BIC Group - Press Release Clichy - 29 September 2017
Pursuant to the Commission implementing regulation (EU) 2016/1055 of 29 June 2016 laying down implementing technical standards with regard to the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council, this press release may contain inside information and has been sent to the authorized broadcaster of Société BIC on 29 September 2017 at 05:40 pm Paris time.
BIC updates its Full Year 2017 Net Sales Outlook
Net Sales Organic Growth [1] is expected to be slightly below 2%, compared to between +3% and +4% communicated previously.
At this sales growth level, we expect 2017 Normalized Income from Operations margin decline to be less than 100 basis points.
The revised Full Year 2017 Net Sales Organic Growth outlook is due to:
- lower than expected performance in U.S. Lighters and Shavers for the balance of the year
- Through mid-September 2017, the Lighter market grew slightly in value and our market share was stable. However, several major customers are reducing their inventory levels, affecting sell-in;
- the Wet Shave market continues to be heavily disrupted. BIC market share has stabilized over the past 4 and 13 weeks [2] but this will not be sufficient to achieve initial objectives.
- stronger than expected softness in Latin America
- this softness is mainly in Brazil where, due to a decrease in overall consumption, retailers are cutting inventories in all 3 categories.
Despite these challenging sales trends, the Group confirms its Normalized Income From Operations margin outlook of less than 100 basis points decline as a result of adjustments in Brand Support investments and Operating Expenses for the balance of the year.
A conference call hosted by Bruno Bich - CEO, Gonzalve Bich - COO and Jim DiPietro - CFO is scheduled today at 06.45 pm (18h45) Paris time. Dial numbers:
| From France: | +33 1 72 72 74 03 followed by PIN: 27852154# |
| From the UK: | +44 207 19 437 59 followed by PIN: 27852154# |
| From the USA: | +1 844 28 606 43 followed by PIN: 27852154# |
To ensure your participation, dial-in 10 minutes before the start of the call.
If you are unable to participate, a replay of the conference call will be available, until October 09, 2017 (included), by calling:
| From France: | +33 (0)1 72 00 15 00 |
| From the UK: | +44 (0) 203 36 794 60 |
| From the USA: | +1 877 64 230 18 |
| Access number: | 310990# |
Glossary
- Comparative basis : at constant currencies and constant perimeter. Figures at constant perimeter exclude the impacts of acquisitions and/or disposals that occurred during the current year and/or during the previous year, until their anniversary date.
- Normalized IFO : normalized means excluding non-recurring items.
- Normalized IFO margin: Normalized IFO as a percentage of Net Sales.
This document contains forward-looking statements. Although BIC believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. A description of the risks borne by BIC appears in the section, "Risk Factors" in BIC's 2016 Registration Document filed with the French financial markets authority (AMF) on March 22, 2017.
Contacts
| Investor Relations : +33 1 45 19 52 26 | Press Contacts |
| Sophie Palliez-Capian sophie.palliez@bicworld.com | Isabelle de Segonzac: +33 1 53 70 74 70 idesegonzac@image7.fr |
| Katy Bettach katy.bettach@bicworld.com |
For more information, please consult the corporate website: www.bicworld.com
2017-2018 Agenda (all dates to be confirmed)
| 3 rd Quarter 2017 results | 25 October 2017 | Conference call |
| Full Year 2017 results | 14 February 2018 | Meeting - BIC Headquarters |
| First Quarter 2018 results | 25 April 2018 | Conference call |
| 2018 AGM | 16 May 2018 | Meeting - BIC Headquarters |
About BIC
BIC is a world leader in stationery, lighters, shavers and promotional products. For more than 60 years, BIC has honored the tradition of providing high-quality, affordable products to consumers everywhere. Through this unwavering dedication and thanks to everyday efforts and investments, BIC has become one of the most recognized brands and is a trademark registered worldwide for identifying BIC products which are sold in more than 160 countries around the world. In 2016, BIC recorded Net Sales of 2,025.8 million euros. The Company is listed on "Euronext Paris" and is part of the SBF120 and CAC Mid 60 indexes. BIC is also part of the following Socially Responsible Investment indexes: CDP's Climate A List, CDP's Supplier Climate A List, CDP Supplier Engagement Leader Board, FTSE4Good indexes, Ethibel Sustainability Index (ESI) Excellence Europe, Euronext Vigeo - Eurozone 120, Euronext Vigeo - Europe 120, Stoxx Global ESG Leaders Index.
[1] Organic Growth: change on a comparative basis - see glossary page 2
[2] BIC Value Share Point change vs. YAG - U.S. Disposable shaver segment: YTD: -1.7, 13 weeks: -0.7, 4 weeks: -0.2 (Source: IRI Period ending 27-AUG-17)
Attachments:
