Le Coq Sportif said it is seeing sales momentum and expects to see earnings recover in the second half of the year after its top line disappointed, and losses widened in the first half. The brand reported sales of €63.2 million in the first six months of 2023, down by 3 percent compared to the year earlier and falling short of its expectations.
The gross margin was steady at 44 percent, despite “significant” destocking negatively impacting the margin during the period. The first half Ebitda loss widened to €5.9 million from €3.5 million, while the net loss grew to €10.5 million from €6.3 million. “The visibility provided by the Rugby World Cup 2023 and the enthusiasm associated with this event give the group confidence that earnings will recover in the second semester,” said Airesis, the Swiss investment holding company that controls Le Coq Sportif.
