Affected by many parties, French fashion group SMCP cuts annual performance forecast
[ China Shoes Net - Shoes and Clothing News] Shandong Ruyi Holdings' French fashion group SMCP may be one of the companies that have maintained outstanding performance throughout the year, but due to the poor performance of Hong Kong and Claudie Pierlot brands in China, the group released a report on Friday. Announcement of lowered performance.
SMCP, which owns brands such as Sandro, Maje, Claudie Pierlot, and De Fursac, said: "In the past few weeks, Hong Kong's passenger traffic has fallen sharply and stores have been temporarily closed. It is expected that the deterioration of this situation will depreciate and amortize the group EBITDA has a significant impact. "
The company added: "The performance of the Claudie Pierlot brand is also lower than expected, and although it is smaller than expected, it will also affect the group's profit margin. The brand does not have enough contact with the fast-growing international market."
Although there are problems in specific regions and brands, SMCP Group is doing well in other areas. "The Group has been meeting its performance targets for all other regions and brands as planned, with year-on-year sales growth in the third and fourth quarters and continued strong performance in mainland China," the group said.
The company currently estimates that the adjusted EBITDA-to-sales ratio in 2019 will be between 15.5% and 16%, and reaffirmed that the annual sales growth target will remain unchanged: at constant exchange rates, a year-on-year increase of 9% to 11 %.
SMCP Group's EBITDA to sales ratio was 16.1% in the first half of this year.
SMCP states that it is "paying close attention to the evolution of Hong Kong market trends and will take all appropriate measures to mitigate the impact, such as selectively optimizing its store network." The group added that, overall, it "still remains firmly committed to achieving its strategic roadmap and expects its brand to have great potential for year-over-year growth and global expansion."
However, the company did not disclose what measures will be taken to improve the performance of the Claudie Pierlot brand.
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