In the second quarter of 2019, SMCP, the parent company of Sandro, Maje
and Claudie Pierlot said consolidated sales reached 265.7 million euros
(295.7 million dollars), up 8.9 percent at constant currency, while the
company said, reported sales stood at 10.1 percent, including a positive
currency impact of 1.2pts. For the full year, the group is targeting a
sales growth of between 9 percent and 11 percent at constant currency and a
stable adjusted EBITDA margin compared to 2018, excluding the acquisition
of De Fursac.
Commenting on the results, Daniel Lalonde, SMCP’s Chief Executive
Officer, stated in a statement: “We are pleased with our Q2 sales which, as
expected, showed a solid acceleration to 10.1 percent. In the first
semester, our brands continued to launch beautiful collections, prominent
stores and continued to focus on full price sales. We also delivered on our
key priorities for 2019 such as driving retail excellence and accelerating
our digital journey through partnerships with JD.com and Farfetch, which
perfectly complement the Group’s growing digital presence. This leads us to
confirm our full-year guidance.”
SMCP’s performance across core geographies
In France, the company said, sales were back to growth at 0.5 percent
with Sandro and Maje contributing positively despite tough market
conditions. SMCP pursued its network optimization with six net closings
over the last twelve months such as Sandro Levallois-Perret, while
investing in new locations including Claudie Pierlot, Saint
Germain-des-Prés and St Tropez.
The company added that in EMEA, SMCP delivered 7.5 percent growth at
constant currency, reflecting contrasting trends in Europe, including tough
market conditions in the UK, which is impacted by Brexit uncertainties, and
in Switzerland which has seen a slowdown in tourism, while Spain, Italy and
Germany’s performance continued to be very dynamic.
In the Americas, the group generated 13.3 percent sales growth at
constant currency considering the high basis of comparison of 27.1 percent
growth in Q2 18 and the challenging market conditions, still impacted by a
slowdown in tourism. The company further said that SMCP benefited from the
positive results of its recent openings such as Brickell City Center
(Miami) and the Pacific Center (Vancouver). In Mexico, SMCP opened three
new POS in Polanco and Monterrey Punto Valle, totaling 13 points of
sale.
In APAC, the Group recorded sales growth of 23.4 percent at constant
currency with over 30 percent rise in Mainland China, while the
performance, in Hong-Kong was impacted by some protests in June. In APAC,
SMCP also showed very strong progress in digital, including promising
results on JD.com.
SMCP brands perform well in Q2
Sandro registered 8.6 percent sales growth at constant currency. Over
the last twelve months, Sandro opened 61 directly operated stores in
locations such as Monaco, MixC in a new city Nanning (Mainland China) and a
flagship store at the IFC Mall (Hong Kong). More recently, Sandro announced
its digital expansion through a partnership with Farfetch.
Maje recorded a sales growth of 10.7 percent at constant currency. Over
the last twelve months, the brand opened 53 directly operated stores
including in Stockholm and MixC in Nanning. SMCP said, Claudie Pierlot
recorded 4.5 percent sales growth at constant currency, impacted by a lack
of light summer pieces in its spring-summer collection and a lower exposure
to fast-growing international markets. Over the last twelve months, the
brand pursued its development with the opening of 23 directly operated
stores, including 14 DOS internationally, such as in Florence (Italy) and
Tianjing (Mainland China).
In H1 2019, consolidated sales stood at 540.3 million euros (601.3
million dollars), up 8 percent at constant currency, including a
like-for-like sales growth of negative 0.7 percent, which SMCP added,
mainly reflects tough market conditions in France and a positive
international LFL growth. Reported sales in the first half were up 9.5
percent, including a positive currency impact of 1.5pts.
Picture:Facebook/Sandro Paris
