Half Year 2023 L'Occitane International SA Earnings Call Transcript
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Welcome, everyone. Thank you for joining L'Occitane International's presentation today to present the FY 2023 interim results. With me here today in Hong Kong is our Vice Chairman and CEO, Mr. André Hoffmann.
First, we will start with the financial highlights, and André will then go over our strategic review and outlook before going into Q&A. (Event Instructions)
We start with the financial highlights. The group had dynamic sales momentum in the first half of FY 2023, with net sales exceeding EUR900 million, representing a growth of 29.3% at reported rates or 20.8% at constant rates. This is considered a strong result considering the macroeconomic challenges.
Gross profit margin remained high at 80.2%, a 0.5-percentage increase. This was mainly due to a one-off deconsolidation impact of the group's US subsidiary last year and a favorable FX impact.
Operating profit increased by 10.3% to EUR87 million, while the operating profit margin decreased to 9.7%. Note
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