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In EMEA, the Group maintained a very good momentum with a robust growth despite a high basis of comparison. Sales reached €89m, +7% on an organic basis vs 2022 with a strong retail like-for-like growth of +15% from both B&M and digital sales. The good performance of the largest markets such as the United Arab Emirates, Italy and Spain was partially offset by the end of the wholesale partnership in Russia (last deliveries in February 2022). The average discount rate registered a slight decrease which comes from digital. The network is down by seven POS in Q1 excluding the impact of Russia (40 POS).

In America, after an outstanding performance in 2022, sales are stabilizing in reported change and decreasing by -3% on an organic basis. During the first quarter, sales in the US were resilient with a positive like-for-like growth in B&M. The slightly unfavorable trend comes from Canada where the normalization of traffic is slower due to the low level of tourism from Asia and weak local demand. The network is down by two POS.

In APAC, the growth is progressively back in the region, with €71m of sales in Q1, +3% on an organic basis vs 2022. The trend gradually improved in Mainland China over the quarter with January and February still affected by low traffic, before returning to growth in March. The region benefits from a good performance in Hong-Kong, Singapore, Malaysia and Macau and the integration of Australia and New-Zealand in our own retail network. The average discount rate decreased by more than four points with the normalization of the situation after the Covid constraints. Finally, the network continued to expand with five openings, particularly in China and Singapore.

CONCLUSION AND PERSPECTIVES

Thanks to the strong desirability of its brands, the Group records a good performance in the first quarter.

Subject to the evolution of the macro-economic, social, and geopolitical situation, SMCP confirms its financial guidance for 2023.

OTHER INFORMATIONS

At its meeting of March 23, 2023, the Board of Directors decided to create a Sustainability committee, which will be responsible for monitoring the consideration of social, societal, and environmental responsibility issues when defining the Group’s strategy and its implementation.

FINANCIAL CALENDAR

June 21st, 2023 – Annual shareholders meeting

July 27th, 2023 – 2023 Half-Year Results

A conference call with investors and analysts will be held today by CEO Isabelle Guichot and CFO Patricia Huyghues Despointes, from 9:00 a.m. (Paris time).

Related slides will also be available on the website (www.smcp.com), in the Finance section.

APPENDICES

Breakdown of DOS

Breakdown of POS

FINANCIAL INDICATORS NOT DEFINED IN IFRS

Number of points of sale (POS)

The number of the Group’s points of sale comprises total retail points of sale open at the relevant date, which includes (i) directly operated stores (DOS), including free-standing stores, concessions in department stores, affiliate-operated stores, outlets and online stores, and (ii) partnered retail points of sale.

Organic sales growth

Organic sales growth is the total sales in a given period compared to the same period in the previous year. It is expressed as a percentage change between the two periods and is presented at constant rates (sales for period N and period N-1 in foreign currencies are converted at the average rate for year N-1) and excluding the effects of changes in the scope of consolidation.

Like-for-like sales growth

Like-for-like sales growth corresponds to retail sales from directly operated points of sale on a like-for-like basis in a given period compared with the same period in the previous year. Like-for-like points of sale for a given period include all of the Group’s points of sale that were open at the beginning of the previous period and exclude points of sale closed during the period, including points of sale closed for renovation for more than one month, as well as points of sale that changed their activity (for example, Sandro points of sale changing from Sandro Femme to Sandro Homme or to a mixed Sandro Femme and Sandro Homme store).
Like-for-like sales growth percentage is presented at constant exchange rates.

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METHODOLOGY NOTE

Unless otherwise indicated, amounts are expressed in millions of euros. In general, figures presented in this press release are rounded to the nearest full unit. As a result, the sum of rounded amounts may show non-material differences with the total as reported. Note that ratios and differences are calculated based on underlying amounts and not based on rounded amounts.

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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 46 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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¹ Claudie Pierlot and Fursac brands

 

Attachment

• Press Release - SMCP - 2023 Q1