Full Year 2024 Fnac Darty SA Earnings Call Transcript
Key Points
- Fnac Darty SA (FRA:1FN) achieved solid sales growth and market share gains, driven by strong performance during major commercial events.
- The company's omnichannel strategy proved successful, with omnichannel sales accounting for 52% of online sales.
- Subscription services experienced double-digit growth, supporting a customer base of 11 million.
- The acquisition of UNI EUR in Italy is expected to strengthen Fnac Darty's European leadership and provide growth opportunities.
- The company maintained strong cash flow generation, exceeding its target with EUR195 million in operating free cash flow.
- The macroeconomic environment remained lackluster, impacting overall market conditions.
- The gaming business faced unfavorable impacts, affecting the editorial products category.
- There was a slight increase in churn for subscription services due to price increases.
- The Belgian business experienced a goodwill impairment charge of EUR15 million.
- The exit from the ticketing business is expected to impact recurring operating income by around EUR10 million.
Francois.
Bonannote.
Ud.
Highlights of the year, including the key successes of our strategic roadmap, then will present our financial results.
Finally, I will be checking the floor again to conclude, and we will be both available to answer your questions.
Slide for those who are online for 2024, it was the year. Growth, transformation, and international expansion.
Thanks to the relentless efforts of our 25,000 employees of the group, we delivered very solid results sales growth, market share gains during the major commercial events at the end of the year, a gross margin up, driven by services, an increase in current operating profit and cash flow generation. Beyond the targets set in the everyday strategic plan.
In line with the objectives of this plan, our group has resolutely accelerated its
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