Friday, September 29, 2023

Smcp slows down in Europe and lowers its 2023 forecasts

Smcp reduces its forecasts. The French group, owner of the Sandro, Maje, Claudie Pierlot and De Fursac chains, has updated its forecasts, which expect growth of 5% by the end of the year. The company points out that it is affected by inflationary pressures in Europe and has reduced its growth there since the beginning of August, as the company itself explained in a statement.

Smcp’s business in France, Switzerland and Italy was particularly affected. In addition, the company points out that sales in China did not follow the expected development. For the second half of the year The company is aiming for “moderate growth” in sales compared to the same period last year.

Smcp previously expected to close the financial year with growth of between 5% and 9%. He The group has a growth plan until 2026, which envisages an annual sales increase of 9% and from then on reduce their pace and increase their sales by an average of 5%.

According to the latest annual results, the company has closed the 2022 financial year with a sales increase of 16.1%, up to 1,206 million euros. The company’s profit again amounted to 51 million euros, doubling compared to the last financial year. After brands, Sandro was the one that grew the most, with an increase of 16.9% in the reporting period, to 582 million euros.

The company reported its quarterly results in July. During this period, the company achieved sales of 610 million euros, representing growth of 8%. However, the company’s profit amounted to 14 million euros compared to the 21 million euros the company earned in the first quarter of 2022.

At the time, the company celebrated its achievement in Europe “despite a challenging environment,” as Smcp reported at the time. Additionally, the company had a good quarter in America, particularly in Canada and the United States. As of July 27, the company’s total number of offices around the world was 1,658.

The French group’s origins date back to 1984, when Sandro was founded by Evelyne Chetrite. The group is currently owned by The Glas Fund after European TopSoho, a subsidiary of Chinese group Shandong Ruyi, defaulted on one of the payments and the company’s creditors capitalized the debt at the end of 2021.

Nation World News Desk
Nation World News Desk
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