雅诗兰黛新财季净销售额增长4%，中国大陆市场回暖

Core Insights - The company reported a 3% organic sales growth in Q1 FY26, a significant recovery compared to a 13% decline in the previous quarter, enhancing confidence in its fiscal outlook [2][5] - The net sales for Q1 FY26 reached $3.5 billion, with a 4% increase year-over-year, indicating a positive trend in overall performance [5][6] Group 1: Market Performance - The retail sales in the Chinese market experienced double-digit growth, significantly contributing to the global performance recovery [5] - Emerging markets, particularly Mexico and Turkey, showed high single-digit growth, while travel retail also saw improvements due to a low base from the previous year [5][6] Group 2: Financial Metrics - Gross margin increased by 100 basis points from 72.4% to 73.4%, while adjusted gross margin rose by 60 basis points from 72.7% to 73.3% [5] - Operating profit margin improved to 4.9%, a notable recovery from -3.6% in the same period last year, with adjusted operating profit margin expanding by 300 basis points to 7.3% [5] Group 3: Brand Performance - Seven brands under the company achieved double-digit growth, with Le Labo nearing triple-digit growth, outperforming the high-end beauty market [5] - The company has gained market share in the high-end beauty sector in five out of the last six quarters [5] Group 4: Online Sales Strategy - The company implemented various measures to enhance online consumer reach, resulting in double-digit organic sales growth globally, outperforming the overall high-end beauty industry [6] - The online sales growth was driven by platforms such as Tmall, JD.com, Douyin, and Notino, indicating a successful digital strategy [6] Group 5: Future Outlook - Despite challenges in the Eastern markets, the company remains optimistic about a robust start to the year and a return to growth, supported by consumer confidence improvements [6]