Volkswagen distributor D'Ieteren Q1 sales rises, keeps 2024 outlook; changes accounting method (updated)
30/05/2024 07:35
(Adds details paragraph 3-7)
May 30 (Reuters) - Belgian car distributor and auto
glass repairer D'Ieteren Group IETB.BR reported a 5.4% rise in
first-quarter combined sales on Thursday at 3.06 billion euros
($3.30 billion) after a change to its accounting methods, and
maintained its outlook for 2024.
The group, which distributes Volkswagen, Audi, SEAT, Škoda
cars in Belgium, had reported combined sales of 3.83 billion
euros a year earlier, which included 100% of earnings from
divisions Belron and TVH.
D'Ieteren modified its accounting practices this year to
reflect 50.3% in economic rights for vehicle glass repair
division Belron and 40% ownership of aftermarket parts unit TVH.
Details on reasons for the change were not immediately
available.
The group reiterated its yearly forecast of mid- to high
single-digit percentage growth in its adjusted profit before tax
for 2024, but flagged a softer market demand environment.
Sales of the group's largest division Belron increased
organically by 5.7%, on sales of more expensive products despite
a 0.4% drop in volumes.
The company's automotive unit increased its market share to
23.4%, as sales rose 4.1% from last year, with growth in almost
all businesses.
Moleskin, the group's luxury notebook brand, recorded a 6.3%
organic decline in earnings, reflecting the impact of adverse
policies at e-commerce platforms since early 2023, the group
said, noting a negative currency impact.
(Reporting by Dimitri Rhodes and Dagmarah Mackos; Editing by
Himani Sarkar and Bernadette Baum)
((Dimitri.Rhodes@thomsonreuters.com;))