Fashion group SMCP drops after FY guidance cut

Smcp SA

29/01/2024 08:42

** Shares in SMCP  SMCP.PA  tumble 10% after the French
fashion group cut 2023 forecast citing heightened geopolitical
tensions, weak household consumption and persistent inflation
    ** It expects FY sales of around 1.23 billion euros ($1.33
billion), and an adj. EBIT margin between 6.4% and 6.6% of sales
    ** It had previously guided for mid-single-digit sales
growth and an adj. EBIT of 7-9% of sales
    ** The shares are on track for their worst day since
September 2023
    ** The stock fell 15.8% over the last month

($1 = 0.9222 euros)

 (Reporting by Dagmarah Mackos)
 ((dagmarah.mackos@tr.com))