Very sharp decline in boat sales in Q1 2024
The Bénéteau Group has published its figures for the 1st quarter of 2024, announcing a decline in sales for the Boat division of -39% compared with 2023, from 375.1 million euros to 228.7 million euros. The manufacturer explains this decline, which it considers to be in line with its forecasts at the start of the year, by an exceptionally high basis of comparison for 2023, and not in line with normal market seasonality, where the 1st quarter is more limited. In fact, the 1st quarter of 2023 had seen a +57% increase, due in particular to the catching-up of deliveries and the rebuilding of dealer inventories, whereas the first months of 2024 saw the opposite effect and destocking within the network.
Motorboats hardest hit
The biggest decline is in the small motorboat segment, which is more affected by the slowdown in demand. In terms of sales, the motorboat business is set to decline by 50% by 2024, and by 65% in terms of the number of boats sold. The Group is pleased with its strategy of moving upmarket, which has limited the decline, and with the success of new models boosting the order book, namely the M48 and M8 catamarans for the Prestige brand, and the TH36 for FourWinns, and in monohulls the DB 37 for Jeanneau, the Antares 12 for Bénéteau and the F4 for Prestige.
Sailing is holding up better, declining by just 25%, after growing by +81% in 2023, recovering from a severe fall during the covid years and the difficulties of charter fleets. Monohulls are experiencing a sharper decline than multihulls, whose sales are stabilizing.
Outlook maintained
The Bénéteau Group remains confident in its communication with shareholders, and has announced that it will maintain its current operating margin forecast between 7% and 10%. Economic uncertainties and destocking by distributors are making market visibility better in the premium segments, where it intends to focus its strategy, underlining the launch of large units such as the Beneteau Trawler 54, the new Prestige F5, and the new Lagoon 43 and Lagoon 60 catamarans.
