SMCP (SMCP) Q3 2025 TU earnings summary

Executive summary

• Nine-month sales reached €896 million, up 2.8% organically and 2.9% like-for-like year-over-year, with growth in all regions except Asia, which was impacted by network optimization in China.

• Q3 2025 sales totaled €295.4 million, up 2.5% organically, with strong growth in EMEA and America, and a robust like-for-like trend of 3.2%.

• Full price strategy continued, with a significant three-point reduction in average in-season discount rate in Q3, especially in China and for Maje and Claudie Pierlot in Europe.

• Digital sales remain above 20% of total, with network evolution showing a net decrease of 11 points of sale year-to-date, but a net increase of 9 POS in Q3, including new partnerships in the Middle East, Egypt, Balkans, and entry into Georgia.

• Growth was achieved in all regions except Asia, where network optimization in China led to a sales decline.

Financial highlights

• Like-for-like network contributed €21 million in additional sales (2.9% growth) across all four regions.

• Wholesale sales increased by €17 million, driven by retail partners and dynamic activity in EMEA, especially the Middle East and Turkey.

• Network optimization in China and for Claudie Pierlot resulted in a €13 million sales loss year-over-year, with 65 net store closures in China in 2024.

• FX impact was negative €7 million, mainly from Q3.

• Sandro and Maje brands posted organic growth of 3.2% and 3.4% respectively for 9M 2025.

Outlook and guidance

• Confident in sustaining positive organic growth in Q4 and into year-end, despite higher comps and ongoing market uncertainties, especially in France and APAC.

• October trading trends are comparable to September in France and in line with Q3 elsewhere; brick-and-mortar like-for-like remains positive.

• Continued focus on margin protection and brand desirability through strict promotional control and discount rate policy.

• Strategic plan in China is yielding results, with a return to positive like-for-like in brick-and-mortar stores.

• Next financial publication scheduled for February 26, 2026 (FY 2025 results).