Earnings Release • Jul 28, 2022
Earnings Release
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PRESS RELEASE Paris, 28 July 2022
BOGART (Euronext Paris – Compartment B – FR0012872141 – JBOG), which specialises in the creation, manufacture and sale of luxury fragrances and cosmetics, reported its first-half 2022 turnover. Q2 2022 saw a strong increase of 43.2% at current exchange rates, driven by the robust growth of the Bogart Fragrances & Cosmetics business (up 79.0%). At the end of H1 2022, the Bogart Fragrances & Cosmetics division achieved an even higher level of activity than H1 2019, prior to the health crisis. The Bogart Beauty Retail division benefitted from the extension of the consolidation scope of its turnover (38 Nocibé stores in France and 70 perfumeries of the Fann chain in Slovakia) and a favourable comparison base (H1 2021 was marked by closures to the network in France, Belgium and Germany).
| Revenues in €m (unaudited) | 2021 | 2022 | Change % |
|---|---|---|---|
| Q1 turnover | 48.5 | 55.3 | +14.0% |
| Q2 turnover | 53.3 | 76.3 | +43.2% |
| Bogart Fragrances & Cosmetics1 | 8.1 | 14.5 | +79.0% |
| Bogart Beauty Retail2 | 45.2 | 61.8 | +36.7% |
| Other Q2 revenues3 | 3.4 | 3.8 | +11.8% |
| H1 turnover | 101.8 | 131.6 | +29.3% |
| Bogart Fragrances & Cosmetics1 | 16.8 | 25.1 | +49.4% |
| Bogart Beauty Retail2 | 85.0 | 106.5 | +25.3% |
| Other H13 revenues |
6.3 | 6.3 | - |
| Total H1 revenues | 108.1 | 137.9 | +27.6% |
BOGART achieved turnover of €76.3 million for the second quarter of 2022, representing substantial growth of 43.2%. Excluding the scope effect, growth stood at 21.3% (up 18.3% at constant consolidation scope and exchange rates).
1 Fragrance/Cosmetic brands division
2 Own-brand boutiques division
3 Income from licences and advertising rebates to brands distributed through BOGART's own networks.
The strong growth in sales was supported by excellent momentum in Western Europe and Asia; the Middle East also returned to normative levels on the back of a two-year decline. Russia and Eastern Europe remained sluggish in view of the current geopolitical situation.
The Group's brands enjoyed strong international appeal, including Carven with its "C'est Paris" fragrances for men and women. The brand is winning market share in Western Europe, as are the cosmetics and skincare brands Stendhal and Méthode Jeanne Piaubert. The Jacques Bogart brand also delivered a brisk performance in Brazil, Australia and India, notably driven by sales of its "Infinite" Silver Scent fragrance for men.
The Group's brands also reported growth in the network of own-brand stores. Note that the April brand benefitted from the start of the release of nearly 500 new make-up products in the France network. The range will also be launched in Israel and Slovakia during the second half of the year.
The Group was bolstered by the extension of its scope of consolidation (38 Nocibé stores since October 2021 and 70 perfumeries of the Fann chain in Slovakia since January 2022) but observed a contraction in consumer spending across its networks of selective fragrance chains. Excluding the scope effect, growth came out at 10.8% (up 8.5% at constant consolidation scope and exchange rates).
At the end of H1 2022, turnover significantly increased, but geopolitical and inflationary pressures led to reluctant spending in France, Belgium and Germany in the network with the sector also facing supply difficulties.
Against this backdrop, the gradual development of the April brand through the recent integration of new stores in France will have a temporarily impact on H1 EBITDA. However, BOGART expects a strong recovery in the second half of the year with an increase in 2022 EBITDA compared to the 2021 financial year. As a reminder, the Bogart Beauty Retail business is historically more profitable in the second half of the financial year.
In the second half of 2022, BOGART will bring to market major new launches for its brands.
In Q3 2022, BOGART will release new "Recette merveilleuse" cosmetics products for its Stendhal brand following a complete overhaul of the product line using over 90% of natural origin ingredients.
Further out, BOGART will launch a new women's fragrance for Carven and a new men's fragrance for Jacques Bogart in Q4 2022.
H1 2022 results: 29 September 2022 (after market)
CONTACTS
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
| Revenues in €m (unaudited) | 2021 | 2022 | Chg. % |
|---|---|---|---|
| Q2 turnover | 52.6 | 62.2 | +18.3% |
| Bogart Fragrances & Cosmetics | 8.1 | 13.9 | +71.6% |
| Bogart Beauty Retail | 44.5 | 48.3 | +8.5% |
| Other Q2 revenues | 3.4 | 3.8 | +11.8% |
| Total Q2 revenues | 56.0 | 66.0 | +17.9% |
| Revenues in €m (unaudited) | 2021 | 2022 | Chg. % |
|---|---|---|---|
| H1 turnover | 100.3 | 113.0 | +12.7% |
| Bogart Fragrances & Cosmetics | 16.8 | 24.3 | +44.6% |
| Bogart Beauty Retail | 83.5 | 88.7 | +6.2% |
| Other H1 revenues | 6.3 | 6.3 | - |
| Total H1 revenues | 106.6 | 119.3 | +11.9% |
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