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Edge1 May 2026
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SMCP Q1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 TU earnings summary28 Apr, 2026
Executive summary
Q1 2026 sales reached €287M, showing resilience amid a challenging macroeconomic and geopolitical environment, with strong organic growth in America (+11.7%), EMEA (+4.9%), and APAC (+2.6%), but a significant decline in France (-13%).
Disciplined execution of a full-price strategy led to a 2-point reduction in average discount rates and reinforced brand desirability.
The group confirms its 2026 targets: adjusted EBIT margin of ~10% in H2 and €50M free cash flow for the year.
Financial highlights
Total Q1 2026 sales: €287.2M, down 3.2% reported and 0.8% organic year-over-year, with a negative FX impact of -2.4 points.
Like-for-like sales declined by 0.9%, limited by growth outside France.
France sales dropped to €88.8M (-13% organic), EMEA rose to €102.6M (+4.9% organic), America to €44.4M (+11.7% organic), and APAC to €51.3M (+2.6% organic).
By brand: Sandro €141.6M (-1.4% organic), Maje €113.0M (+5.0% organic), Other brands €32.6M (-15.1% organic).
Outlook and guidance
2026 objectives confirmed: Adjusted EBIT margin of ~10% in H2 and full-year free cash flow generation of €50M.
Expectation of trend normalization in France from Q2 onwards.
Focus remains on navigating macroeconomic and geopolitical uncertainty, with close monitoring of the Middle East crisis and its potential impacts.
Drivers for expected France sales normalization
Full-price strategy impact on APAC traffic
Strategic rationale for South Korea closures
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Latest events from SMCP
- Resilient 2024 performance, global expansion, and strong RSE progress marked the AGM.SMCP
AGM 202523 Apr 2026 - Record profitability, free cash flow, and margin gains in 2025, with 2026 guidance reaffirmed.SMCPH2 202526 Feb 2026
- Sales fell 3.6% to €585m, margin up to 74.3%, China weak, outlook cautious but cost actions ongoing.SMCPH1 20242 Feb 2026
- Sales fell 2.7% organically as China lagged, but Europe and America remained resilient.SMCPQ3 2024 TU18 Jan 2026
- Resilient sales and strong cash flow set up margin recovery and €50m FCF by 2026.SMCPH2 20247 Jan 2026
- Q1 2025 sales up 3.4% to €297m, gross margin rises, outlook cautious amid global uncertainties.SMCPQ1 2025 TU27 Dec 2025
- 9M sales up 2.8% organically to €896m, led by EMEA and America, with APAC declining.SMCPQ3 2025 TU13 Dec 2025
- Adjusted EBIT margin more than doubled and net income turned positive on strong H1 2025 results.SMCPH1 202516 Nov 2025
Next SMCP earnings date
Q2 2026 TU28 Jul, 2026
SMCP
Next SMCP earnings date
Q2 2026 TU28 Jul, 2026
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Amina0781App Store
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@theshortbearx.com
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