Lagardère: 9m and Q3 sales down 38%

(CercleFinance.com) - Lagardère has reported 9m sales of 3,276 million euros (at 30 September 2020), down 37.
6% on a consolidated basis (-38% on a comparable basis).
Q3 sales fell by 38.3% to 1,188m (-38.3% like-for-like).

Lagardère Publishing's revenues for the nine months to 30 September 2020 came in at 1,675m euros, down 1.9% on a consolidated basis and down 2.8% like-for-like. This division's Q3 sales reached 704 million euros, up 6.3% on a consolidated basis and up 6.0% like-for-like.

Lagardère Travel Retail's sales for the nine months to 30 September 2020 reached 1,340 million euros, down 57.4% on a consolidated basis and down 58.8% like-for-like. The division's Q3 2020 sales reached 393 million euros, down 65.9% on a consolidated basis and down 66.1% like-for-like.

"In light of envisaged cost reductions and a favourable revenue mix, Lagardère Publishing expects the adverse impact on full-year 2020 recurring EBIT to be in the region of 20% to 30% of the decrease in its revenue," the group said.

"The (Travel Retail) division is continuing to implement cost cutting measures, with major impacts on rents and payroll costs in particular. These initiatives enable Lagardère Travel Retail to maintain the assumption of an adverse impact on full-year 2020 recurring EBIT in the region of 20% to 25% of the decrease in its 2020 revenue," management added.



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