...Weak Traffic Hurting Business: Same-store sales trends for Claire's Stores, Inc. (Claire's) were negative 2.9% in North America for 2014, while Europe was down 1.2%, due to weak traffic trends. Total same-store sales remained negative through the first nine months of 2015, with North America modestly down 0.4% and Europe down 3.5%. Fitch Ratings does not see much upside to Claire's business, with total same-stores sales expected to remain flat to modestly negative given declining mall traffic in the U.S. and tough macroeconomic conditions in Europe. Below-$200 Million EBITDA Possible: LTM EBITDA was $217 million, versus $247 million in 2014. Fitch expects 2015 EBITDA to be modestly over $200 million and 2016 and 2017 EBITDA to be $185 million¡$190 million, assuming negative 2% top-line growth and modest EBITDA margin compression. The contribution from its concession business, which could grow into $100 million¡$120 million in revenue over the next 12¡18 months, could keep EBITDA at approximately...
