(AOF) – Bogart generated a turnover of 292.4 million euros in 2023, comparable to that of last year, taking into account scope effects (strategic reorganizations carried out in 2022 on the network in France and in Belgium and refocusing of the Spanish subsidiary) and foreign exchange, particularly in Israel. At constant scope and exchange rates, 2023 turnover is up 5.4%. The gross margin stood at 153 million euros as of December 31, 2023, compared to 150 million euros in 2022, an increase of 3 million euros year-on-year thanks to a favorable change in the product mix.
Ebitda is up 10.3% for this 2023 financial year and amounts to 42.8 million euros (compared to 38.8 million euros last year). Excluding IFRS 16, EBITDA stands at 16 million euros in 2023 compared to 9.5 million euros in 2022, an increase of 68.4%.
Current operating profit thus stands at 12.5 million euros in 2023 compared to 3.8 million euros in 2022.
The group’s net profit shows a very strong improvement at 3.8 million euros as of December 31, 2023 compared to a net loss of 10.4 million euros last year.
In 2024, Bogart intends to continue its profitable growth strategy driven by its two activities: Bogart Fragrances & Cosmetics and Bogart Beauty Retail.
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Contrasting performances in beauty
Penalized by the Chinese market, Estée Lauder suffered a drop in sales of 10% to $15.9 billion for its 2022-2023 annual financial year, which ended at the end of June. The American group’s net profit even fell by 58% over one year to $1.01 billion. In a dynamic global beauty market, the group is therefore showing poor performance, while its rival, Coty, has published very good results. For the year 2022-2023, closed at the end of June, its sales jumped 12%, to 5.55 billion euros, exceeding analysts’ forecasts. Its operating profit more than doubled and its adjusted profit rose 20%. The group intends to continue its move upmarket to exceed 6 billion euros in turnover by 2026. As for L’Oréal, the group recorded a turnover of 20.6 billion euros in first half, up 12% year-on-year. Its net profit increased by 4% to 3.35 billion euros. However, in the third quarter, the growth in activity of the global cosmetics giant slowed down (+4.5% year-on-year), penalized by its sales in China. These players benefit from a beauty market which is expected to grow annually by 6% on average by 2028 according to McKinsey,