Label Vie (LBV) H1 2024 earnings summary

Executive summary

• H1 2024 saw 11 new store openings, entry into a new city, and the acquisition of FNAC, with resilience despite inflationary pressures.

• Operational excellence included a third logistics platform and business transformation initiatives.

• ESG efforts intensified, with new programs for earthquake-impacted communities and renewal of the CGEM ESG Label.

• The group maintained stable net debt while accelerating investments and expanding its store network.

Financial highlights

• H1 2024 group sales reached MAD 7.78bn (+3.3% year-over-year); product sales were MAD 6.93bn (+2.2%).

• Like-for-like sales declined -0.6% year-over-year.

• EBITDA rose 5.1% to MAD 588m, with margin improving to 8.5%.

• Net income increased 17% to MAD 267m, supported by non-recurring gains from the Terramis transaction.

• CAPEX reached MAD 579m in H1 2024.

Outlook and guidance

• 2024 operational and financial targets remain on track, with long-term growth and profitability targets for 2028 reaffirmed.

• Over 35 new store openings planned for H2 2024, with 7 already opened since July.