By Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
1, rue du Fort Rheinsheim L-2419 Luxembourg
R.C.S. Luxembourg: B80359
(Incorporated under the laws of Luxembourg with limited liability)
(Stock code: 973)
UNAUDITED TRADING UPDATE FOR THE NINE MONTHS ENDED 31 DECEMBER 2012
L'Occitane International S.A. (the "Company") is pleased to present the unaudited
2012/2013 ("FY2013") third quarter trading update of the Company and its subsidiaries (the
"Group") for the nine months ended 31 December 2012. This announcement is made pursuant
to Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong)
and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited.
• Group's net sales were =C 801.3 million, recording an increase of 17.6% compared with the nine months ended 31 December 2011. Local currency growth was 12.2%
• Growth was primarily driven by Hong Kong, the United States, Russia and China.
Russia and China were among the fastest growing countries (33.4% and 26.8%,
respectively)
• Overall Same Store Sales Growth increased to 3.2%
• The net own stores openings were 130 over the nine months ended 31 December 2012 (compared to 122 over the same period last year), excluding the acquisition of distributors
Business SegmentsThe following tables provide a breakdown of the net sales and year-on-year growth (including and excluding foreign currency translation effects as indicated) by business segment for the nine months ended 31 December 2012:
Sales and % of total sales 31 December 2012 31 December 2011=C '000 %
=C '000 %
Sell-out | 604,530 | 75.4 | 507,488 | 74.5 | ||
Sell-in | 196,741 | 24.6 | 173,884 | 25.5 | ||
Total | 801,271 | 100.0 | 681,373 | 100.0 | ||
% | ||||||
Contribution |
=C '000 % Growth % Growth(2)
to Overall
Growth(2)
Sell-out 97,041 19.1 13.3 81.6Comparable Stores 36,373 8.5 3.2 16.7
Non-comparable Stores 59,023 83.4 74.5 63.6
Other(1) 1,646 18.4 12.0 1.3
(1) Includes mail-order and other sales.
(2) Excludes the impact of foreign currency translation effects.
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Geographic Areas
The following table presents our net sales and net sales growth for the nine months ended 31
December 2012 and contribution to overall sales growth (including and excluding foreign currency translation effects as indicated) by geographic area:
=C '000 31 December 2012 31 December 2011 Growth % Growth % Growth(1)
% Contribution to Overall Growth(1)
Japan | 169,314 | 21.1 | 156,152 | 22.9 | 13,162 | 8.4 | 1.5 | 2.9 | |||||||
Hong Kong(2) | 82,749 | 10.3 | 65,892 | 9.7 | 16,857 | 25.6 | 15.7 | 12.5 | |||||||
China | 48,466 | 6.0 | 34,769 | 5.1 | 13,697 | 39.4 | 26.8 | 11.2 | |||||||
Taiwan | 28,736 | 3.6 | 25,161 | 3.7 | 3,575 | 14.2 | 5.2 | 1.6 | |||||||
France | 65,243 | 8.1 | 61,808 | 9.1 | 3,435 | 5.6 | 5.6 | 4.1 | |||||||
United Kingdom | 45,744 | 5.7 | 37,409 | 5.5 | 8,335 | 22.3 | 13.5 | 6.1 | |||||||
United States | 97,136 | 12.1 | 79,973 | 11.7 | 17,163 | 21.5 | 12.9 | 12.4 | |||||||
Brazil | 36,940 | 4.6 | 36,186 | 5.3 | 753 | 2.1 | 12.6 | 5.5 | |||||||
Russia | 38,625 | 4.8 | 28,101 | 4.1 | 10,524 | 37.4 | 33.4 | 11.3 | |||||||
Other Countries(3) | 188,319 | 23.5 | 155,922 | 22.9 | 32,398 | 20.8 | 17.3 | 32.5 | |||||||
All countries | 801,271 | 100.0 | 681,373 | 100.0 | 119,898 | 17.6 | 12.2 | 100.0 |
(1) Excludes the impact of foreign currency translation effects and reflects growth from all business segments, including growth from our own retail store sales.
(2) Includes sales in Macau.
(3) Includes sales from Luxembourg.
The following table provides a breakdown, by geographic area, of the number of our own retail stores, their contribution percentage to overall growth and our Same Store Sales Growth for the nine months indicated:
Own retail stores net net% contribution to Overall
Growth(1)(2)
Same
31 Dec 2012 openings YTD Dec 2012 31 Dec 2011 openings YTD Dec 2011Non-
comparable
Stores
Comparable stores
Total
Stores
Store
Sales
Growth (2)
Japan(3) | 102 | 12 | 91 | 8 | 7.9 |
(1) Represents percentage of overall net sales growth attributable to Non-comparable Stores, Comparable Stores and Total Stores for the geographic area and period indicated.
(2) Excludes foreign currency translation effects.
(3) Includes 5 and 12 Melvita stores as at 31 December 2011 and 31 December 2012, respectively.
(4) Includes 1 L'Occitane store in Macau, and 4 and 9 Melvita stores in Hong Kong as at 31 December 2011 and
31 December 2012, respectively.
(5) Includes 7 and 9 Melvita stores as at 31 December 2011 and 31 December 2012, respectively.
(6) Includes 4 Melvita stores as at 31 December 2011 and 31 December 2012.
(7) Includes 2 Melvita stores as at 31 December 2011 and 31 December 2012.
(8) Includes 3 and 2 Melvita stores as at 31 December 2011 and 31 December 2012, respectively. (9) Includes 5 and 8 Melvita stores as at 31 December 2011 and 31 December 2012, respectively. (10) Includes 9 Melvita stores as at 31 December 2011 and 31 December 2012.
The net openings include 16 stores from the acquisition of our distributor in Malaysia and 10 stores from the acquisition of our distributor in Ireland as at 31 December 2011 and 31 December 2012, respectively.
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The performance achieved by the Group in the context of a challenging global environment during the nine months ended 31 December 2012 continues to illustrate the resilience and efficiency of our own retail and E-commerce expansion strategy.
During the third quarter of FY2013, 93.1% of our overall growth, excluding foreign currencies translation effects, was driven by the development of our sales in our sell-out segment. In particular, our online retail sales showed excellent sales momentum, illustrated by 32.0% year-on-year growth during our third quarter, highlighting the synergy of this channel with our own retail. The Group plans to continue expanding its online sales efforts and will continue investments in the social and digital media to further enhance our prospects.
Overall, our Same Store Sales Growth for the third quarter reached 4.0%, with strong performances in China, Russia, France and the United States. Japan, Taiwan and Brazil remained soft due to the prevailing weakness and uncertainty in those markets and showed negative Same Store Sales Growth.
Our Same Stores Sales Growth in Hong Kong maintained solid growth, but was impacted by renovations and cannibalization effects. Excluding such effects, our Same Store Sales Growth in Hong Kong over the nine months ended 31 December 2012 was 18.9%.
We continued to rapidly expand our own stores network: during the nine months ended 31
December 2012, we had 130 net store openings, excluding acquisitions, which compares with
122 net openings during the same period last year. We also added net 10 stores from the acquisition of our distributor in Ireland. Furthermore, we accelerated our store renovation program. We renovated or relocated 55 stores during the period under review, as compared to 42 renovations and relocations during the same period last year.
By Order of the Board
Chairman
Hong Kong, 29 January 2013
As at the date of this announcement, the executive Directors of the Company are Mr. Reinold Geiger (Chairman and Chief Executive Officer), Mr. Emmanuel Laurent Jacques Osti (Managing Director), Mr. André Joseph Hoffmann (Managing Director Asia-Pacific), Mr. Domenico Luigi Trizio (Chief Operating Officer) and Mr. Thomas Levilion (Group Deputy General Manager, Finance and Administration), the non-executive Directors of the Company are Mr. Karl Guénard and Mr. Martial Thierry Lopez and the independent non-executive Directors of the Company are Mrs. Valérie Irène Amélie Monique Bernis, Mr. Charles Mark Broadley and Mr. Jackson Chik Sum Ng.
DisclaimerThe financial information and certain other information presented in a number of tables have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.
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