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Danone Results 2023: a noteworthy surge in net sales, reaching €27,619 million

World 22.02.2024
Source: The DairyNews
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Danone Reports Robust Full-Year Results Exceeds Expectations with Renew Commitment, Dairynews.today writes.
Danone Results 2023: a noteworthy surge in net sales, reaching €27,619 million
The multinational food-products corporation, Danone, has unveiled strong full-year results for 2023. Company reported a noteworthy surge in net sales, reaching €27,619 million, reflecting a remarkable +7.0% increase on a like-for-like (LFL) basis.

This growth is attributed to a +7.4% uptick in prices, slightly offset by a -0.4% adjustment in volume/mix. The fourth quarter of 2023 witnessed a sales growth of +5.1% on an LFL basis, with a positive turnaround in volume/mix at +0.8%.

The European Dairy Products (EDP) transformation has been a pivotal driver of Danone's success, delivering positive results with volume/mix returning to positive territory. North America also contributed to the solid performance, with International Delight and Oikos playing key roles in volume/mix-led growth.

China, North Asia & Oceania experienced yet another quarter of robust competitive growth, underscoring Danone's global market strength. The recurring operating margin saw a notable increase of +40 basis points, reaching 12.6%, even as the company reinvested significantly in its operations.

Despite ongoing investments, Danone achieved a record level of free-cash-flow at €2.6 billion, enabling further strategic investments and facilitating deleverage. The recurring earnings per share (EPS) witnessed a positive uptick of +3.4%, reaching €3.54.

Danone's commitment to shareholder value is evident in the proposed dividend of €2.10, reflecting a solid +5.0% increase. Looking ahead to 2024, Danone's guidance aligns with its mid-term ambition, expecting like-for-like sales growth between +3% and +5%, coupled with a moderate improvement in recurring operating margin.

Antoine de Saint-Affrique, CEO Danone reported:

2023 was a year of consistent progress and strong delivery against our Renew Danone agenda. We put science back at the heart of what we do and further tied sustainability to business performance. We made significant progress in sharpening our portfolio. We further invested behind our brands, our innovations and our capabilities, progressively improving the quality of our growth, while creating value for all stakeholders.

In a context which remains challenging, the progressive improvement of our volume-mix, turning positive in Q4, the visible progress made by EDP Europe, and the continued strong momentum of our Medical Nutrition activity are encouraging signs, even if lots remains to be done.

Building on the positive momentum of 2023, we are starting this new financial year with confidence in our Renew strategy. We will continue to focus on consistent execution and delivery, in line with the mid-term ambition we defined in March 2022. We will keep progressively improving the resilience of Danone, further equipping it with the skills, science and tools it needs to be future fit. As we start projecting ourselves, we look forward to hosting a Capital Market Event in June 2024.
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