PARIS — Puig’s first-quarter sales of 1.21 billion euros rose 7.8 percent on a reported basis and 7.5 percent in like-for-like terms, bolstered by the group’s fragrance activity.
The Spanish beauty and fashion company, which published its results for the three months ended March 31 after market close on Monday, reiterated its guidance for full-year 2025. That includes organic revenue growth in the 6 to 8 percent range, plus expansion of adjusted earnings before interest, taxes, depreciation and amortization.
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That outlook factored in the impact of U.S. tariffs, 20 percent for the euro zone and 10 percent for other countries after the 90-day hiatus announced by the Trump administration; Puig’s product initiatives, and regional price increases in the low single digits, explained Marc Puig, company chairman and chief executive officer, during a call with financial analysts and journalists Monday.
“In order to face the scenario of tariffs, we did send products to the U.S. in advance,” he said, adding the extra inventory in warehouses there could compensate for any impact upcoming duties might have.
During the first quarter and in organic terms, Puig’s fragrance and fashion’s sales reached 896.4 million euros, representing a 10.4 percent rise; makeup’s sales were 165.3 million euros, declining 6 percent, while skin care’s sales reached 144.2 million euros, a 7.2 percent gain.
Puig said the softness in the makeup category was especially felt in the U.S., where it took longer — until the end of February — to restock the Charlotte Tilbury Airbrush Flawless Setting Spray. In early December 2024, Puig revealed it would withdraw a batch of the spray because of a quality issue.
“We are still impacted by the effects of the dupes,” continued Puig, adding the company has a strategy in place to respond to the phenomenon. “Throughout the year, we expect the makeup category to improve progressively.”
That includes positive growth in the segment starting in the second quarter.
Geographically speaking, Puig registered growth in all regions. The Europe, Middle East and Africa zone generated 643.8 million euros, or 53 percent of Puig’s quarterly sales; the Americas had sales of 451 million euros, and the Asia-Pacific region brought in 111.1 million euros.
Puig noted that the EMEA region had a strong performance in 2024, and said there has been a softening more there than in the other two geographic zones, due in a large part due to a weakening in France. He believes that EMEA overall will continue in this direction throughout 2025.
Jefferies in a note Monday highlighted that Puig stock has registered a 10 percent recovery over the past five days, alongside L’Oréal, at plus 11 percent, for instance.
“We can see the stock still being a small outperformer versus peers [due to] the beat in the key fragrance operation and reiterated guide support,” wrote Jefferies equity analyst David Hayes.
Puig’s roster of brands includes include Carolina Herrera, Jean Paul Gaultier, Paco Rabanne and Byredo.
