Danone SA's total ne t sales reached €14,167m in H1 2023, up +6.3% on a reported basis and +8.4% on a like-for-like (LFL) basis, with price up +9.4%, and volume/mix down -1.1. 

In Q2 2023, consolidated sales stood at €7.2 bn, up +6.4% on a like-for-like basis, with a +8.7% contribution from price and a -2.3% contribution from volume/mix. On a reported basis, sales increased by +2.4%, reflecting notably a negative impact from forex (-4.3%) and scope (-0.4%), and a positive contribution of hyperinflation (+1.3%)

In North America, sales were up +5.0% on a like-for-like basis, with price up +7.7% and volume/mix down -2.7%. Growth was led by Yogurt, Coffee Creations and Waters, with Oikos, International Delight, Stok and evian growing at a double-digit rate, while plant-based is lapping a high base of comparison. Specialized Nutrition also lapped the high base of last year driven by the shipments realized in the context of Operation Fly Formula.

“As we navigate an unprecedented situation in Russia, my very first thoughts go to all our colleagues there. In an environment that remains volatile and challenging, we further built our track record of delivery with a solid first half of the year: like-for-like sales growth reached +8.4%, supported by resilient volume/mix and continued pricing. Growth remains broad-based, with all geographies contributing. These past few months, we made consistent progress on our strategic agenda, further strengthening our Core, investing behind our winners and actively addressing our underperformers. And while we see green shoots of success across the portfolio - exemplified by the continued performance of International Delight, Aptamil, evian and YoPro, or the encouraging momentum behind Mizone – we know the job is not done. We remain, more than ever, focused on building further resilience into Danone, by further stepping up our execution, but also by leveraging increasingly more our Science, Operations and Investments. Importantly, the last 18 months’ efforts on restoring the fundamentals are starting to pay: our gross margin has expanded in the first half of the year, which allows us to significantly invest behind our brands – 99bps in the first half – while improving margins moderately and delivering healthy free cash flows. In short, we are progressing towards the business model we strive for. While a lot remains to be done, this makes us look at the future with confidence: this year, we expect to deliver a like-for-like sales growth in the upper end of our +4 and +6% guidance, underpinned by sequential volume/mix improvement in the second half, and moderate recurring operating margin improvement," Antoine de Saint Affrique, Danone SA CEO.