Puig Q3 Sales Rise 11.1%, Beat Market Expectations

This story was updated Oct. 29 at 5:03 p.m.

PARIS — Puig’s 11.6 percent like-for-like sales growth in the third quarter beat market expectations.

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The company swiftly outpaced financial analysts’ consensus of 8.8 percent.

“We view this as a strong sales result and reassuring outcome versus first-half results amid some increasing nervousness around fragrance market growth,” wrote Molly Wylenzek, an equity analyst at Jefferies, in a note.

The Spanish beauty and fashion company released earnings after the market closed on Tuesday. Sales at the owner of Rabanne, Carolina Herrera, Byredo and Charlotte Tilbury in the three months ended Sept. 30 amounted to 1.26 billion euros, up 11.1 percent on a reported basis. Business was bolstered by the group’s fragrance and fashion activity, and the EMEA market.

“We are pleased to report an acceleration in the third quarter versus first half,” said Marc Puig, chairman and chief executive officer of Puig, during a call with analysts and journalists Tuesday evening. “This resulted in a robust performance in the first nine months of 2024.”

Puig’s sales in that period came to 3.43 billion euros. On a reported basis, they rose 10.1 percent and by 9.6 percent in like-for-like terms. All of the group’s business segments and geographies contributed to the gains.

“[It’s] well in line with our medium-term guidance provided at the IPO, and well ahead of the premium beauty market,” the executive said. “In addition to the strong performance that we have seen this quarter, we are further encouraged by the performance of Puig in recent weeks.”

Regarding the first nine months’ sales, Puig said the key driver was a very strong performance from the group’s core business — fragrance and fashion -— in both EMEA and the Americas.

“With double-digit growth in this segment, we continue to reinforce our competitive position and capture incremental value market share,” Puig said. “This was further complemented by a much-improved performance in makeup this quarter, as the gap between sell-in and sell-out, which we spoke about in the first half, continues to narrow.”

Puig noted the company saw incremental organic growth from its skin care segment, in addition to the contribution from Dr. Barbara Sturm, a brand that the company acquired a majority stake in during January.

“We are a leader in the thriving fragrance market, which benefits from very strong underlying trends and robust customer demand,” Puig said.