Sales for the first quarter of € 287 million were reported by SMCP, the parent company of the Sandro, Maje, Claudie Pierlot, and Fursac brands. This represents a 5 per cent decrease in organic sales.
With 11 net closures during the quarter, mostly in Asia, the firm continued to optimise its global network of stores, reaching 1,719 points of sales. Over the next two years, the business will close 100 locations, mostly in China.
Gaining market share and returning to profitable growth are the company’s objectives. After the network is optimised, starting in 2026, SMCP plans to go back to a mid-single-digit sales CAGR, with an EBIT margin of 12 per cent after five years and 10 per cent in 2026. Rollout of the action plan will begin in 2024 and have progressive benefits, with a projected € 25 million in higher EBIT in 2026.
Commenting on the results, Isabelle Guichot, CEO of SMCP, stated, “As anticipated, our first quarter remained on a similar trend to that seen in the second half of 2023. During the first quarter, we continued to implement our medium-term action plan, and over the coming months we expect to fully benefit from our global geographic footprint and accelerating performance in high-potential regions.”
The company’s first-quarter revenues in France came to € 98 million, a 7 per cent decrease on an organic basis.
Sales in EMEA were € 89 million, which is consistent with Q1 2023. Sales in the United States increased by 9 per cent to € 42 million. Both the Maje and Sandro brands had excellent sales in the US and Mexico.
Sales in Asia Pacific dropped by 16 per cent on an organic basis, to € 57 million. While low mall attendance continues to have a significant negative impact on sales in Greater China, the group performed well in Southeast Asia, with double-digit growth in Singapore, Malaysia, Thailand, and Vietnam. Ten net closures in China resulted in a decline in the network.