Christian Dior (CDI) Q2 2024 earnings summary

Executive summary

• Revenue reached €41.7 billion in H1 2024, with 2% organic growth despite a challenging geopolitical and economic environment; Europe, US, and Japan showed growth, while Asia benefited from Chinese tourist spending in Europe and Japan.

• Profit from recurring operations was €10.6 billion, with an operating margin of 25.6%, surpassing pre-Covid levels; net profit (Group share) was €3.0 billion.

• Exchange rate fluctuations had a substantial negative impact, especially on Fashion & Leather Goods.

• Operating free cash flow increased significantly to over €3 billion.

Financial highlights

• Revenue declined 1% year-over-year to €41.7 billion; organic growth was 2%.

• Profit from recurring operations fell 8% to €10.6 billion; net profit (Group share) dropped 14% to €3.0 billion.

• Operating free cash flow rose 74% to €3.1 billion.

• Net financial debt decreased 2% to €12.1 billion; equity increased 12% to €64.0 billion.

Outlook and guidance

• The group remains confident despite ongoing geopolitical and economic uncertainty, maintaining a strategy focused on brand desirability and product quality.

• Interim dividend of €5.50 to be paid on December 4, 2024.