(AOF) – SMCP fell 0.87% to 2.85 euros after issuing a warning last Friday on its 2023 results, the second since September. This morning, the title of the ready-to-wear company hit its lowest level since its IPO in 2017 at 2.40 euros. SMCP is now targeting 2023 turnover of around 1.230 billion euros, representing growth at constant rates of 3.8% compared to a previous estimate of average growth between 4-6%. It also forecasts an adjusted EBIT margin of between 6.4 and 6.6% of turnover (compared to previously 7 to 9% of turnover).
At the same time, the parent company of the Sandro, Maje, Claudie Pierlot and Fursac brands accelerated its savings plan in the last quarter of 2023 and continued to make its financial strength a priority: reduction in net debt at the end of December 2023, maintaining a good level of liquidity and reducing inventories compared to 2022.
SMCP, whose shares have fallen by more than 18% since the start of the year, will return in more detail to the 2023 annual performances and the continuation of the savings plan for 2024 during the presentation of its results on February 28. .
In the meantime, the company also indicated on Friday that its sales remained stable in the fourth quarter of 2023, compared to 2022 at constant rates, in a macro-economic context which continued to deteriorate: increased geopolitical tensions, sluggish household consumption and persistent inflation.
“The good resilience of the group in the United States, however, made it possible to compensate for a difficult month of December in Europe (particularly in France), and less dynamic than expected in China,” explained SMCP. Despite these headwinds, the group has chosen to maintain a very rigorous discount policy.
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