Puig Brands, S.A. (PUIGF) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, and thank you for joining us this evening as we discuss our sales update for the ninth month and third quarter that ended on September 30th, 2024. Today, we have with us our chairman and CEO, Mark Butch, and our CFO, Joan Albiol. Mark will share some brief remarks, and then we will open up the line for Q&A. You will find this presentation and the press release on our website, and you will be able to access a replay of these comments shortly on our website. Thank you. Good evening everyone. Before we dive into the latest results, let me quickly run through the strength of our portfolio of love brands. We are driven by a focus on premium beauty. We have 3 brands in the top 10 fragrance rankings worldwide, and we are building a niche portfolio and striving to diversify further into makeup and skincare. We are brand owners and curators. Today, our own brand represents 96% of the net revenues from our love brands. With that, let's turn to the update. We are pleased to report an acceleration in Q3 versus first half with 11.6% like-for-like growth in net revenue and 11.1% on a reported basis. In this third quarter, Puts delivered record sales of 1.3 billion euros and we continued to outperform the premium beauty market. This resulted in a robust performance in the first nine months of 2024, with net revenue of 3.4 billion, which represents 9.6% like-for-like growth and a 10.1% increase on a reported basis. well in line with our medium-term guidance provided at IPO and well ahead of the premium beauty market. In addition to the strong performance that we have seen this quarter, we are further encouraged by the performance of Butch in recent weeks. Turning to the drivers of this performance, the 3.4 billion of net revenues were a result of 9.6% like-for-like gro...