(AOF) – The German perfume distributor Douglas (-5.19% to 18.63 euros), parent company of Nocibé, sees its stock decline in Frankfurt despite solid results for the 2023/2024 financial year, ending on September 30. This decline comes against a backdrop of a sharp decline in markets in Europe following the Fed meeting. Over this period, its sales increased by 8.7% to reach 4.45 billion euros. In-store sales (+8.2%) and those via e-Commerce (+9.8%) contributed to overall growth.
Adjusted Ebitda amounted to €808.6 million, an increase of 11.4%, which corresponds to an adjusted Ebitda margin of 18.2%.
Its net profit is clearly improving: 84 million euros compared to 16.7 million euros a year ago. Free cash flow (FCF) increased to €524 million from €480.6 million a year earlier.
The German perfume chain confirms having achieved a “strong performance above its forecasts for this 2023/2024 financial year”. It exceeded both its initial sales growth target of around 7%. This objective was revised upwards in July 2024 (around 8.5%) following excellent results during the first nine months of this financial year.
The company has continued its deleveraging efforts and currently has a debt ratio of 2.8x as of September 30, 2024.
Continued momentum in sight for 2024/2025
Alongside its good annual results, Douglas revealed its forecasts for the 2024/2025 financial year. The company is targeting a turnover of between 4.7 and 4.8 billion euros. It expects an increase in adjusted Ebitda between 855 and 885 million euros. Average net working capital is expected to be less than 5% of group turnover.
“Douglas anticipates an increase in its net profit to 225-265 million euros for the 2024/2025 financial year. The company stressed that it had a good start to the first quarter of its new financial year, which is the most important in the “It is on track to achieve its medium-term objectives (average annual sales growth rate of 7% and adjusted EBITDA margin of approximately 18.5%),” Jefferies said. about their financial goals.
“The expected strong increase in consolidated net income and the continued favorable development of free cash flow should enable the continued reduction of debt. The group is progressing steadily towards a debt ratio of around 2.0x at the end of the calendar year 2025”, confirms, moreover, Douglas.
