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Some good, some bad… Bogart’s sales<\/strong><\/b> did indeed slow down in the first half of 2024<\/strong><\/b>, which ended on June 30. But the French group specialized in the creation, manufacture and marketing of luxury perfumes and cosmetics improved its margins.<\/strong><\/b><\/p>\n <\/p>\n Bogart reported sales down slightly (-2.6%)<\/strong><\/b> to 134 million euros for the first half of 2024, but \u201cin a less buoyant global economic environment\u201d, the group points out. This decline \u201ctakes into account the mechanical drop in sales in Spain<\/strong><\/b> following the subsidiary’s change of business model, and certain perimeter effects (integration of new stores in Germany and optimization of 3 stores in Dubai<\/strong><\/b>)\u201d.<\/p>\n <\/p>\n <\/p>\n Its Bogart Beauty Retail<\/strong><\/b>division , the largest<\/strong><\/b>in terms of sales volume, fell \u201conly\u201d by 1.9%<\/strong><\/b> to 107.7 million euros, while the Bogart Fragrances & Cosmetics<\/strong><\/b> division dropped more sharply (-5.4%)<\/strong><\/b> to 26.3 million euros.<\/p>\n\n <\/p>\n Bogart Beauty Retail has over 450 selective perfumeries and drugstores under the April, DI, HC Parf\u00fcmerie and Gottmann banners, in Europe<\/strong><\/b> (France, Germany, Belgium, Slovakia) and the United Arab Emirates.<\/strong><\/b><\/p>\n <\/p>\n Bogart Fragrances & Cosmetics comprises nine<\/strong><\/b> fragrance, skincare, make-up and hair care brands<\/strong><\/b> (own brands and licenses), including Carven, Chevignon, Jacques Bogart, Ted Lapidus Parfums, Piaubert and recently Rose et Marius….<\/strong><\/b><\/p>\n <\/p>\n On a like-for-like basis, <\/strong><\/b>however, Group sales were \u201c virtually stable<\/strong><\/b> ( -0.3%)<\/strong><\/b>\u201d.<\/p>\n <\/p>\n <\/p>\n On the positive side, the Group also reports a \u201cclear improvement in results<\/strong><\/b>\u201d, with double-digit growth in Ebitda (+13.9%)<\/strong><\/b> to 17.2 million euros. It sees this as \u201cthe full impact of the strategic reorganization measures<\/strong><\/b> implemented on the network last year\u201d.<\/p>\n <\/p>\n The main driver of this performance, supported by \u201clower personnel costs and other recurring expenses\u201d, was Bogart Beauty Retail, which posted a 23% increase in Ebitda<\/strong><\/b> (to 9.5 million euros).<\/p>\n <\/p>\n As a result, Bogart significantly improved its margin rate, which rose to 52.3% from 51.9%<\/strong><\/b> in the first half of 2023.<\/p>\n <\/p>\n In another virtuous financial development, the Group’s operating loss was more than halved, from 3.1 to 1.2 million euros, and its net loss reduced by 28%<\/strong><\/b> to 5.2 million euros.<\/p>\n <\/p>\n <\/p>\n And Bogart has no intention of stopping there… The group explains that it \u201cremains committed to pursuing its strategy of profitable growth in 2024<\/strong><\/b>\u201d.<\/p>\n <\/p>\n It continues to focus \u201cits efforts on increasing margins in its core businesses<\/strong><\/b>\u201d and to \u201cgive priority to higher value-added sales\u201d.<\/p>\n <\/p>\n It is counting on the \u201c good momentum\u201d of its \u201cfragrance and cosmetics launches<\/strong><\/b> in the second half of the year\u201d to support the activity of its Bogart Fragrances & Cosmetics division.<\/p>\n <\/p>\n \u201cThe improvement in profitability<\/strong><\/b> should continue in Bogart Beauty Retail thanks to the success of the reorganizations carried out in France and Belgium<\/strong><\/b>\u201d. As a reminder, the Group had closed 26 stores in these two countries by 2022.<\/p>\n <\/p>\n Today, Bogart assures us, \u201c Belgium<\/strong><\/b> is benefiting from the effects of the network restructuring and revitalization plan, with a significant evolution of the April offering\u201d<\/strong><\/b>. The Group also points out that \u201cthis business is traditionally more profitable in the second half of the year\u201d.<\/p>\n <\/p>\n <\/p>\n Finally, the beauty specialist remains \u201calways on the lookout for external growth opportunities<\/strong><\/b> to further expand its store network in Europe\u201d. Earlier this year, it acquired 9 independent perfumeries across the Rhine, which were<\/strong><\/b> integrated into its German HC Parfumerie<\/strong><\/b> network (91 stores and over 500 employees) at the beginning of March.<\/p>\n <\/p>\n Still on the subject of external growth, in the first quarter<\/strong><\/b> Bogart acquired Rose et Marius,<\/strong><\/b> a young nugget of Haute Parfumerie made in Provence<\/strong><\/b>, which was integrated into its Fragrances & Cosmetics division.<\/p>\n <\/p>\n All that remains now is to convince the Paris Bourse<\/strong><\/b> that its strategy is the right one.<\/p>\n <\/p>\n On September 27<\/strong><\/b>, the day after the publication of its half-year results, Bogart’s share price fell by 0.93%<\/strong><\/b>, and on September 28, by a further 1.25%<\/strong><\/b>. ….Over six months, Bogart’s share price has fallen by 5.4%, and over five years, by 27.1%.<\/p>\n <\/p>\nVariable setbacks<\/h2>\n
Clear improvement in results<\/h2>\n
Profitable growth strategy<\/h2>\n
External growth<\/h2>\n
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