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Fashion group SMCP maintains annual outlook as third-quarter sales rise

Fashion group SMCP maintains annual outlook as third-quarter sales rise
The logo of ready-to-wear Sandro brand is seen on a fashion shop storefront in Paris, France, March 29, 2017. REUTERS/Charles Platiau/Files -
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Charles Platiau(Reuters)
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(Reuters) – SMCP <SMCP.PA>, the French fashion company whose brands include Sandro and Claudie Pierlot, on Tuesday kept its annual forecast for an increase in underlying sales and a stable profit margin, as it reported higher third-quarter revenue.

SMCP, which is majority-owned by Chinese retail group Shandong Ruyi <002193.SZ>, said third-quarter sales had risen 10.8% to 274.5 million euros ($304.4 million) from last year.

“In France, despite a sluggish market, our performance improved over the quarter and SMCP kept on gaining market share,” said Chief Executive Daniel Lalonde.

“Globally, we observed strong underlying trends and recorded a positive like-for-like sales growth fuelled by the successful implementation of our key priorities over 2019 and the global desirability of our brands,” added Lalonde.

The company confirmed its full-year outlook, which includes sales growth of between 9% and 11% at constant exchange rates, and a stable adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) margin compared with 2018.

The forecast does not take into account SMCP’s previously announced acquisition of the De Fursac brand, the Paris-listed company said.

($1 = 0.9019 euros)

(Reporting by Sudip Kar-Gupta, editing by Amy Caren Daniel)

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