Paris, July 29, 2021
- Net sales of €6,171m in the second quarter, up +6.6% on a like-for-like (LFL) basis, and +3.6% on a reported basis, leading H1 sales to grow +1.6% on a like-for-like basis
- Return to growth driven by focus on execution and delivery: core portfolio renovation and innovation, acceleration in strategic channels and selected investments in key battles
- Recurring operating margin at 13.1%: selective pricing initiatives, coupled with efficient product mix management and stepped-up productivity partially offsetting adverse category mix and higher inflation
- Reported EPS up +5.1% at €1.63 and recurring EPS down -9.3% at €1.53
- Continued disciplined cash management, with free cash flow reaching €1.0 bn in H1, and further progress on portfolio management with the disposal of Mengniu stake and sale of Vega
- Launch of a share buyback program of up to €800m in the second half of the year
- 2021 guidance reiterated: return to profitable growth in H2, and FY recurring operating margin broadly in line with 2020