Danone (DN) Q3 2024 earnings summary

Executive summary

• Q3 2024 like-for-like sales grew 4.2%, marking the fifth consecutive quarter of sequential quality improvement, with broad-based growth across all geographies and categories despite a soft consumer environment.

• Growth was supported by positive volume/mix and price contributions, with standout performances in North America, China, North Asia, and Oceania.

• The company continues to focus on dynamic, health-oriented categories, driving positive volume mix and pricing across all segments.

• Reported sales declined 1.2% due to negative currency and scope effects, despite underlying like-for-like growth.

Financial highlights

• Q3 2024 like-for-like sales up 4.2%; volume/mix +3.6%, price +0.7%; reported sales €6,826m, down 1.2% due to currency and scope effects.

• Nine-month 2024 sales totaled €20,575m, up 4.1% like-for-like, down 2.6% reported.

• Negative scope impact (-3.1%) mainly from deconsolidation of Horizon Organic and Wallaby; currency impact -3.2%; hyperinflation contributed +1.5%.

Outlook and guidance

• Full-year 2024 guidance confirmed: like-for-like sales growth between 3% and 5%, with moderate improvement in recurring operating margin.

• Continued investment in category leadership, product superiority, and sustainable growth.