SMCP slumps on steep FY operating profit decline, lack of outlook

Smcp SA

29/02/2024 09:53

** Shares of SMCP  SMCP.PA  tumble 9% after the French
fashion group reported a steep operating profit decline while
providing no full-year forecast for 2024
    ** SMCP posts decline in adjusted operating profit of 28% to
79.5 million euros ($86.22 million) in 2023, amid an
inflationary environment and a slowdown in demand
    ** Owner of brands such as Sandro and Maje adds that it
expects these trends to continue in the first half of 2024
    ** SMCP provides no outlook for 2024, citing "the lack of
visibility on the evolution of the consumer environment"
    ** In Q4, SMCP sales fell by 1% on an organic basis, mainly
because of a 6.7% decline in business in France, which accounted
for 33.6% of SMCP's sales in 2023
    ** Stock has shed 23.39% YTD


($1 = 0.9221 euros)

 (Reporting by Stéphanie Hamel)
 ((stephanie.hamel@thomsonreuters.com))