SMCP, parent company of the Sandro, Maje and Claudie Pierlot and Fursac brands, reported first quarter sales at 287 million euros, down 5 percent on an organic basis.

The company continued to optimise its store network with 11 net closings during the quarter, mainly in Asia to reach 1,719 points of sales worldwide. The company will close 100 stores, mainly in China over the two coming years.

The company aims to get back to profitable growth and gain market shares. From 2026 onward, once the network is optimised, SMCP targets returning to a mid-single digit sales CAGR, EBIT margin of 10 percent in 2026 and 12 percent by five years. Action plan rollout from 2024, with progressive effects, expected to reach 25 million euros additional EBIT in 2026.

Commenting on the results, Isabelle Guichot, CEO of SMCP, stated: “As anticipated, our first quarter remained on a similar trend to that seen in the second half of 2023. During the first quarter, we continued to implement our medium-term action plan, and over the coming months we expect to fully benefit from our global geographic footprint and accelerating performance in high-potential regions.”

SMCP’s Q1 performance across geographies

In France, the company’s sales reached 98 million euros in the first quarter, down 7 percent on an organic basis. While brick & mortar sales were resilient with a nearly flat like-for-like performance for Sandro and Maje, digital sales decreased, impacted by a strong basis of comparison in 2023, especially for Claudie Pierlot.

In EMEA, sales amounted to 89 million euros, in line with Q1 2023. In America, sales were up by 9 percent organic at 42 million euros. The US and Mexico recorded a very good performance for both brands Sandro and Maje. The company said that sales in Canada continued to improve sequentially through the quarter and have been back to a positive trend since February. The company opened three stores in the first quarter.

In Asia Pacific, sales at 57 million euros decreased by 16 percent on an organic basis. While in Greater China, sales continue to be strongly affected by low traffic in malls, the group delivered a good performance in South-East Asia with double-digit growth in Singapore, Malaysia, Thailand, and Vietnam.The network decreased with 10 net closings in China.