BIC: Third Quarter and Nine Months 2019 Results
BIC Group – Press Release
Clichy – 23 October 2019
Third Quarter and Nine Months 2019 ResultsContinued challenging trading environmentQ3 2019 impacted by the deterioration of u.s. lighters market and soft stationery performanceExecution of “BIC 2022 – Invent the future” transformation plan on track“Performance was softer than expected during the Third Quarter 2019 as our markets remain volatile and challenging. In Lighters, the deterioration of the U.S. Pocket Lighters’ market accelerated. In Stationery, our Back-to-School sell-out was soft in the U.S. and Mexico, while in India, the recovery is slower than anticipated. Performance remained robust in other areas. In Shavers, our teams delivered solid results reflected by further market share gains. We also continued to grow
e-commerce Net Sales, up 17% year-to-date.
The Third Quarter results, coupled with our Year-to-Go projections, led us to adjust our Full Year 2019 Outlook on 11th October. We now expect Net Sales evolution to be between flat and -2.0% on a comparative basis and Normalized Income from Operations margin in the lower end of the 16.5% to 18% initial range.
We continue to execute on our “BIC-2022 Invent the Future” transformation plan and I remain convinced that our solid business foundations, combined with a more consumer-centric organization, will enable BIC to resume long-term growth momentum, drive cash flow generation, creating sustainable value for all our stakeholders.”Gonzalve Bich, Chief Executive OfficerQ3 & 9M 2019 KEY GROUP FIGURES 2019 OUTLOOK3as adjusted on October 11th Group operational trends Net SalesThe favorable impact of currency fluctuations of +2.7% was mainly due to the strong U.S. dollar against the euro4.Income From Operations and Normalized Income From Operations