(AOF) – In the third quarter of 2023-2024, Oeneo’s turnover fell by 19.7% to reach 71.3 million euros compared to 88.7 million euros a year ago. Its “corking” activity remained penalized over the period by stock adjustments in distribution channels and by a difficult situation for customers. The “breeding” activity shows a less marked decline. This quarterly evolution brings the turnover for 9 months 2023-2024 to 225.6 million euros, a decrease of -13.9% compared to the same period 2022-2023 (-13.6% at a rate of constant change).
The company specializing in cooperage and wine corking anticipates a better fourth quarter, linked to the expected return of orders from Corking distributors and a more favorable basis of comparison.
Oeneo expects a current operating margin rate for the year 2023-2024 equivalent to that of the first half of the year.
The group will publish its annual turnover for the 2023-2024 financial year on May 13, 2024.
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In France, financial aid aimed at encouraging consumers to repair rather than throw away objects now also applies to clothing and shoes.
The principle remains the same for clothing and shoes as for the selection of electronic products: the consumer must go to an approved repairer to benefit from assistance which cannot exceed 60% of the cost of the repair. The approved organization, “Refashion”, aims to increase the number of repairs by 35% by 2028. The Repair Fund, fueled by “eco-contributions” from brands, finances the operation. However, the question is whether this bonus will have to face the same difficulties as that for household appliances, which has not met with the expected success, in particular due to complex labeling procedures.
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Concerns remain
According to the Federation of Specialized Trade, Procos, in October 2022, activity fell by 1.5% year-on-year. However, the activity of beauty and health (+ 5.2%) and specialized food (+ 3.5%) are dynamic compared to October 2021. Attendance at points of sale was very impacted by the problems fuel and unfavorable weather. Compared to October 2019, a pre-covid year, the drop in attendance is very sharp (-20.9% in October). Shopping centers and the outskirts are more impacted than city centers with a gap of four to five points.
There are several reasons for concern for the future. The players are experiencing a very significant jaws effect given the increase in their operating costs while the evolution of demand is very uncertain. Very few brands can pass on the increase in their costs in sales prices. The federation therefore asks, among other things, to limit the indexation of the Commercial Rent Index to + 3.5% for the rents of all companies in 2023. It also invokes an absolute emergency: cap the price of energy for 2023 and retroact on contracts already signed to prevent the rate of failures from accelerating.