Laurent-Perrier : H1 2023-24 results in pretty good shape despite the drop in champagne sales in organic terms. Cautious message, H1 cannot be extrapolated
>Organic sales growth of -3.2%, short of our expectations (vs -1.1%e) but impressive EBIT growth of 8% to € 57.4m (vs € 52.6m) - Laurent Perrier reported this morning its H1 results to end-September, which beat our expectations in terms of profitability. Sales came in at € 158.4m (vs € 157m), down a slight 0.6% with € 153.4m (-3.7%) for champagne sales. But negative organic growth of 3.2% fell short of our forecast of -1.1%. This reflects a more marked decline in vo...Laurent-Perrier is a holding company. Through its subsidiaries, Co. is engaged in the production and distribution of champagne. Its products are sold through four main brands, which are Laurent-Perrier, Salon, Delamotte and Champagne de Castellane. Co.'s vineyards are held either directly by Co. or jointly with other growers through various real-estate companies. Co. organizes its business activities under three different types of legal entities: Champagne houses, Distribution subsidiaries, and Vineyards. For most of its export markets, Co.'s products are sold through specialized distribution networks such as cafes, hotels and restaurants, wine merchants and direct sales.
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