SMCP, owner of the Sandro, Maje and Claudie Pierlot brands, reported lower sales for the 4th quarter, in an environment marked by a slowdown in consumption and high inflation.
In a press release issued last night, the ready-to-wear group positioned in the high-end segment reported revenues of 332 million euros for the last three months of 2023, down 1% on a reported basis.
On an organic basis, sales contracted by 1.9%.
For the full year, sales amounted to 1.23 billion euros, up 4% at constant exchange rates (+3% on an organic basis).
In France, the Group's largest market, sales fell by 6.7% in Q4, both on a reported and organic basis, with the Group citing a "deteriorated macroeconomic environment".
Its adjusted Ebitda thus fell to 236 million euros in 2023, compared with 267 million in 2022, while net income, Group share, fell to 11 million euros, compared with 51 million euros a year earlier.
According to SMCP, 2024 should follow a similar trend, at least in the first half, leading it to accelerate its action plan to revive its profitable growth momentum.
In particular, the Group intends to intensify its efforts on brand desirability and digital, optimize its store network, and deepen its cost management efforts, while continuing to focus on profitability and cash generation.
It states that it expects the first effects of this plan to be seen as early as 2024, with an acceleration from 2025 onwards.
On the Paris Bourse, the SMCP share was down by over 6% following this publication. The stock has lost more than 65% over the past 12 months, penalized by a series of profit warnings.
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SMCP S.A specializes in the design and marketing of men and women's luxury clothing and accessories. The products are sold under Sandro (48.3% of net sales), Maje (38.7%), Claudie Pierlot and Fursac (13%). Net sales break down by activity as follows:
- sales in company-owned stores (30.8%);
- sales in department store corners (29.8%);
- online sales (16.6%);
- sales in outlet stores (12.2%);
- sales to local partners (8.3%);
- sales to affiliated stores (2.3%).
Products are fabricated by subcontractors.
At the end of 2022, the products were marketed through a network of 1,683 stores worldwide (including 1,280 company-owned stores) and via the Internet.
Net sales are distributed geographically as follows: France (34.3%), Europe/Middle East/Africa (31.3%), Asia/Pacific (19.2%) and Americas (15.2%).
SMCP S.A 
