L’Occitane reports record profit for 1H23 as net sales rise 29.3 percent

L’Occitane reports record profit for 1H23 as net sales rise 29.3 percent

THE WHAT? L’Occitane has reported a second consecutive record interim net profit of €63.9 million, for the first half of fiscal 2023, up 5.4 percent on the prior year period. Net sales increased 29.3 percent to hit €900.5 million, while operating profit rose 10.3 percent to €87 million.

THE DETAILS Despite macroeconomic headwinds, the company maintained dynamic growth momentum for the six months to September 30, 2022, with all key brands, geographic regions and channels recording growth.

Like-for-like sales (excluding the recently acquired Sol de Janeiro and Grown Alchemist) grew 5.9 percent yoy.

THE WHY? Mr. André Hoffmann, Vice-Chairman and Chief Executive Officer of L’Occitane, said, “Despite the challenging environment, the proven resilience of our business ensured that we continued to maintain strong growth momentum and achieve another record interim profit. Meanwhile the next phase of our ongoing transformation into a multi-brand and geographically-balanced organisation was marked by the unveiling of our new corporate mission: With empowerment we positively impact people and regenerate nature.

“Although current macroeconomic headwinds are likely to continue and lead to cost ramifications in all parts of our business, we are highly focused on executing a strong holiday season. In line with our corporate mission, we have a clear and collective focus on the triple bottom-line – our people, the planet and profitability – and remain committed to harnessing the inherent strengths of our brands to deliver sustainable growth and profitability.”