Resilient Operating Margin
The operating margin remains strong at 22.6%, which is 150 basis points above the first half of 2019, despite a decline in profit from recurring operations.
Strong Financial Situation
Free cash flow increased to EUR 4 billion with gearing at EUR 15.2 billion, indicating a strong financial position.
Selective Retailing Growth
Selective Retailing revenue reached EUR 8.6 billion, up 2% organically, with a 12% increase in profit from recurring operations and an operating margin rise of 110 bps to 10.2%.
Sephora's Solid Performance
Sephora showed strong growth in Americas, Europe, and the Middle East, gaining market share in key geographies and maintaining profitability.