(Boursier.com) — Second session after its annual publication and second stall for SMCP : -7.6% to 2.38 euros. The fashion group saw its results deteriorate last year despite increasing revenues (+2.9% organically) and did not provide quantified guidance for the current financial year given a lack of visibility into the consumption environment. Management emphasizes that the year 2024 will follow a similar logic to 2023 with a still difficult first half and possibly a slight improvement in the second.
“We have therefore chosen to accelerate our action plan aimed at relaunching our profitable growth dynamic. We will in particular intensify our efforts on the desirability of our brands and in digital, optimize our network of stores in the different regions, deepen our work on cost management, while continuing to focus on profitability and cash generation. We anticipate the first effects of this plan from 2024, and an acceleration from 2025″, declared Isabelle Guichot, Managing Director of SMCP.
Oddo BHF is ‘neutral’ on the stock despite the sharp decline since January 1, reflecting in particular the lack of sectoral visibility. The absence of guidance adds to this uncertainty, even if, in this context, it remains understandable. There is also still no news on the shareholder situation (apart from a recent article in ‘Les Echos’), underlines the broker. MedioBanca for its part reduced its target from 4 to 3.7 euros this Friday while remaining ‘neutral’.
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