Danone Q1 Report 2024
In the first quarter, Europe sales were up +2.8% on a like-for-like basis, with volume/mix up +0.1% and price up +2.8%. EDP continued its turnaround, notably led by Actimel, Activia, YoPro and Alpro brands, despite temporary shipment disruptions. Specialized Nutrition delivered resilient growth, on a high base, while Waters posted strong growth, notably driven by the sustained competitive performance of evian and Volvic. In North America, sales were up +2.5% on a like-for-like basis, led by volume/mix up +1.5% and price up +1.0%. The performance was led by Coffee Creations and High Protein Yogurts, and in particular by International Delight, Stok and Oikos brands, while in Plant- based, the portfolio restaging starts to show first signs of progress. China, North Asia & Oceania delivered +8.9% like- for-like sales growth, led by volume/mix up +6.9% and price up +2.0%. In China, Specialized Nutrition maintained its competitive momentum, while Mizone posted a strong start to the year, growing steep double-digits.
Highlights
- Net sales reached €6,789m in Q1 2024, up +4.1% on a like-for-like (LFL) basis, with volume/mix up +1.2%, and price up +2.9%
- Making continued progress on Renew Danone
- Broad-based growth, with positive volume/mix across categories
- Solid start to the year in Europe and North America amid pricing normalization
- Sustained competitive growth in all categories in China
- Continued progress on fixing business models in Emerging Markets
- Portfolio rotation: Horizon Organic and Wallaby milk and dairy activity in the US and Michel & Augustin disposals successfully closed
- 2024 guidance confirmed: like-for-like sales growth expected between +3% and +5%, with moderate improvement in recurring operating margin
