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 growth led by France (+4%) and EMEA (+9%), while APAC declined due to network optimization in China.

• Like-for-like growth returned at +1.8%, with stabilization in Asia following network optimization.

• Full-price strategy led to a 3 percentage point reduction in discount rates, supporting gross margin improvement and demonstrating brand pricing power.

• Digital sales remained above 20% of total, and wholesale share slightly exceeded 10% following new partner openings in key markets.

• Notable CSR progress: 10–15 percentage point improvement in key product KPIs, 20% CO2 emission reduction over two years, and B Corp certification for Claudie Pierlot.

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%).

• Sandro: €147.5m (+5.1%), Maje: €110.7m (+1.6%), Other brands: €38.4m (+2.5%).

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

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

Outlook and guidance

• No formal full-year guidance provided due to macroeconomic volatility and tariff uncertainties; management remains prudent but confident in brand strength and operational agility.

• Focus continues on Opex discipline, cash management, and international expansion.

• Disciplined approach to operating margin, expenses, and cash management will be maintained.