Comparisons refer to the 13-week period ended April 29, 2023 versus the 13-week period ended April 30, 2022: *Net sales decreased 3.3% year-over-year, to $3.4 billion, with comparable sales down 4.3%. *Gross margin as a percentage of net sales was 39.0%, an increase of 67 basis points. *Selling, general & administrative (SG&A) expenses decreased 4.2% year-over-year, to $1.2 billion. As a percentage of total revenue, SG&A expenses were 34.7%, a decrease of 13 basis points year-over-year. *Operating income was $98 million compared to $82 million in the prior year. As a percentage of total revenue, operating income was 2.8%, an increase of 55 basis points year-over-year. *Net income was $14 million, or $0.13 per share. This compares to net income of $14 million, or $0.11 per share in the prior year. *Inventory was $3.5 billion, a decrease of 6% year-over-year. *Operating cash flow was a use of ($202) million.
In the first half of 2021, Group revenue totalled €2,076 million, up 5% on a like-for-like basis.
Group recurring EBIT in the first half of the year totalled €3 million, up sharply by €221 million compared to a negative €218 million in first-half 2020.
Lagardère Publishing recorded decade-high recurring EBIT of €110 million (€27 million in first-half 2020), with Lagardère Travel Retail reporting recurring EBIT of -€96 million, versus -€209 million in first-half 2020.
The Group reported a loss before finance costs and tax of €117 million in first-half 2021 (loss of €397 million in first-half 2020), including non-recurring/non-operating items for a net negative amount of €61 million.
The loss – Group share was €171 million, versus a loss – Group share of €422 million in first-half 2020.
For the six months to 30 June 2021, the Group’s free cash flow excluding changes in working capital improved sharply, amounting to an outflow of €12 million compared to an outflow of €242 million for the six months to end-June 2020.
Revenue for the Lagardère group came in at €2,076 million for first-half 2021, edging down 0.6% on a consolidated basis and up 5.0% like for like. The difference between consolidated and like-for-like data is essentially attributable to a €59 million unfavourable currency impact, mainly in connection with the US dollar. The €55 million negative scope effect relates to the acquisitions of Laurence King Publishing and Le Livre Scolaire, which did not fully offset the impact of disposals at Lagardère Studios.
details at: https://www.lagardere.com/fichiers/fckeditor/File/Relations_investisseurs/Publications/2021/Semestriels_2021/210726_Semestriels_2021_EN.pdf