Marie Brizard Wine & Spirits: H1 2023 revenues
Charenton-le-Pont, 27th July 2023
H1 2023 revenues
H1 2023 revenues of €98.8m, up 14.3%
versus H1 2022 revenues, driven by the strong performance of part
of the international business and growth in sales for our strategic
brands in France
- Business
growth in France in Q2 2023 with sales up 12.6% versus Q2 2022,
driven by fewer supply disruptions compared with
Q1 2023. This performance was made possible,
despite a spirits market that is still slowing down, thanks to a
lower out of stock rate than in
Q1 2023, combined with the price increases implemented in the first
half of the year
- Increase in sales for William Peel,
San José and Berger among major retailers, largely attributable to
the tariff increase, whose impact does not fully cover the sharp
rise in input costs since 2022
- The availability of raw materials,
particularly glass, remained unstable for certain key products, but
improving in Q2
- The on-trade business slowed down
after a solid performance in the first quarter.
- Sustained
growth in international sales (up 15.5% versus Q2 2022), with
disparities between regions:
- Increased sales in Europe making up
for the difficulties encountered in the British market where the
Group’s sales continued their downward trend. In contrast,
Lithuania, Bulgaria and their export markets, as well as Spain
posted a sharp increase in sales, particularly for international
strategic brands (William Peel, Marie Brizard, etc.) and for
industrial subcontracting services;
- Temporary business recovery in the
United States in the second quarter, particularly for the Marie
Brizard brand, despite the persistently challenging distribution
landscape for Sobieski and Gautier amid a disrupted Cognac
market;
- Decline in Asia Pacific (mainly in
Australia and, to a lesser extent, in South Korea), not offset by
the strong growth in Taiwan.
- The surge
in input costs witnessed since 2022, only
partly offset by pricing revisions in Q1 2023 across
almost all of the Group’s markets, especially
internationally.
NB: All revenue growth figures reported herein
are at constant exchange rates and consolidation scope, unless
otherwise stated.
Marie Brizard
Wine & Spirits (Euronext: MBWS) today
announces its unaudited revenues for the first half of 2023,
covering the period from 1 January to 30 June 2023.
H1 2023 revenues
€m |
H1 2022 |
LFL change |
Currency impact |
H1 2023 |
LFL change(excl. currency
impact) |
Reported growth (incl.
currency impact) |
France |
40.1 |
+2.0 |
- |
42.1 |
+5.0% |
+5.0% |
International |
46.3 |
+10.3 |
+0.1 |
56.7 |
+22.2% |
+22.4% |
TOTAL MBWS GROUP |
86.4 |
+12.3 |
+0.1 |
98.8 |
+14.3% |
+14.4% |
Q2 2023 revenues
€m |
Q22022 |
LFL change |
Currency impact |
Q22023 |
LFL change(excl. currency
impact) |
Reported growth (incl.
currency impact) |
France |
20.2 |
+2.5 |
- |
22.7 |
+12.6% |
+12.6% |
International |
25.6 |
+4.0 |
0.0 |
29.6 |
+15.5% |
+15.5% |
TOTAL MBWS GROUP |
45.8 |
+6.5 |
- |
52.3 |
+14.2% |
+14.2% |
France cluster
Despite the continued slowdown of the spirits
market in France, particularly among major retailers, the France
cluster posted Q2 2023 sales of €22.7m, up 12.6% versus Q2 2022,
mainly boosted by the solid performance of the Group’s strategic
brands, particularly William Peel and San José. Revenue growth
among major retailers is therefore partly attributable to a
proactive pricing revisions policy, the recovery in supplies
following the disruptions (particularly for glass) of the first
quarter with inventory replenishment in the second quarter among
affected customers, and a competitive environment among major
retailers which was favourable to certain brands of the Group.
First half 2023 revenues for the France cluster
came to €42.1m, up 5.0%.
International cluster
The International cluster posted first half 2023
revenues of €56.7m, up 22.2% versus the first half of 2022 at
constant exchange rates. The cluster’s sales in the second quarter
of 2023 came to €29.6m, up 15.5% versus 2022.
Spain posted a sharp 21.7% increase in sales in
the second quarter, driven by the strategic brands and the
continued buoyancy of industrial subcontracting services.
In Western Europe export markets, revenues in
the second quarter were up 11.4%, mainly bolstered by the strong
sales performance of Benelux, Italy, North Africa and, to a lesser
extent, Germany. The British market, which remains challenging for
the Marie Brizard brand, still recorded new listings across the
Group’s brands, Sobieski in particular.
Lithuania recorded revenue growth of 25.0% in
the second quarter of 2023, particularly in the export brand
business, mainly related to the increase in sales to the Ukrainian
market. Domestic sales were stable compared with the first half of
2022.
In Bulgaria, revenues continued to increase
significantly in the second quarter of 2023 (up 25.2% versus 2022)
following a sustained performance in the first quarter (up 50.2%
versus Q1 2022). The increase in sales was mainly driven by export
markets (particularly industrial subcontracting services).
Revenues in Scandinavia fell 28.2% in the second
quarter, from a record high in Q2 2022, which saw a sharp business
recovery following the lifting of health restrictions earlier that
year. This decline in revenues was also due to price elasticity
impacting sales volumes following price increases, along with the
tight competitive environment at the start of this year.
In the Eastern European export markets, sales in
Poland dropped significantly in the first half of the year compared
to 2022, which was bolstered by the inventory build-up of the
Gautier brand as part of its launch. It is worth noting the general
market slowdown across all categories.
In the United States, after a sharp drop in
revenues in the first quarter of 2023, mainly due to inventory
rundown by our local distributor and a low depletion trend
following difficulties caused by the change in some routes to
market in key states, sales in the second quarter were up 15.3%
versus a sluggish Q2 2022, despite operational, logistical and
commercial difficulties that impacted our brands’ performance.
In line with the first quarter, Brazil posted
solid revenue growth, driven mainly by local brands and the
implementation of strict sales and pricing policies over the
period.
The Americas export market continued to be
impacted by the significant revenue decline in Canada in the second
quarter, at similar rates to that of the first quarter and for the
same reasons: mainly the highly competitive vodka market and, more
recently, an unfavourable Cognac market trend.
Lastly, Asia Pacific revenues were down 6.4% in
the second quarter of 2023, particularly in Australia, while Korea
started to recover compared with Q2 2022.
Outlook
The first quarter of 2023 showed that the rise
in input costs remained significant and supply disruptions were
still a reality, causing volumes to decline, particularly in
France. The availability of materials and products somewhat
improved recently, but remains highly unstable for some key
products.
It is worth recalling that at this stage, the
price hikes intended to cushion increases in input costs since 2022
do not fully offset them, thereby weighing down on
profitability.
The Group continues to closely monitor the
elasticity of consumer demand with respect to price increases and
its impacts on certain product categories (particularly vodka and
cognac) and is committed to maintaining its adaptability and
operational focus, despite these challenges.
International growth remains a priority for the
Group’s development, even if the current economic climate enabled a
buoyant second quarter performance in France, which is a more
mature and concentrated market.
The Group continues to implement its development
strategies, namely expanding strategic brands internationally,
strengthening its regional brands’ local positioning, growing our
agency brand business and developing our industrial services
offering. The lack of visibility in the short and medium term still
requires a certain degree of caution regarding the Group’s annual
outlook.
Financial calendar
- H1 2023 earnings:
28/09/2023
- Q3 2023 revenues:
26/10/2023
Investors
and shareholders relations contact MBWS
GroupEmilie Drexleremilie.drexler@mbws.comPhone:
+33 1 43 91 62 40 |
Press
contactImage Sept Claire Doligez -
Laurence Maurycdoligez@image7.fr – lmaury@image7.frPhone : +33 1 53
70 74 70 |
About Marie Brizard
Wine & Spirits Marie Brizard Wine &
Spirits is a Group of wines and spirits based in Europe and the
United States. Marie Brizard Wine & Spirits stands out for its
expertise, a combination of brands with a long tradition and a
resolutely innovative spirit. Since the birth of the Maison Marie
Brizard in 1755, the Marie Brizard Wine & Spirits Group has
developed its brands in a spirit of modernity while respecting its
origins. Marie Brizard Wine & Spirits' commitment is to offer
its customers brands of confidence, daring and full of flavours and
experiences. The Group now has a rich portfolio of leading brands
in their market segments, including William Peel, Sobieski, Marie
Brizard, Cognac Gautier and San José. Marie Brizard Wine &
Spirits is listed on Compartment B of Euronext Paris (FR0000060873
- MBWS) and is part of the EnterNext PEA-PME 150 index.
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