THE WHAT? L’Occitane has announced its unaudited results for the quarter ended March 31, 2023 (Q4 2023). In the 12 months ended March 31, 2023, the group’s net sales passed the €2 billion mark for the first time, hitting €2.135 billion, up 13.4 percent yoy at constant rates (+17.9 percent reported).
THE DETAILS In Q4, sales rose an impressed 20.6 percent at constant rates versus Q3, Like-for-like, growth stood at 8.4 percent. The sales performance of all key brands showed improvement, L’Occitane said, with sales momentum building once again in China and travel retail.
In terms of region, the Americas led the charge, bounding 80.4 percent at reported rates in FY2023 versus FY2022. APAC returned to growth (+2.4 percent), and EMEA saw a slight sales decrease of 0.7 percent, due to the divestiture of Russia.
THE WHY? André Hoffmann, Vice-Chairman & Chief Executive Officer of L’Occitane, explains, “We saw a solid broad-based improvement in FY2023 Q4, boosting our sales to exceed the €2 billion mark in FY2023. We are well-positioned to sustain growth in the coming year as we introduce our newer brands into new markets and channels. The ongoing success of our multi-brand strategy is becoming more apparent with Sol de Janeiro now our second-largest brand, less than 18 months since its acquisition. We also continued to make solid progress in the ESG space having recently announced a roadmap for achieving a science-based net-zero target across all of our brands, with a focus on reaching 100 percent renewable electricity by 2025, reducing our greenhouse gas emissions by 2031 and achieving net-zero emissions by 2050.”