2023 half-year results

Limited decline in H1 2023 revenue in a difficult consumption environment
Strong operating performance: increase in the gross margin rate (+35 bps) and cost savings
2023 outlook confirmed, with a more favorable environment expected in H2

• Q2 2023 revenue of €1,563 million, down -5.1% on a reported basis and -4.7% on a like-for-like basis* compared to Q2 2022, as a result of difficult market conditions and unfavorable calendar effects** (~-1.5%)
• H1 2023 revenue of €3,344 million, down -2.5% on a reported basis and -2.3% on a like-for-like basis* compared to H1 2022
• Strong Group performance compared to retail trade in France in H1 2023 (-2.5% vs. -3.9%***)
• Solid gross margin rate of 31.1%, up +20 bps year-on-year, and +35 bps excluding dilutive impact from franchise, reflecting the strength of the Group’s business model
• Current operating income down by -€54 million compared to H1 2022, as a result of declining revenue and inflation in operating and energy costs, partially offset by ongoing performance plans
• Continued roll-out of the “Everyday” strategic plan and ramped-up services and repairs

* Like-for-like basis: excludes the effect of changes in foreign exchange rates and scope of consolidation, and directly owned store openings and closures.
** These included the long weekends in May and the postponement of sales compared with last year.
*** These included the long weekends in May and the postponement of sales compared with last year.