Label Vie (LBV) Q3 2024 TU earnings summary

Executive summary

• Achieved consolidated revenue of MAD 12.1 billion for the nine months ended September 2024, up 2.2% year-over-year despite economic headwinds and a high base effect from 2023.

• Maintained stable revenue in Q3 2024, reflecting resilience amid pressure on household purchasing power and unfavorable geopolitical conditions.

• Opened nine new stores in Q3, supporting continued network expansion and market leadership.

Financial highlights

• Q3 2024 revenue reached MAD 4,308 million, a 0.3% increase compared to Q3 2023.

• Like-for-like retail sales for the nine months were up 1.2% year-over-year; Q3 like-for-like sales declined 1.7%.

• CAPEX totaled MAD 862.9 million year-to-date, focused on store expansion, renovations, and digital transformation.

• Net investment was MAD 391 million after the sale of 40% of OPCI Terramis shares.

Outlook and guidance

• Expects like-for-like demand growth to normalize positively in coming quarters as macroeconomic conditions stabilize.

• Plans significant store openings in 2024: 1 hypermarket, 6 Atacadao, 20 Carrefour Market & Express, and 55 Supeco stores.