Puig maintains outlook after opening year with sales increase of 7.8 percent

Madrid – Even with a blackout and unprecedented problems in communications networks in the history of Spain, the fashion and beauty multinational Puig responded to its scheduled meeting with investors. As planned, it presented the sales figures recorded during the first quarter of its new fiscal year of 2025 on Monday, after the markets closed. The Spanish company closed this period on an upward trend again. Following this strong performance, they have confirmed their existing outlook for this new year.

Based on the information provided by the management of the Spanish fashion and beauty multinational, Puig reported total sales of 1,206 million euros for the first quarter of 2025. This figure represents an increase of 7.87 percent compared to the 1,118 million euros recorded during the same period last year. This percentage would decrease to 7.5 percent in terms of scope and at constant exchange rates.

“We have started 2025 strongly and continue to grow above the premium beauty market,” said Marc Puig, chief executive of Puig, in a statement issued by the Spanish company's management. Analysing this performance, “again, our main segment, ‘Fragrances and Fashion’, has led our result, which demonstrates the strength of our ‘Prestige’ and ‘Niche’ brands, as well as the appeal and resilience of our portfolio”. He added, “We are also pleased to see growth in all regions, with a superior performance in the Americas”. Finally, the chief executive concluded, “Looking ahead, we are maintaining our outlook for 2025, despite a complex macroeconomic context”.

Decline in ‘make-up’ with ‘fragrances and fashion’ and the americas as main drivers

Analysing in greater detail the performance recorded during the first quarter of 2025, by business area, the ‘Fragrances and Fashion’ division recorded an increase in sales to 896.4 million euros (plus 10.36 percent), representing 74 percent of total turnover. In contrast, the ‘Make-up’ division recorded negative growth, with a decrease in sales to 165.3 million euros (minus 4.22 percent), representing 14 percent of the total. The ‘Skin Care’ division grew in turnover to 144.2 million euros (plus 7.85 percent), representing the remaining 12 percent of Puig's quarterly net sales.

Regarding the company's performance by market, the multinational experienced widespread growth. The Europe, Middle East and Africa (EMEA) region remained its main source of income, with sales increasing to 643.8 million euros (plus 4.34 percent), 53 percent of its total turnover. This growth was comfortably surpassed by that recorded in the Americas, with sales soaring to 451 million euros (plus 11.52 percent), representing 37 percent of turnover. The Asia-Pacific region, despite being the smallest in the company's accounts, accounting for only 9 percent, experienced the highest growth, with sales increasing to 111.1 million euros (plus 14.53 percent). This was thanks to the strong performance recorded in the South Korean and Japanese markets, where Puig has opened subsidiaries.

Price increase in the us

Looking ahead to the rest of the year, and taking into account the potential impact that US tariffs could have on the company's profitability, at the levels currently forecast, Puig has confirmed its outlook for 2025. The company is forecasting sales growth of between plus 6 and plus 8 percent, at constant scope and exchange rates. They also forecast an increase in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) in line with that experienced in the 2024 financial year, in which it increased by plus 12.3 percent to 969 million euros.

Alongside these forecasts, they also confirmed their intention to propose the approval of the payment of 212 million euros in dividends at the next General Shareholders' Meeting, scheduled for May 28. This will be charged to the 2024 accounts. They also plan to launch various initiatives to “mitigate the possible impact on profitability” that could arise from the “impact of US tariffs”, including “a moderate price increase in the region”, as Marc Puig announced at the end of March.

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