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L'Occitane
L'Occitane (0973) investor relations material
L'Occitane has been private
L'Occitane Q4 23/24 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 23/24 earnings summary24 Jun, 2024
Executive summary
Net sales reached €2,541.9 million in FY2024, up 19.1% reported and 24.1% at constant rates, driven by Sol de Janeiro and L'OCCITANE en Provence, with the Americas as the largest region.
Sol de Janeiro sales grew 167% at constant rates, becoming a key growth and profitability driver; L'OCCITANE en Provence and ELEMIS also contributed.
Operating profit was €233.1 million (down 2.5%), with management OP margin at 12.1% and reported margin at 9.2%, reflecting higher marketing and non-operational costs.
Net profit declined 13.9% to €101.8 million; EPS was €0.064, impacted by higher tax rates and impairment charges.
The Board recommended no dividend for FY2024 due to a proposed privatisation and delisting.
Financial highlights
Gross profit margin was 79.3% (down 1.2 pts), mainly due to brand mix and FX impacts.
Wholesale and others channel grew 40–46%, online channels up 25–25.2% at constant rates.
Marketing expenses rose to 22.8% of net sales, reflecting strategic investments in brand growth.
Distribution expenses improved to 33.7% of net sales, aided by brand mix and network rationalization.
Free cash flow was €194.3 million, down from €253.9 million last year.
Outlook and guidance
FY2025 guidance: group sales growth expected in the low teens (13–15%), with a one-point improvement in management OP margin (to ~13%).
Cautiously optimistic for FY2025, but profit margins expected to remain under pressure due to continued investments in marketing, store refurbishment, IT, and talent.
Proposed privatisation aims to accelerate transformation and enable more agile strategic investments.
Mid-term (to FY2027): group CAGR of 12–14%, OP margin expected to return close to 15%.
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Frequently asked questions
L'Occitane International S.A. is a Luxembourg-based manufacturer and retailer of natural and organic ingredient-based cosmetics and well-being products. With a portfolio that includes perfumes, skin care, hair care products, soaps, and fragrances, the company emphasizes the use of high-quality, sustainable ingredients. L'Occitane's commitment to traditional production methods and ethical sourcing contributes to its global reputation in the beauty industry. The company is headquartered in Luxembourg, and its shares are listed on the Hong Kong Stock Exchange.
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