Bijou Brigitte Modische Accessoires AG

Latest Results (24.07.2026):

Bijou Brigitte Modische Accessoires AG — half‑year results for 1 January to 30 June 2025 (H1 2025, covering Q1–Q2 2025): Group sales rose 2.2% y/y to EUR 154.8m while earnings before taxes (EBT) were essentially flat at EUR 6.5m; net profit after tax was EUR 3.93m. The company reduced its store count to 905, cut cash to EUR 64.8m and lowered equity to EUR 205.6m after a dividend payment and share buy‑backs; management reaffirmed a guidance range for FY2025 revenue of EUR 330–350m and EBT EUR 26–36m.

Key financials

Sales: EUR 154.8m (+2.2% vs H1 2024). EBT: EUR 6.52m (flat y/y). Net income: EUR 3.93m (vs EUR 3.57m). Operating profit (pre-financial result): EUR 9.14m. Earnings per share: EUR 0.52 (basic and diluted).

Profitability and cost drivers

Cost of materials fell to 20.4% of sales (from 22.0%), helped by a favourable USD rate and price adjustments. Personnel costs rose only 1.2% to EUR 46.6m despite wage pressure. Depreciation/impairment and right‑of‑use amortisation remained ~EUR 25.1m. Other operating expenses increased 12.3% to EUR 46.5m, largely due to unrealised exchange rate losses on US government bonds. Financial result worsened to EUR –2.63m (prior EUR –1.53m) mainly from lower interest income.

Cash, balance sheet and liquidity

Cash and cash equivalents fell 20.8% to EUR 64.8m (31 Dec 2024: EUR 81.8m) driven by exchange losses and the dividend. Total assets declined to EUR 375.6m (–8.6% vs year‑end). Group equity was EUR 205.6m (equity ratio 54.7%). No bank loans; available overdraft facilities unused.

Cash flows and capital allocation

Cash flow from operations: EUR 26.1m (slight decline y/y). Investing cash flow: +EUR 10.3m (reflecting reductions in short‑term financial assets and lower store investments). Financing cash flow: EUR –52.3m due primarily to the dividend payment (EUR 3.50 per share) and share buy‑backs (buy‑back programme ended 15 June 2025).

Dividends and share buy‑backs

Dividend of EUR 3.50 per share for 2024 paid in June 2025 (cash outflow approx. EUR 26.23m). Treasury shares held rose to 606,774 (7.49% of capital); share buy‑back programme was terminated on 15 June 2025 and purchases in H1 cost EUR ~6.0m.

Stores and regional performance

Total store network: 905 stores (31 Dec 2024: 913). Opened 11, closed 19; 30 renovations and 74 store optimisations. Concessions: 570 (vs 581). By segment: Germany slightly down to EUR 79.0m (–0.3%); Italy +6.6%; France +6.5%; Spain +1.7%; Portugal +3.1%; Other countries +5.6%.

Outlook and guidance

Updated FY2025 guidance (assuming no major shocks): revenue EUR 330–350m (2024: EUR 333.9m); EBT EUR 26–36m (2024: EUR 33.5m); inventories forecast EUR 75–85m at 31 Dec 2025; expected equity ratio 53–58%; capex EUR 12–18m. Management emphasises omnichannel/brand strengthening and cost mitigation as priorities.

Risks and management view

Management flags continued uncertainty from global trade policy and consumer sentiment, exchange‑rate volatility (notably USD), and skilled‑labour shortages as key risks. The Board states the Group’s situation is stable and sees no going‑concern threat at present.