Earnings Release • Aug 3, 2023
Earnings Release
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| Informazione Regolamentata n. 0955-89-2023 |
Data/Ora Inizio Diffusione 03 Agosto 2023 11:48:33 |
Euronext Milan | |
|---|---|---|---|
| Societa' | : | PIQUADRO | |
| Identificativo Informazione Regolamentata |
: | 180008 | |
| Nome utilizzatore | : | PIQUADRON01 - Trotta | |
| Tipologia | : | REGEM | |
| Data/Ora Ricezione | : | 03 Agosto 2023 11:48:30 | |
| Data/Ora Inizio Diffusione |
: | 03 Agosto 2023 11:48:33 | |
| Oggetto | : | 23/24 and the NFP as of June 30, 2023 | The BoD of Piquadro S.p.A. releases sales figures for the first quarter of financial year |
| Testo del comunicato |
Vedi allegato.
Press Release
Silla di Gaggio Montano (BO), August 3 2023. The Board of Directors of Piquadro S.p.A., parent Company which designs, manufactures, and distributes professional and travel leather goods, though the brands Piquadro, The Bridge and Lancel today examined and approved the main consolidated performance indicators for the first quarter of financial year 2023/2024 ended 30 June 2023, particularly the sales data and the Net Financial Position of the Piquadro Group.
| Brand (Euro thousands) |
Net Sales Q1 2023-24 June 30, 2023 |
% | Net Sales Q1 2022-23 June 30, 2022 |
% | Var. % 23-22 |
|---|---|---|---|---|---|
| PIQUADRO | 14,486 | 42.1% | 11,828 | 36.9% | 22.5% |
| THE BRIDGE | 6,692 | 19.4% | 5,587 | 17.4% | 19.8% |
| LANCEL | 13,238 | 38.5% | 14,619 | 45.6% | (9.4) % |
| Total | 34,417 | 100.00% | 32,034 | 100.0% | 7.4% |
The consolidated turnover recorded by the Piquadro Group in the first three months of the financial year ended June 30, 2023, is equal to c.a. 34,4 million Euros, with an increase of 7.4% compared to the same period of the previous year closed at 32,0 million of Euros.
With reference to the Piquadro brand, the revenues recorded in the first quarter of financial year 2023/2024, amount to Euro 14,5 million, with a 22.5% increase compared to the same period ended on June 30, 2022. All sales channel increased compared to the same period ended on June 30, 2022; the wholesales channel recorded an increase of 28.8%, DOS channel recorded an increase of 18.1% and the e-commerce channel recorded an increase of 0.9%
1 With the introduction of the accounting standard IFRS 16, starting from April 1st, 2019, a new accounting treatment of leases is introduced, which generates a significant effect on Net Financial Position (as well as on EBITDA, EBIT, Net Invested Capital, and cash flow generated from operational activity, all the latter not included in the present press release).
With reference to The Bridge brand, the revenues recorded in the first quarter of financial year 2023/2024, amount to Euro 6,7 million, with a 19.8% increase compared to the same period ended on June 30, 2022. All sales channel increased compared to the same period ended on June 30, 2022; the wholesales channel recorded an increase of 14.4%, DOS channel recorded an increase of 30.1% and the e-commerce channel recorded an increase of 21.2%
The sales revenues achieved by the Maison Lancel in the first quarter of financial year 2023/2024 amount to Euro 13,2 million, with a 9.4% decrease compared to the same period ended on June 30, 2022. The decrease recorded by Lancel brand was significantly affected by by the particular situation of the domestic market - in which the Maison generates over 90% of its revenues – which was impacted by the recent protests that took place in France.
The reopening of the Asian market has recorded, instead, an increase in sales on Chinese of approximately 171%, although, in absolute terms, these values are not yet not so significant compared to Lancel consolidated sales.
| Geographical Area | Net Sales Q1 2023-24 |
% | Net Sales Q1 2022-23 |
% | Var. % 23-22 |
|---|---|---|---|---|---|
| (Euro thousands) | June 30, 2023 | June 30, 2022 | |||
| Italy | 15,560 | 45.2% | 12,402 | 38.7% | 25.5% |
| Europe | 17,364 | 50.5% | 18,855 | 58.9% | (7.9) % |
| Rest of the world | 1,494 | 4.3% | 777 | 2.4% | 92.3% |
| Total | 34,417 | 100.0% | 32,034 | 100.0% | 7.4% |
From the geographical standpoint, Piquadro Group consolidated sales in the Italian market as of June 30, 2023, registered an amount of c.a. € 15,6 million equal to 45.1% of the total Group sales (38.7% of consolidated sales as of June 30, 2022) with a 25.5% increase over the same period of financial year 2022-2023 ended June 30, 2022.
In the European market, the Group registered sales of c.a. € 17,4 million, equal to 50.5% of consolidated sales (58.9% of consolidated sales as of June 30, 2022), with a 7.9% decrease versus the same period of financial year 2022-2023 ended June 30, 2022. This decrease was determined by the drop in revenues relating to Lancel brand in France.
In extra-European geographical area (called "Rest of the world"), the Group recorded sales of c.a. € 1,5 million, equal to 4.3% of consolidated sales (2.4% of consolidated sales as of June 30, 2022).
| (Euro thousands) | 30th June 2023 IFRS 16 |
30th June 2022 IFRS 16 |
31st March 2023 IFRS16 |
|---|---|---|---|
| (A) Cash | 45,928 | 57,065 | 52,935 |
| (B) Cash equivalents | 0 | 0 | 0 |
| (C) Other current financial assets | 808 | 0 | 808 |
| of (D) Liquidity (A) + (B) + (C) | 46,736 | 57,065 | 53,743 |
| (E) Current financial debt (including debt instrument, but excluding the current portion of non-current financial debt) |
(21,224) | (15,829) | (17,225) |
| (F) Current portion of non-current financial debt | (11,762) | (10,941) | (12,921) |
| (G) Current financial debt (E) + (F) | (32,986) | (26,770) | (30,146) |
| (H) Net current financial debt (G) - (D) | 13,751 | 30,295 | 23,597 |
|---|---|---|---|
| (I) Non-current financial debt (excluding current portion and debt instruments) |
(29,391) | (63,943) | (38,267) |
| (J) Debt instruments | 0 | 0 | 0 |
| (K) Trade payables and other non-current payables | (3,637) | (4,007) | (3,637) |
| (L) Non-current financial debt (I) + (J) + (K) | (33,028) | (67,950) | (41,904) |
| (M) Total Financial Debt (H) + (L) | (19,277) | (37,656) | (18,307) |
The Net Financial Position of the Piquadro Group as of June 30, 2023, was negative and equal to € 19,3 million and versus the Net Financial Position as of June 30, 2022, negative and equal to € 37,7 million. The impact of the application of the accounting standard IFRS 16 was equal to approximately € 38,3 million with a minus sign (negative impact and equal to 52,8 million Euro as of June 30, 2022).
The adjusted Net Financial Position1 of the Piquadro Group, positive and equal to approximately € 19,0 million, with a Euro 3,8 million increase versus the adjusted Net Financial Position as of June 30, 2022, positive and equal to € 15,2 million despite Euro 0,7 million in treasury shares buy back.
"Revenue for Q1 2023 was in line with our expectations". Marco Palmieri, President and CEO of the Piquadro Group, commented. "Piquadro and The Bridge reported growth of about 20%, showing a significant robust demand. Maison Lancel was affected by a complex situation in the French market and ongoing restructuring of sales and distribution policies. This strategic positioning and sales policy review started on our entering the company at the end of 2018, undergoing a hiatus due to COVID-19 in the following years, but we believe that we will be returning to growth in the coming quarters. The outlook for the entire reporting period is positive both from the standpoint of profitability and cash generation".
The manager responsible for preparing the Piquadro S.p.A,'s, financial reports, Roberto Trotta, declares – pursuant to paragraph 2 of Article 154-bisof Italy's Legislative Decree 58/1998 – that the accounting information contained in this press release, corresponds to the documented results, books, and accounting records.
The Piquadro Group uses the Alternative Performance Indicators (Iap) to effectively transmit information regarding the performance of the profitability of the business in which it operates and to determine its precise asset and financial position. In accordance with the guidelines published on the 5th of October 2015, by the European Securities and Markets Authority (Esma / 2015/1415), and in line with the provisions of the Consob Communication No. 92543 listed on the 3rd of December 2015, the Group provides content and the criterion to determine the Iap used in this press release.
The Piquadro Group operates in the sector of leather accessories through the Piquadro, The Bridge and Lancel brands. Cornerstones for the three brands is attention to details and the quality of the workmanship as well as the leather but the Piquadro product stands out for its innovative design and technological content, while The Bridge emphasizes the vintage flavor of Tuscan craftsmanship and finally the Lancel collections embody the Parisian allure of a fashion house founded in 1876.The origins of the Group date back to 1987 when Marco Palmieri, now President and Chief Executive Officer, founded his company near Bologna, where it is still headquartered. The distribution network extends over 50 countries around the world and counts 181 outlets including 81 Piquadro boutiques (53 in Italy and 28 abroad including 48 DOS directly operated stores and 33 franchised stores), 13 The Bridge boutiques (13 in Italy including 11 DOS directly operated stores and 2 franchised) and 87 Lancel boutiques (64 in France and 23 abroad, of which 80 DOS directly operated stores and 7 franchised). The Group's consolidated turnover for the year 2022/20232 ended on March 31, 2023, is € 175,6 million.
Piquadro S.p.A. has been listed on the Italian Stock Exchange since October 2007.
Piquadro S.p.A. Piquadro S.p.A. Media Relations CFO & Investor relator Paola Di Giuseppe Roberto Trotta Tel +39 02 37052501 Tel +39 0534 409001 [email protected] [email protected]
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