SMCP - Q4 sales and 2023 landing
27 January 2024 - 3:41AM
SMCP - Q4 sales and 2023 landing
Press release - Paris, January 26th, 2024
Q4 Sales remain stable in a deteriorated
macro-economic environmentReduction of debt and
inventories, while maintaining full-price
strategy2023 landing revised
In the fourth quarter of 2023, Group sales
remained stable compared to 2022 at constant exchange rates,
despite a macro-economic context that continued to deteriorate:
heightened geopolitical tensions, weak household consumption and
persistent inflation.The good resilience of the Group in the United
States offset a difficult month of December in Europe (particularly
in France) and a less dynamic month than expected in China. Despite
those headwinds, the Group decided to maintain a very strict
discount policy.
Taking these elements into account, SMCP expects
a performance slightly below previous announcement:
- sales around €1.230m1 ie. a growth
at constant FX of +3.8% vs 2022 (previously “mid-single digit
growth”);
- adjusted EBIT margin between 6.4%
and 6.6%1 of sales (previously “7% to 9% of sales”).
In the meantime, the Group accelerated its
savings plan and continued to make financial strength a
priority:
- Decrease of year-end net financial
debt;
- Good level of liquidity
maintained;
- Reduction of inventories compared
to 2022.
During the presentation scheduled on February
28th, the Group will communicate further details about 2023 annual
performance and the continuation of the savings plan for 2024.
DISCLAIMER: FORWARD-LOOKING STATEMENTS
Certain information contained in this document
includes projections and forecasts. These projections and forecasts
are based on SMCP management's current views and assumptions. Such
forward-looking statements are not guarantees of future performance
of the Group. Actual results or performances may differ materially
from those in such projections and forecasts as a result of
numerous factors, risks and uncertainties. These risks and
uncertainties include those discussed or identified under Chapter 3
“Risk factors and internal control” of the Company’s Universal
Registration Document filed with the French Financial Markets
Authority (Autorité des Marchés Financiers - AMF) on 11 April 2023
and available on SMCP's website (www.smcp.com).This document has
not been independently verified. SMCP makes no representation or
undertaking as to the accuracy or completeness of such information.
None of the SMCP or any of its affiliate’s representatives shall
bear any liability (in negligence or otherwise) for any loss
arising from any use of this document or its contents or otherwise
arising in connection with this document.
***
ABOUT SMCP
SMCP is a global leader in the accessible luxury
market with four unique Parisian brands: Sandro, Maje, Claudie
Pierlot and Fursac. Present in 47 countries, the Group comprises a
network of over 1,600 stores globally and a strong digital presence
in all its key markets. Evelyne Chetrite and Judith Milgrom founded
Sandro and Maje in Paris, in 1984 and 1998 respectively, and
continue to provide creative direction for the brands. Claudie
Pierlot and Fursac were respectively acquired by SMCP in 2009 and
2019. SMCP is listed on the Euronext Paris regulated market
(compartment A, ISIN Code FR0013214145, ticker: SMCP).
CONTACTS
|
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INVESTORS/PRESS
|
|
|
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SMCP
|
BRUNSWICK |
Amélie
Dernis |
Hugues Boëton |
|
Tristan Roquet Montegon |
+33 (0) 1 55 80 51
00 |
+33 (0) 1 53 96 83 83 |
amelie.dernis@smcp.com |
smcp@brunswickgroup.com |
1 Non audited figures
- Press Release - SMCP Q4 sales and 2023 landing
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