Earnings Release • Feb 8, 2024
Earnings Release
Open in ViewerOpens in native device viewer
PRESS RELEASE Paris, 8 February 2024
BOGART (Euronext Paris - Compartment B - FR0012872141 - JBOG), which specialises in the creation, manufacture and sale of luxury fragrances and cosmetics, has reported full-year 2023 turnover of €293.2 million, comparable with last year, taking into account the effects of changes in the scope of consolidation (strategic reorganisation of the network in France and Belgium in 2022, and refocusing of the Spanish subsidiary) and exchange rates, particularly in Israel. At constant consolidation scope and exchange rates, 2023 turnover is up +5.5%.
| Revenues in €m (unaudited) | 2022 | 2023 | Change |
|---|---|---|---|
| Q4 turnover | 92.8 | 90.1 | -2.9% |
| Bogart Fragrances & Cosmetics | 17.8 | 17.7 | -0.6% |
| Bogart Beauty Retail | 75.0 | 72.4 | -3.5% |
| Other Q4 revenues1 | 2.7 | 4.3 | +59,3% |
| Total Q4 revenues | 95.5 | 94.4 | -1.2% |
| Revenues in €m (unaudited) | 2022 | 2023 | Change |
|---|---|---|---|
| 12-month turnover | 291.2 | 293.2 | +0.7% |
| Bogart Fragrances & Cosmetics | 54.9 | 56.9 | +3.6% |
| Bogart Beauty Retail | 236.3 | 236.3 | - |
| Other 12-month revenues1 | 11.8 | 12.0 | +1.7% |
| Total 12-month revenues | 303.0 | 305.2 | +0.7% |
In Q4 2023, Bogart posted consolidated turnover of €90.1 million, a limited drop of -2.9% compared with last year's high level. At constant consolidation scope and exchange rates, growth came in at +1.7%
In Q4, the Bogart Fragrances & Cosmetics business maintained a level of turnover comparable with last year's high level, at €17.7 million. The Carven brand (C'est Paris La Nuit fragrance duo for men and women) was very well received in Europe, and the Parfums Jacques Bogart brand
1 Revenues from licences and advertising rebillings for brands which are distributed to BOGART's own-brand networks.
continued to gain market share, buoyed by the launch of Silver Scent Aqua. Overall, the Parfums Jacques Bogart brand achieved double-digit sales growth in 2023.
As a reminder, in Spain, Bogart changed its business model to an indirect sales model, with retroactive effect from 1 April 2023. The impact represented €0.6 million in Q4 2023. At constant consolidation scope and exchange rates, the Bogart Fragrances & Cosmetics division achieved growth of +2.3% in Q4 2023.
In Q4 2023, the Bogart Beauty Retail division generated turnover of €72.4 million, representing a limited drop of -3.5% compared with the same period last year. While business in directlyoperated stores was brisk in Germany and Slovakia, the Group continued to suffer the effects of changes in consolidation scope (closure of 26 stores in France and Belgium in 2022) and exchange rates in Israel (impact of -€4.6m). Note also that the Group had some disruption to its commercial activity as a result of the conflict in Israel (temporary closure of 42 stores for one week in October 2023, followed by a gradual resumption of business with modified opening hours). At constant consolidation scope and exchange rates, growth amounted to +1.5%.
At the end of the 2023 financial year, Group sales thus came in at €293.2 million (up +0.7% versus 31 December 2022 and +5.5% at constant consolidation scope and exchange rates).
For the 2023 financial year, Bogart confirms its outlook for an improvement in EBITDA (which came to €38.8 million in 2022).
In 2024, Bogart intends to pursue its strategy of profitable growth, driven in particular by its Bogart Fragrances & Cosmetics business.
Meanwhile, Bogart is pursuing its strategy to develop its network of stores in Europe.
After recently announcing the acquisition of the "Rose et Marius" house of fine perfumery and art de vivre in Aix en Provence2 , BOGART announces that it has acquired 9 independent perfumeries in Germany, which will be integrated into the HC Parfumerie network as of 1 March 2024.
HC Parfumerie will thus consolidate its position in Germany and will own 91 stores with more than 500 employees.
2 See the press release dated 15 January 2024
BOGART Group will publish its full-year results on 29 April 2024 (after market close)
BOGART [email protected] Tel.: +33 (0)1 53 77 55 55
ACTUS FINANCE & COMMUNICATION Investor Relations Anne-Pauline Petureaux [email protected] Tel.: +33 (0)1 53 67 36 72
Media Relations Manon Clairet [email protected] Tel.: +33 (0)1 53 67 36 73
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.