Baccarat announces a complex third quarter with revenues of 34.6 million euros, down 2.9% compared to its third quarter of 2019
The Baccarat Group reached the end of September with monthly revenues of 86.8 million euros.
The beginning of the year was very difficult for the group’s worldwide activity. Results for its first six months show a total drop of -30.8%.
Overall, this first half of the year is not among the most profitable for the group, which has seen its revenues fall by 21% over these nine months.
Nevertheless, the crystal factory is showing some positive signs of recovery with its third quarter revenues declining by only 2.9%. However, the results remain less good than the previous year for the group, which had grown by +3.9% in the third quarter of 2019 compared to 2018.
Between mid-June and the end of October, the group was able to resume production. Between the opening of its stores to its customers, sometimes with reduced opening hours, and its e-commerce platform, Baccarat was able to make up part of its backlog and double its third-quarter revenue compared to 2019.
For the end of September, the french group is managing with a turnover of 86.8 million euros, compared with 109.8 million in the third quarter of 2019, a decrease of 20.9%.
However, the period remains uncertain in France and Europe due to the pandemic and the containment measures put in place. The group cannot therefore plan new sales strategies for its fourth-quarter business, which is expected to be very complicated.
The Baccarat group’s points of sale are once again closed, but production activity has nevertheless been maintained, and teleworking has been introduced for those positions that allow it: “Baccarat teams remain mobilized and continue to apply the necessary measures in compliance with health regulations to meet customer needs while observing strict discipline in cost management” stated the Baccarat management division.
A group case has recently surfaced: Baccarat was taken to court on 19 June 2020 by employees and former employees on the grounds of exposure to asbestos. The Nancy Court of Appeal handed down its decision on 24 September last concerning 264 cases. The court found the Baccarat group guilty of the charges against it. The company was thus required to pay the sum of 2.4 million euros for this litigation. The court compensated the plaintiffs by €9,200 each. The group has decided not to pursue this case.
This is not the first time this has happened to the group, especially since more than 150 other cases have yet to be heard by the Court of Appeal.
Featured photo: © Baccarat
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