(Boursier.com) — H1 2022 revenue came to €565.4 million, up 21.4% on an organic basis compared to H1 2021, exclusively driven by LFL2 growth of +24.5%, despite the significant impact of Covid restrictions in APAC. The group highlights the good performance in Europe, driven by local demand and the gradual recovery of tourism, supported by an excellent Q2 exceeding the level of 2019. Growth is substantial in the Americas region, both compared to 2021 (+ 28.1%1) and compared to 2019 (+16.3%).
The performance of the APAC region was strongly affected by the Covid restrictions (with the complete closure of our warehouses operating the distribution of the physical and digital network). The group emphasizes the significant improvement in adjusted EBIT of +76%, reaching 45 ME (8.0% of revenue) vs 26 ME in H1 2021 (5.7% of revenue); Net income rose sharply, to 20.7 ME. The financial structure is healthy with a further reduction in the net debt ratio, from 2.5x at December 31, 2021 to 2.1x adjusted EBITDA.
The group insists on the proper execution of the strategic plan, including: an increase in the desirability of the brands thanks to good pricing power and successful local marketing strategies; the continuation of the ‘full price’ strategy and the drop in the discount rate of -6pp vs H1 2021; The normalization of digital penetration, reaching 22% Annual Guidance 2022, is confirmed.
Isabelle Guichot, Managing Director of SMCP, comments: “We are very satisfied with our good results during the first half of the year. We were able to achieve very good performances in all our regions where spending by local customers was higher at pre-pandemic levels, with the exception of Asia, where our stores were temporarily closed due to Covid-related restrictions.This enabled us to achieve a record level of sales in the first half. would not have been possible without the strong commitment of our teams, confirms the relevance of our strategy based on the desirability of our brands, with local marketing actions that strengthen the commitment of our customers. to significantly increase our profitability thanks to continuous efforts to increase full price sales.In addition, we have accelerated our CSR policy, by implementing a pr traceability ogram, and our omnichannel ambition. Although the current geopolitical and macroeconomic environment creates some uncertainty, we confirm our guidance for the full year 2022 if the situation does not deteriorate further.