Sales for the first quarter of 287 million euros were reported by SMCP, the parent company of the Sandro, Maje, Claudie Pierlot, and Fursac brands. This represents a 5% decrease in organic sales.
With 11 net closures during the quarter, mostly in Asia, the company continued to optimize its global network of stores, reaching 1,719 points of sales. Over the next two years, the business will close 100 locations, mostly in China.
The company aims to get back to profitable growth and gain market share. From 2026 onward, once the network is optimized, SMCP targets returning to a mid-single-digit sales CAGR and an EBIT margin of 10 percent in 2026 and 12 percent by five years. Action plan rollout from 2024, with progressive effects, is expected to reach 25 million euros in 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.”
The company’s first-quarter revenues in France came to 98 million euros, a 7% decrease on an organic basis. While digital sales declined due to a strong base of comparison in 2023, particularly for Claudie Pierlot, brick-and-mortar sales remained resilient, with practically flat like-for-like results for Sandro and Maje.
