SMCP - H1 2022 Results
H1 2022
ResultsPress release - Paris,
August 1st, 2022
All-time H1 sales
record driven
by strong momentum in
Europe and AmericasSubstantial adjusted
EBIT growth
- H1 2022 Sales
at €565.4m, up +21.4% vs. LY on an organic1F1 basis, fully driven
by LFL2 growth of +24.5%, despite the significant impact of Covid
restrictions in APAC
- Strong
performance in Europe, driven by local demand and progressive
recovery of tourism, supported by an excellent Q2 exceeding 2019
level
- Substantial
growth in Americas, both vs. 2021 (+28.1%1) and 2019 (+16.3%1)
- APAC
performance strongly impacted by Covid restrictions (incl. the
complete shutdown of our brick-and-mortar and digital
warehouses)
- Substantial
adjusted EBIT growth of +76%, reaching €45m (8.0% of sales) vs.
€26m in H1 2021 (5.7% of sales); Net Income up sharply, reaching
€20.7m
- Healthy
financial structure with a continued effort in decreasing the
leverage ratio2F3, from 2.5x at year-end 2021, to 2.1x adjusted
EBITDA
- Strategic plan well executed,
including:
- Increased brand desirability with
successful pricing power and local marketing strategies
- Full price strategy continuation
with discount rate down by -6 pp vs. H1 2021,
- Normalization
of digital penetration, reaching 22%
- 2022 Full-Year
guidance confirmed
Commenting on
these results,
Isabelle Guichot, CEO of
SMCP, stated: “We are very satisfied
with our strong achievement over the first half of the
year. We were able to perform very well in all our regions where
local clients spending was above pre-pandemic levels, apart
from Asia, where our stores were temporarily closed due to Covid
restrictions. This enabled us to reach an
all-time H1 sales record. This momentum, which
could not have been possible without the strong commitment of our
teams, confirms the relevance of our strategy focusing on
brand desirability, with local
marketing strategies which boost customer engagement.
Over the first half, we also managed to strongly increase
our profitability thanks to tireless efforts to
increase full price sales. In addition, we accelerated
on our CSR policy, by implementing a
traceability program, and on our omnichannel
ambition. Looking forward, while the current geopolitical and
macro-economic environment creates some uncertainty, we confirm our
2022 full-year guidance if the situation does not further
deteriorate.”
| €m
except % |
Q2
2021 |
Q2
2022 |
Organic change |
Reported change |
|
H1 2021 |
H1 2022 |
Organic change |
Reported change |
|
Sales by region |
|
|
|
|
|
| France |
63.2 |
101.0 |
+63.1% |
+59.8% |
|
141.9 |
194.7 |
+40.8% |
+37.2% |
| EMEA3F4 |
66.4 |
90.3 |
+34.3% |
+35.8% |
|
114.0 |
173.4 |
+50.4% |
+52.1% |
| Americas |
34.2 |
44.5 |
+16.1% |
+30.1% |
|
59.1 |
83.1 |
+28.1% |
+40.6% |
|
APAC4F5 |
65.5 |
46.6 |
-34.9% |
-28.8% |
|
138.4 |
114.2 |
-23.8% |
-17.4% |
|
Sales by Brand |
|
|
|
|
|
| Sandro |
108.4 |
132.7 |
+17.7% |
+22.4% |
|
212.0 |
266.8 |
+21.7% |
+25.8% |
| Maje |
93.5 |
111.7 |
+15.1% |
+19.4% |
|
182.9 |
223.9 |
+18.5% |
+22.4% |
| Other
brands5F6 |
27.4 |
37.9 |
+39.2% |
+38.5% |
|
58.4 |
74.7 |
+29.6% |
+27.9% |
|
TOTAL |
229.4 |
282.4 |
+19.2% |
+23.1% |
|
453.3 |
565.4 |
+21.4% |
+24.7% |
H1
2022 SALES
In H1 2022, consolidated sales reached €565.4m,
up +24.7% compared to H1 2021, including an organic increase of
+21.4% (fully driven by like-for-like growth of +24.5%) and a
positive currency impact of +4.2%. SMCP recorded a sharp
performance in Europe throughout the semester, a strong momentum in
the Americas, partially offset by the significant impact of the
Covid restrictive measures in APAC.
The Group generated stable digital sales
compared to H1 2021, resulting in a digital penetration of 22%,
well above the pre-pandemic level (15% in 2019).
In line with our strategic plan, we continued to
make strong progress on our full price strategy, notably through
our deliberate reduction of the promotional sales share, and
achieving a significant decrease in the discount rate, both in
brick-and-mortar and digital, with -6.1 pp in H1 2022 vs. H1
2021.
At the beginning of the year, SMCP finalized its
brick-and-mortar network optimization plan, with 14 net closures in
H1 (of which -17 in Q1 and +3 in Q2). Among these net closures, the
discontinuing of the Suite 341 format in France represented eight
closures. In EMEA, SMCP recorded six POS net closures, mainly from
store consolidation (such as Sandro women and Sandro men becoming a
unisex store), partly compensated by key openings in Belgium,
Estonia and Spain. In APAC, SMCP opened new stores in China and
Korea.
Sales
breakdown by region
In France, sales were up +40.8%
on an organic basis vs. H1 2021, a sharp improvement over the
semester, fully driven by like-for-like (+44.0%) and leading to a
level exceeding 2019. Since the beginning of the year, SMCP
outperformed the market, gained market shares thanks to the success
of its spring-summer collections and recorded a strong sales growth
in Q2 2022 vs Q2 2019 of + 8.2% on an organic basis. This
performance includes a discount rate reduction (throughout the
semester) of more than 10 pp vs H1 2021 (benefitting all brands and
channels), and the finalization of SMCP’s network optimization plan
(-10 POS in H1, of which -8 Suite 341), mostly in Q1.
In EMEA, Group sales were up by
+50.4% on an organic basis vs. H1 2021, including a like-for-like
growth of +68.6%; a strong performance driven by both local demand
and the progressive recovery of tourism. As in France, the second
quarter was excellent, exceeding 2019 by +10.6% on an organic
basis. In addition, we achieved a material decrease of discount
rate by -6pp and a slight store network’s reduction as part of
SMCP’s optimization strategy.
In APAC, the intensifying Covid
restrictions, first in Hong-Kong and then in Mainland China, had a
sharp impact on sales, leading to a -24% decrease on an organic
basis vs. H1 2021. These restrictive measures implemented in
Mainland China led to (i) long store closures, peaking from March
to May, of which a closure of an average of 25%6F7 of our physical
stores during more than two months (mainly large stores, located in
‘Tier 1’ cities), (ii) the complete shutdown of our
brick-and-mortar and digital warehouses slowing the business:
immobilizing inventory, affecting digital orders and the
replenishment of the other stores, (iii) an important traffic drop.
Hong-Kong SAR and Macau SAR also suffered from these restrictions
leading to a drop in traffic and low tourism.The desirability of
our brands remains intact in APAC, and especially in China, where
we recorded an excellent Tmall “6.18” event, with both Sandro and
Maje ranking in the top 3 of Accessible Luxury.
In the Americas, sales
increased on an organic basis by +28.1% vs. H1 2021, a substantial
growth, both vs. 2021 and vs. 2019 (+16.3% on an organic basis),
with: (i) a strong performance in all our distribution channels,
fully driven by like-for-like growth (+29.8% vs.2021), (ii) a sharp
reduction of discount rate of 10 pp, coming from both digital and
brick-and-mortar. Both the United States and Canada had an
excellent semester, driven by high demand.
Unless stated
otherwise, all figures used in 2021 and 2022 to analyze the
performance take into account the impact of the application of IFRS
16 and IAS 38 1
|
KEY FIGURES (€m) |
H1
20218 |
H1 2022 |
Change as reported |
|
Sales |
453.3 |
565.4 |
+24.7% |
| Adjusted
EBITDA |
98.5 |
121.8 |
+23.6% |
| Adjusted
EBIT |
25.7 |
45.2 |
+75.8% |
| Net Income
Group Share |
0.9 |
20.7 |
+19.7m |
| EPS7F9
(€) |
0.01 |
0.28 |
na |
| Diluted
EPS8F10 (€) |
0.01 |
0.26 |
na |
| FCF |
20.2 |
4.9 |
-15.3m |
H1
2022 CONSOLIDATED
RESULTS
Adjusted
EBITDA increased from €98.5 million in H1 2021 to
€121.8 million in H1 2022. This resulted from the rise in sales
combined with an increase of +2.8pp of the management gross margin
(at 74.4%, thanks to SMCP’s efficient pricing policy and discipline
on discount rate), and the continuing strong cost management.
Store
costs9F11, as a percentage of sales,
stood at 41.9%10F12, reflecting a slight increase mainly due to the
channel mix (less digital), and to a lesser extent, due to the
sharp restrictions in China.
SG&A3 decreased slightly to
reach 21.6%4 of sales, reflecting continued strong
cost management and better absorption of all main expenses
Amortization, depreciation, and
provisions amounted to -€76.7m in H1 2022 (vs. -€72.8m in
H1 2021). Excluding IFRS 16, they represent 4.2% of sales (vs. 5.9%
in H1 2021).
As a result, adjusted EBIT
jumped by 75.8% to €45.2m in H1 2022 (from €25.7m in H1 2021). An
excellent performance compared to the sales growth of +24.7%. The
adjusted EBIT margin gained +2.3pp at 8.0% (vs. 5.7% in H1
2021.
Other non-recurring income and
expenses totaled -€0.8m, decreasing vs. last year (-€4.7m
in H1 2021).
Financial
expenses decreased to -€11.9m (vs. -€15.3m in H1
2021). This amount includes the cost of net debt of “leases” (IFRS
16) of -€5.5m (vs -€6.6m in H1 2021). The average cost of debt
stood at 1.5% in H1 2022.
Income tax significantly
increased to -€8.7m (from -€0.4m in H1 2021), as a result of the
strong increase in profit before tax.
Resulting from all factors described above,
Net income - Group share stood at
a net profit of €20.7m (vs. €0.9m in H1 2021).
H1
2022 FREE CASH FLOW AND
NET FINANCIAL DEBT
The Group maintained a strict control of
its investments throughout the semester, amounting to
€18.7m (vs. €19.0m in H1 2021), representing 3.3% of sales (vs.
4.2% in H1 2021), a slightly lower level due to a phasing
effect.
Working capital increased to
€160.3m (from €133.6m in H1 2021), remaining stable at 14% as a
percentage of sales13. This increase enabled to support the
significant growth in the activity of our brands, within the
framework of our demand planning policy and in the current external
environment.
As a result, the Group generated a
Free-cash-flow of €4.9m.
Net
financial debt stood at €314.4m
as of June 30, 2022, a slight decrease vs. €317.7m at year-end
2021. Significant reimbursements (c. €70m) were performed during
the semester, in line with contractual schedules. The Net
financial debt/adjusted EBITDA11F14 ratio
decreased to 2.1x (2.5x at year-end 2021).
The Group benefits from a strong liquidity
headroom including an undrawn RCF of €200m.
FINANCIAL OUTLOOK
The strong results in H1 2022, despite adverse
external factors (war in Ukraine, continued inflation, Covid
resurgences in Asia), demonstrate once again the resilience of SMCP
and the strength and desirability of its brands portfolio.
Based on this performance, and provided the
geopolitical situation, macro-economic context and sanitary
conditions do not further deteriorate during the rest of the year,
SMCP confirms its 2022 full-year guidance.
MANAGEMENT
Jean-Baptiste Dacquin, former CEO of Claudie
Pierlot, has chosen to pursue other professional projects outside
SMCP. Isabelle Guichot, CEO of the SMCP group, acts as interim CEO
of the Claudie Pierlot brand. The recruitment process of a new CEO
for the brand is being finalized and should be announced by the
autumn.
A conference call with
investors and analysts will be held today by CEO Isabelle Guichot
and CFO Patricia Huyghues Despointes, from 6:00 p.m. (Paris
time).
Related slides will
also be available on the website (www.smcp.com), in the Finance
section.
The Board of Directors met on 1st of August to
approve the consolidated accounts for the first half of 2022. The
limited review procedures have been completed and the related
report is being issued.
FINANCIAL INDICATORS NOT DEFINED IN
IFRS
The Group uses certain key financial and
non-financial measures to analyze the performance of its business.
The principal performance indicators used include the number of its
points of sale, like-for-like sales growth, Adjusted EBITDA and
Adjusted EBITDA margin, Adjusted EBIT and Adjusted EBIT margin.
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, expressed as a percentage change between the two
periods. 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 (sales for year N and year N-1 in foreign
currencies are converted at the average N-1 rate, as presented in
the annexes to the Group's consolidated financial statements as of
December 31 for the year N in question).
Adjusted EBITDA and adjusted EBITDA
margin
Adjusted EBITDA is defined by the Group as
operating income before depreciation, amortization, provisions, and
charges related to share-based long-term incentive plans (LTIP).
Consequently, Adjusted EBITDA corresponds to EBITDA before charges
related to LTIP.Adjusted EBITDA is not a standardized accounting
measure that meets a single generally accepted definition. It must
not be considered as a substitute for operating income, net income,
cash flow from operating activities, or as a measure of liquidity.
Adjusted EBITDA margin corresponds to adjusted EBITDA divided by
net sales.
Adjusted EBIT and adjusted EBIT
margin
Adjusted EBIT is defined by the Group as earning
before interests and taxes and charges related to share-based
long-term incentive plans (LTIP). Consequently, Adjusted EBIT
corresponds to EBIT before charges related to LTIP. Adjusted EBIT
margin corresponds to Adjusted EBIT divided by net sales.
Management and
accounting Gross margin
Management gross margin corresponds to the sales
after deducting rebates and cost of sales only. The accounting
gross margin (as appearing in the accounts) corresponds to the
sales after deducting the rebates, the cost of sales and the
commissions paid to the department stores and affiliates.
Retail Margin
Retail margin corresponds to the management
gross margin after taking into account the points of sale’s direct
expenses such as rent, personnel costs, commissions paid to the
department stores and other operating costs.
The table below summarizes the reconciliation of
the management gross margin and the retail margin with the
accounting gross margin as included in the Group’s financial
statements for the following periods:
|
(€m) – excluding IFRS 16 |
H1 2021 |
H1 2022 |
|
Gross margin (as appearing in the account) |
280.9 |
363.3 |
| Readjustment
of the commissions and other adjustments |
43.7 |
57.6 |
|
Management Gross margin |
324.6 |
420.9 |
| Direct costs
of point of sales |
-185.4 |
-243.0 |
| Retail
margin |
139.2 |
177.9 |
Net financial debt
Net financial debt corresponds to current and
non-current financial debt, net of cash and cash equivalents and
net of current bank overdrafts.
***
METHODOLOGY NOTE
Unless otherwise indicated, amounts are
expressed in millions of euros and rounded to the first digit after
the decimal point. 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.
***
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, including the impact of
the current COVID-19 outbreak. 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 19 April 2022 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.
FINANCIAL
CALENDAR
- October 26th,
2022 – Q3 2022 Sales publication
APPENDICES
Breakdown of DOS
|
Number of DOS |
H1-21 |
2021 |
Q1-22 |
H1-22 |
|
Q2-22
variation |
H1-22 variation |
| |
|
|
|
|
|
|
|
| By
region |
|
|
|
|
|
|
|
| France |
494 |
472 |
459 |
462 |
|
+3 |
-10 |
| EMEA |
408 |
402 |
395 |
394 |
|
-1 |
-8 |
| Americas |
168 |
166 |
165 |
167 |
|
+2 |
+1 |
| APAC |
245 |
252 |
251 |
251 |
|
- |
-1 |
| |
|
|
|
|
|
|
|
| By
brand |
|
|
|
|
|
|
|
| Sandro |
559 |
552 |
541 |
546 |
|
+5 |
-6 |
| Maje |
453 |
455 |
451 |
453 |
|
+2 |
-2 |
| Claudie
Pierlot |
213 |
211 |
209 |
206 |
|
-3 |
-5 |
| Suite 341 |
24 |
10 |
3 |
2 |
|
-1 |
-8 |
| Fursac |
66 |
64 |
66 |
67 |
|
+1 |
+3 |
|
Total DOS |
1,315 |
1,292 |
1,270 |
1,274 |
|
+4 |
-18 |
Breakdown of POS
|
Number of POS |
H1-21 |
2021 |
Q1-22 |
H1-22 |
|
Q2-22
variation |
H1-22 variation |
| |
|
|
|
|
|
|
|
| By
region |
|
|
|
|
|
|
|
| France |
494 |
473 |
460 |
463 |
|
+3 |
-10 |
| EMEA |
554 |
548 |
545 |
542 |
|
-3 |
-6 |
| Americas |
193 |
195 |
195 |
195 |
|
- |
- |
| APAC |
445 |
468 |
467 |
470 |
|
+3 |
+2 |
| |
|
|
|
|
|
|
|
| By
brand |
|
|
|
|
|
|
|
| Sandro |
740 |
745 |
736 |
742 |
|
+6 |
-3 |
| Maje |
608 |
620 |
618 |
620 |
|
+2 |
- |
| Claudie
Pierlot |
248 |
245 |
244 |
239 |
|
-5 |
-6 |
| Suite 341 |
24 |
10 |
3 |
2 |
|
-1 |
-8 |
| Fursac |
66 |
64 |
66 |
67 |
|
+1 |
+3 |
|
Total POS |
1,686 |
1,684 |
1,667 |
1,670 |
|
+3 |
-14 |
|
o/w Partners POS |
371 |
392 |
397 |
396 |
|
-1 |
+4 |
CONSOLIDATED FINANCIAL
STATEMENTS15
|
INCOME STATEMENT (€m) |
H1 2021 |
H1 2022 |
|
Sales |
453.3 |
565.4 |
| Adjusted
EBITDA |
98.5 |
121.8 |
| D&A |
-72.8 |
-76.7 |
|
Adjusted EBIT |
25.7 |
45.2 |
| Allocation of
LTIP |
-4.4 |
-3.2 |
|
EBIT |
21.3 |
42.0 |
| Other
non-recurring income and expenses |
-4.7 |
-0.8 |
|
Operating profit |
16.6 |
41.2 |
| Financial
result |
-15.3 |
-11.9 |
| Profit
before tax |
1.4 |
29.4 |
| Income tax |
-0.4 |
-8.7 |
| Net
income Group share |
0.9 |
20.7 |
|
CASH FLOW STATEMENT (€m) |
H1 2021 |
H1 2022 |
| Adjusted
EBIT |
25.7 |
45.2 |
| D&A |
72.8 |
76.7 |
| Changes in
working capital |
6.4 |
-27.7 |
| Income tax
expense |
-2.5 |
-5.4 |
|
Net cash flow from operating activities |
102.4 |
88.8 |
| Capital
expenditure |
-19.0 |
-18.7 |
| Others |
0.0 |
-0.0 |
|
Net cash flow from investing activities |
-19.0 |
-18.7 |
| Treasury shares
purchase program |
-2.3 |
-2.4 |
| Change in
long-term borrowings and debt |
-56.7 |
0.0 |
| Change in
short-term borrowings and debt |
42.3 |
-74.1 |
| Net interests
paid |
-6.7 |
-6.8 |
| Other financial
income and expenses |
2.0 |
0.6 |
| Reimbursement
of rent lease |
-59.1 |
-59.8 |
|
Net cash flow from financing activities |
-80.5 |
-142.5 |
| Net foreign
exchange difference |
0.6 |
0.8 |
|
Change in net cash |
3.5 |
-71.6 |
|
FCF (€m) |
H1 2021 |
H1 2022 |
| Adjusted
EBIT |
25.7 |
45.2 |
| D&A |
72.8 |
76.7 |
| Change in
working capital |
6.4 |
-27.7 |
| Income
tax |
-2.5 |
-5.4 |
|
Net cash flow from operating activities |
102.4 |
88.8 |
| Capital
expenditure |
-19.0 |
-18.7 |
| Reimbursement
of rent lease |
-59.1 |
-59.8 |
| Interest &
Other financial |
-4.7 |
-6.2 |
| Other &
FX |
0.6 |
0.8 |
|
Free cash-flow |
20.2 |
4.9 |
|
BALANCE SHEET - ASSETS (€m) |
As of Dec. 31, 2021 |
As of June 30, 2022 |
| Goodwill |
626.3 |
626.3 |
| Trademarks,
other intangible & right-of-use assets |
1,139.2 |
1,154.9 |
| Property,
plant and equipment |
87.6 |
82.6 |
| Non-current
financial assets |
19.6 |
19.9 |
| Deferred tax
assets |
49.7 |
48.6 |
|
Non-current assets |
1,922.4 |
1,932.3 |
| Inventories
and work in progress |
233.5 |
262.1 |
| Accounts
receivables |
56.7 |
56.6 |
| Other
receivables |
63.7 |
87.5 |
| Cash and cash
equivalents |
131.3 |
59.7 |
|
Current assets |
485.2 |
466.0 |
|
|
|
|
|
Total assets |
2,407.6 |
2,398.3 |
|
BALANCE SHEET - EQUITY & LIABILITIES (€m) |
As of Dec. 31, 2021 |
As of June 30, 2022 |
|
Total Equity |
1,117.2 |
1,143.7 |
| Non-current
lease liabilities |
313.2 |
328.7 |
| Non-current
financial debt |
338.7 |
262.8 |
| Other
financial liabilities |
0.1 |
0.1 |
| Provisions and
other non-current liabilities |
3.4 |
1.1 |
| Net employee
defined benefit liabilities |
5.2 |
5.4 |
| Deferred tax
liabilities |
181.4 |
181.7 |
|
Non-current liabilities |
842.1 |
779.9 |
| Trade and
other payables |
154.7 |
172.4 |
| Current lease
liabilities |
99.1 |
100.6 |
| Bank
overdrafts and short-term financial borrowings and debt |
110.2 |
111.2 |
| Short-term
provisions |
1.4 |
1.5 |
| Other current
liabilities |
82.9 |
89.0 |
|
Current liabilities |
448.4 |
474.6 |
|
|
|
|
|
Total Liabilities |
2,407.6 |
2,398.3 |
|
NET FINANCIAL DEBT (€m) |
As of Dec. 31, 2021 |
As of June 30, 2022 |
| Non-current
financial debt & other financial liabilities |
-338.9 |
-262.9 |
| Bank overdrafts
and short-term financial liability |
-110.2 |
-111.2 |
| Cash and cash
equivalents |
131.3 |
59.7 |
|
Net financial debt |
-317.7 |
-314.4 |
| LTM adjusted
EBITDA (excl. IFRS 16) |
129.3 |
150.1 |
|
Net financial debt / adjusted EBITDA |
2.5x |
2.1x |
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 43 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
|
INVESTORS/PRESS
|
|
| |
|
|
SMCP
|
BRUNSWICK |
|
Mathilde
Magnan |
Hugues Boëton +33 (0) 6 79 99 27 15 |
|
+33 (0) 1 55 80 51
00 |
Tristan Roquet Montegon +33 (0) 6 37 00 52 57 |
|
mathilde.magnan@smcp.com |
smcp@brunswickgroup.com |
1Organic growth | All references in this document to the
“organic sales performance” refer to the performance of the Group
at constant currency and scope, excl. Suite 341 related sales (end
of format)2 Like-for-like3 Net Debt / adjusted EBITDA excluding
IFRS 16
4 EMEA covers the Group's activities in European
countries excluding France (mainly the United Kingdom, Spain,
Germany, Switzerland, Italy) as well as the Middle East (including
the United Arab Emirates)5 APAC includes the Group's Asia-Pacific
operations (mainly Mainland China, Hong Kong SAR, South Korea,
Singapore, Thailand, Malaysia, and Australia)6 Claudie Pierlot and
Fursac brands7 In number of stores
8 Including the impacts of the IFRS IC decision
on the configuration and customisation costs of software used as a
SaaS contract9 Net Income Group Share divided by the average number
of ordinary shares as of June 30th, 2022, minus existing treasury
shares held by the Group10 Net Income Group Share divided by the
average number of common shares as of June 30th, 2022, minus the
treasury shares held by the company, plus the common shares that
may be issued in the future. This includes the conversion of the
Class G preferred shares (2,791,588 shares) and the performance
bonus shares – LTIP (642,299 shares) which are prorated according
to the performance criteria reached as of June 30th, 202211
Excluding IFRS 1612 Excluding one-off traffic marketing
reclassification: +1.1% of sales (accounted for in SG&A LY, and
in store costs in H1 2022)13 Last twelve months sales14 Excluding
IFRS 1615 Including the impacts of the IFRS IC decision on the
configuration and customisation costs of software used as a SaaS
contract
- Press Release - SMCP - 2022 H1 Results
SMCP (EU:SMCP)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
SMCP (EU:SMCP)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024
