The logo of the ready-to-wear brand Maje is visible on the front of a fashion boutique in Paris
The French fashion group SMCP reported on Wednesday a 28% decline in its adjusted operating profit last year due to the inflationary environment and warned that it expected the first half of 2024 to follow the same trend. .
The owner of brands such as Sandro and Maje saw its adjusted operating profit fall to 79.5 million euros despite a 2.1% increase in turnover to 1.23 billion euros.
In the fourth quarter, however, total sales fell by 1% on an organic basis, notably due to a 6.7% decline in activity in France, which represented 33.6% of SMCP’s turnover. in 2023.
“Given the lack of visibility on the evolution of the consumer environment, the group is not communicating a financial forecast for 2024,” the company indicated.
(Written by Gaelle Sheehan; French version Mathias de Rozario, edited by Blandine Hénault)