SMCP (SMCP) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 sales reached €297 million, up 3.4% reported and 2.6% organically year-over-year, with like-for-like growth of 1.8%.

• Growth was led by France (+4%) and EMEA (+9%), while APAC declined (-10%) due to network optimization in China.

• Sandro and Maje brands gained market share in France and Europe, reinforcing leadership positions.

• Full-price strategy reduced discount rates by three points, supporting gross margin and brand pricing power.

• International expansion advanced with new partner openings in India, Saudi Arabia, and the Balkans.

Financial highlights

• Q1 2025 reported sales: €296.6m vs €286.8m in Q1 2024 (+3.4% reported, +2.6% organic, +1.8% like-for-like).

• France: €102.1m (+4.0%), EMEA: €98.0m (+9.6%), America: €43.9m (+4.4%), APAC: €52.7m (-8.0% to -10%).

• Wholesale channel share exceeded 10% due to partner expansion.

• Network reduced by 22 points of sale in Q1, mainly from closures in Canada and Claudie Pierlot optimization in Europe.

• Digital sales share remained above 20%.

Outlook and guidance

• No full-year sales guidance provided due to macroeconomic volatility and tariff uncertainties.

• Management remains cautious but confident in brand strength, operational agility, and focus on Opex discipline and cash management.

• Expectation of stable or slightly negative net store count by end of 2025, with closures offset by new partner openings.