Bijou Brigitte modische Accessoires (BIJ) H2 2023 earnings summary

Executive summary

• Revenue rose 7.0% to EUR 327.9m, within guidance; EBT fell to EUR 36.0m as costs increased across most expense lines.

• Net profit declined to EUR 24.1m from EUR 34.9m; year-end store count was 897 versus 902.

Financial highlights

• Revenue was EUR 327.9m versus EUR 306.5m; operating profit was EUR 39.9m versus EUR 49.7m, and EBT EUR 36.0m versus EUR 45.8m.

• EBITDA was EUR 89.3m versus EUR 97.8m; net profit was EUR 24.1m versus EUR 34.9m, and EPS was EUR 3.13 versus EUR 4.53.

• Personnel costs rose 11.0% to EUR 88.5m; other operating expenses increased 13.6% to EUR 82.3m, while material costs rose to 22.1% of sales from 20.8%.

• Operating cash flow was EUR 73.5m versus EUR 77.6m; investing cash flow was EUR -27.6m versus EUR -46.8m, and financing cash flow EUR -77.6m versus EUR -39.7m.

Outlook and guidance

• 2024 revenue is forecast at EUR 330–350m and EBT at EUR 32–42m, assuming no major economic or political disruption and no decline in consumer confidence.

• 2024 inventories are forecast at EUR 75–85m, the equity ratio at 58–62%, and capital expenditure at EUR 12–18m; store count is expected to exceed the 2023 year-end level.

• Priorities include sustaining sales momentum, containing cost increases and expanding omnichannel activity.