Bijou Brigitte modische Accessoires (BIJ) H1 2024 earnings summary

Executive summary

• Sales increased by 1.8% year-over-year to EUR 151.5 million in H1 2024, despite a challenging retail environment and cost pressures.

• Earnings before taxes (EBT) declined to EUR 6.5 million from EUR 10.3 million year-over-year, mainly due to higher personnel, advertising, and renovation costs, as well as inflationary pressures.

• Store network slightly reduced to 895 stores as of June 2024, with 8 openings and 10 closures; focus remains on omnichannel expansion and brand strengthening.

• Management considers the Group's situation stable, with no threat to going concern, and continues to prioritize cost mitigation and operational optimization.

Financial highlights

• Revenue: EUR 151.5 million (H1 2024) vs. EUR 148.8 million (H1 2023).

• EBT: EUR 6.5 million (H1 2024) vs. EUR 10.3 million (H1 2023, adjusted).

• Net profit: EUR 3.6 million (H1 2024) vs. EUR 7.0 million (H1 2023, adjusted).

• Cash and cash equivalents rose 35.2% to EUR 93.7 million from year-end 2023.

• Cash flow from operating activities increased to EUR 27.4 million from EUR 23.6 million year-over-year.

Outlook and guidance

• Full-year 2024 sales expected between EUR 330.0 million and EUR 350.0 million (2023: EUR 327.9 million).

• Group EBT forecasted between EUR 32.0 million and EUR 42.0 million (2023: EUR 36.0 million).

• Inventory at year-end 2024 projected between EUR 75.0 million and EUR 85.0 million.

• Equity ratio expected between 58.0% and 62.0% for 2024.

• Store count anticipated to exceed 897 by year-end 2024.