Half Year 2024 Breville Group Ltd Earnings Call Transcript
Key Points
- Breville Group Ltd (ASX:BRG) delivered revenue growth of 2.0% in the first half of FY '24 despite a subdued consumer backdrop.
- Gross profit dollars grew by nearly 7%, with gross margin percentage improving year-on-year by 160 basis points.
- EBIT grew by 8.2%, comfortably ahead of sales and in line with the company's plan.
- The company successfully reduced net debt and inventory, with further reductions forecasted for the second half.
- New product launches, such as the Barista Touch Impress and Vertuo Creatista, performed well, contributing to growth.
- Revenue growth in the Global Products segment was only 1.6%, and actually declined by 1.3% in constant currency.
- The food preparation category, including juicers, blenders, and food processors, saw a decline period-on-period.
- The Americas region experienced flat sales, although there was growth in gross profit dollars.
- Australia and New Zealand had a weaker first quarter, although this was followed by a stronger second quarter.
- The EMEA region's growth was tempered by lower performance in indirect markets still served by distributors.
Thank you for standing by, and welcome to the Breville Group Limited FY '24 First Half Results Investor and Analyst Briefing. (Operator Instructions)
I would now like to hand the conference over to Mr. Martin Nicholas, Group CFO. Please go ahead.
Good morning to everybody joining today's call. It's my pleasure to welcome you to the presentation of our first half 2024 results. I'll walk you through the group's financial results, and then Jim Clayton, our CEO, will provide an operational and strategic update.
I would like to start our presentation today by acknowledging and paying our respects to the traditional custodians on whose land we meet today. I would like to pay respect to their elders, past and present and further extend that respect to all Aboriginal and Torres Strait Islanders present today. We celebrate the continuing contribution of their food culture and their connection to and custodianship of this country.
Turning to Slide 4. We start with an overview
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