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L'Occitane (0973) investor relations material
L'Occitane Q4 23/24 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
FY 2024 net sales reached €2,541.9 million, up 19.1%, driven by Sol de Janeiro and L'Occitane en Provence, with strong growth in the Americas.
Gross profit margin was 79.3%, down 1.2 points year-over-year due to brand mix and FX headwinds.
Operating profit decreased 2.5% to €233 million; management OP margin was 12.1%, impacted by higher marketing investments and exceptional items.
Net profit for the period was approximately €102 million; net debt increased 13.8% to €736 million.
The Group continues to focus on brand elevation, digital influence, and international expansion.
Financial highlights
Wholesale and others channel grew 40–46%, led by Sol de Janeiro; online channels up 25–25.2% at constant rates.
L'Occitane en Provence grew 2.7% at constant rates; Sol de Janeiro sales up 167% at constant rates.
Americas grew 63% at constant rates, APAC 6.3%, EMEA 4%; China saw 15% growth but with a Q4 slowdown.
Other brands: Erborian and L'Occitane au Brésil grew over 35%; Melvita returned to growth; LimeLife declined nearly 20%.
Foreign currency headwinds reduced sales by 5 percentage points.
Outlook and guidance
FY 2025 group sales expected to grow 13–15%, with OP margin improving by 1 point to 13% (management basis).
By brand: L'Occitane en Provence low to mid single-digit sales growth, Sol de Janeiro strong double-digit, Elemis double-digit.
Mid-term (to FY 2027): group CAGR 12–14%, OP margin close to 15%; Sol de Janeiro OP above 20%, Melvita expected to break even.
Cautiously optimistic for FY2025 amid intensifying global competition in skincare and cosmetics.
Continued high marketing, IT, and supply chain investments will weigh on margins but are seen as necessary for long-term growth.
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