- Prachi Singh |
In the third quarter of 2018, consolidated sales at SMCP, the parent company of Sandro, Maje and Claudie Pierlot, reached 247.7 million euros (281.2 million dollars), up 14 percent at constant currency and 13.8 percent reported. The company said, this good performance reflected a strong contribution of like-for-like growth, in line with expectations, and the continued expansion of the store network. Over the last twelve months, SMCP net openings reached 118 points of sale, including 88 directly operated stores, in line with the strategy.
Commenting on the Q3 results, Daniel Lalonde, SMCP’s Chief Executive Officer, said in a statement: “We are pleased with our third quarter results as the group registered double-digit growth in all international regions and continued to deliver on its network expansion roadmap, with key openings in major cities throughout the quarter. This performance was achieved on the back of high comparable bases.”
Highlights of SMCP’s Q3 performance
In the third quarter, SMCP opened 32 points of sale of which 21 were in APAC, 11 in EMEA and five in the Americas. Meanwhile, in France, SMCP said that the company pursued the optimisation of its network through targeted closings and qualitative investments.
The company added that France showed strong resilience in light of an exceptionally poor market, where the group registered a 0.1 percent sales decline at constant currency whilst the French market was negative, resulting in meaningful market share gains. In EMEA, SMCP’s sales improved by 13.5 percent at constant currency, driven by double digit growth in all four key strategic markets - UK, Germany, Italy and Spain.
In the Americas, the group registered a growth of 41.8 percent at constant currency, supported by solid underlying trends and a low basis of comparison. In APAC, the group sales increased 31 percent at constant currency, in line with expectations driven both by like-for-like growth and the store network expansion.
SMCP posts sales growth across brands
Sandro, the company said, posted a sales growth of 10 percent at constant currency, reflecting solid progress on accessories and digital, as well as its continued development internationally, where the brand performed strongly. Over the last twelve months, Sandro opened 33 DOS including Pacific Center in Vancouver, the Venetian mall in Macao and Raffles City in Singapore.
Sales at Maje rose by 20.6 percent at constant currency. The brand pursued its international development with 34 DOS net openings over the last twelve months, including key stores in Verona (Italy) and the APM mall in Beijing. In September the brand also opened its US flagship at the Rockefeller Center in New York.
Finally, the company added that Claudie Pierlot posted a 10.1 percent increase at constant currency in the third quarter. Over the last twelve months the brand expanded its international footprint in APAC as it unveiled 22 new directly operated stores including Beijing (Joy City mall), Guangzhou (IGC Mall) and Nanjing (Deji Plaza Mall).
For the year 2018, SMCP anticipates another year of profitable growth, targeting a sales growth above 13 percent at constant currency. The group also foresees a continued expansion of its adjusted EBITDA margin at around 17 percent.