% in 2Q 2022). Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in South America. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 30
First quarter 2023 earnings released: EPS: CL$23.50 (vs CL$13.40 in 1Q 2022) First quarter 2023 results: EPS: CL$23.50 (up from CL$13.40 in 1Q 2022). Revenue: CL$77.1b (up 10% from 1Q 2022). Net income: CL$6.09b (up 76% from 1Q 2022). Profit margin: 7.9% (up from 5.0% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in South America. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 01
Upcoming dividend of CL$48.82 per share at 7.3% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 12 May 2023. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 7.3%. Lower than top quartile of Chilean dividend payers (14%). Higher than average of industry peers (5.7%). Reported Earnings • Mar 03
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: CL$122 (down from CL$152 in FY 2021). Revenue: CL$315.1b (up 6.9% from FY 2021). Net income: CL$31.5b (down 20% from FY 2021). Profit margin: 10.0% (down from 13% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 7.5%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in South America. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 20
Price target increased to CL$1,825 Up from CL$1,633, the current price target is an average from 2 analysts. New target price is 73% above last closing price of CL$1,056. Stock is up 7.6% over the past year. The company is forecast to post earnings per share of CL$132 for next year compared to CL$152 last year. Reported Earnings • Nov 27
Third quarter 2022 earnings released: EPS: CL$17.32 (vs CL$46.85 in 3Q 2021) Third quarter 2022 results: EPS: CL$17.32 (down from CL$46.85 in 3Q 2021). Revenue: CL$68.9b (down 12% from 3Q 2021). Net income: CL$4.48b (down 63% from 3Q 2021). Profit margin: 6.5% (down from 16% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 13% growth forecast for the Luxury industry in South America. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Catalina Cabello Rodriguez was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 15% share price gain to CL$1,259, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the Luxury industry in South America. Total returns to shareholders of 26% over the past three years. Reported Earnings • Aug 28
Second quarter 2022 earnings released: EPS: CL$52.03 (vs CL$39.09 in 2Q 2021) Second quarter 2022 results: EPS: CL$52.03 (up from CL$39.09 in 2Q 2021). Revenue: CL$88.9b (up 26% from 2Q 2021). Net income: CL$13.4b (up 33% from 2Q 2021). Profit margin: 15% (in line with 2Q 2021). Over the next year, revenue is expected to shrink by 7.7% compared to a 16% growth forecast for the Luxury industry in Chile. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 01
Upcoming dividend of CL$58.00 per share Eligible shareholders must have bought the stock before 08 August 2022. Payment date: 12 August 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 11%. Lower than top quartile of Chilean dividend payers (14%). Higher than average of industry peers (3.0%). Reported Earnings • May 26
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: CL$13.40 (up from CL$13.07 in 1Q 2021). Revenue: CL$69.9b (up 42% from 1Q 2021). Net income: CL$3.46b (up 2.5% from 1Q 2021). Profit margin: 5.0% (down from 6.8% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 224%. Over the next year, revenue is expected to shrink by 3.0% compared to a 24% growth forecast for the industry in Chile. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 02
Upcoming dividend of CL$45.95 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 13 May 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Chilean dividend payers (10%). Higher than average of industry peers (2.6%). Price Target Changed • Apr 27
Price target decreased to CL$1,633 Down from CL$1,955, the current price target is provided by 1 analyst. New target price is 59% above last closing price of CL$1,025. Stock is down 29% over the past year. The company is forecast to post earnings per share of CL$61.92 for next year compared to CL$152 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Catalina Cabello Rodriguez was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 04
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: CL$152 (up from CL$18.26 in FY 2020). Revenue: CL$294.7b (up 60% from FY 2020). Net income: CL$39.3b (up CL$34.6b from FY 2020). Profit margin: 13% (up from 2.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 34%. Earnings per share (EPS) also surpassed analyst estimates by 224%. Over the next year, revenue is expected to shrink by 18% compared to a 34% growth forecast for the industry in Chile. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 29
Third quarter 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2021 results: EPS: CL$46.83 (up from CL$4.56 in 3Q 2020). Revenue: CL$78.0b (up 70% from 3Q 2020). Net income: CL$12.1b (up CL$10.9b from 3Q 2020). Profit margin: 16% (up from 2.6% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 15% share price gain to CL$1,249, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 12x in the Luxury industry in South America. Total loss to shareholders of 13% over the past three years. Upcoming Dividend • Nov 08
Upcoming dividend of CL$15.00 per share Eligible shareholders must have bought the stock before 15 November 2021. Payment date: 19 November 2021. Trailing yield: 23%. Within top quartile of Chilean dividend payers (9.3%). Higher than average of industry peers (4.0%). Upcoming Dividend • Sep 09
Upcoming dividend of CL$116 per share Eligible shareholders must have bought the stock before 16 September 2021. Payment date: 23 September 2021. Trailing yield: 19%. Within top quartile of Chilean dividend payers (7.5%). Higher than average of industry peers (2.1%). Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS CL$39.09 (vs CL$9.42 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CL$70.6b (up 210% from 2Q 2020). Net income: CL$10.1b (up CL$12.5b from 2Q 2020). Profit margin: 14% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 17% share price gain to CL$1,541, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 34x in the Luxury industry in South America. Total loss to shareholders of 23% over the past three years. Upcoming Dividend • May 31
Upcoming dividend of CL$156 per share Eligible shareholders must have bought the stock before 07 June 2021. Payment date: 11 June 2021. Trailing yield: 11%. Within top quartile of Chilean dividend payers (5.9%). Higher than average of industry peers (1.7%). Reported Earnings • May 22
First quarter 2021 earnings released: EPS CL$13.07 (vs CL$2.44 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CL$49.4b (up 1.8% from 1Q 2020). Net income: CL$3.38b (up 435% from 1Q 2020). Profit margin: 6.8% (up from 1.3% in 1Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 03
Inaugural dividend of CL$5.27 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 14 May 2021. The company last paid an ordinary dividend in March 2020. The average dividend yield among industry peers is 1.7%. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS CL$17.60 (vs CL$90.49 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CL$184.4b (down 22% from FY 2019). Net income: CL$4.72b (down 80% from FY 2019). Profit margin: 2.6% (down from 9.8% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 27%, compared to a 32% growth forecast for the Luxury industry in Chile. Is New 90 Day High Low • Feb 02
New 90-day high: CL$1,465 The company is up 56% from its price of CL$940 on 03 November 2020. The Chilean market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CL$258 per share. Is New 90 Day High Low • Jan 05
New 90-day high: CL$1,250 The company is up 35% from its price of CL$923 on 07 October 2020. The Chilean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CL$255 per share. Analyst Estimate Surprise Post Earnings • Nov 22
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.4%. Earnings per share (EPS) also missed analyst estimates by 5.2%. Over the next year, revenue is forecast to grow 24%, compared to a 20% growth forecast for the Luxury industry in Chile. Reported Earnings • Nov 22
Third quarter 2020 earnings released: EPS CL$4.30 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: CL$45.8b (down 21% from 3Q 2019). Net income: CL$1.18b (down 60% from 3Q 2019). Profit margin: 2.6% (down from 5.0% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 10
New 90-day high: CL$1,030 The company is up 4.0% from its price of CL$990 on 12 August 2020. The Chilean market is down 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CL$916 per share. Is New 90 Day High Low • Sep 22
New 90-day low: CL$950 The company is down 3.0% from its price of CL$982 on 24 June 2020. The Chilean market is down 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 6.0% over the same period.