French luxury fashion retailer SMCP In the first half, what was called a “strong rebound” was strong, and EBIT and net profits returned to the black.
As previously reported, sales were “strong”, up 21.6% to € 453.3 million. It also increased by 23.3% on an organic basis, despite Covid’s limits, low footfalls and very low tourist flow.
Company that owns Sandro, Maje, Cloudy clown And the Fursac brand was strengthened globally, but in some areas it was stronger than in others. Double-digit growth was seen in mainland China, reaching a 54.6% year-on-year increase on an organic basis, a 24% increase compared to the first half of 2019.
It is also said that there is momentum in the United States and that it is moving “from power to power.”
According to the company, adjusted EBITDA was up 81.9% to € 103 million. Adjusted EBIT also increased from a loss of € 29.7 million a year ago to a profit of € 25.2 million this time. Net income shook to a profit of 600,000 euros from this loss of 88.5 million euros last year.
CEO to retire Daniel Laronde “We achieved strong performance in all regions, especially APAC and the United States, in the first half of 2021. In these regions, sales exceeded or returned to pre-pandemic levels. Despite the tough market conditions, strong discipline on costs and costs has brought EBIT back to positive. Focusing on capital investment and operating capital management provides strong performance in terms of free cash flow. I was able to do.”
And his successor, Isabelle Guichot, added: As for the brand’s desirability, we were able to develop new store initiatives, especially by increasing list-priced sales, to improve the in-store experience. We pursued efforts to integrate the “physical” network by optimizing the physical store network and increasing the digital penetration rate. We also implemented a centralized global demand plan, leading to inventory optimization and strengthening our business model. Finally, we continue to focus deeply on sustainability initiatives, allowing us to approach our goals on a daily basis. ”
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SMCP is on a recovery track as the first half returns to profitability
Source link SMCP is on a recovery track as the first half returns to profitability