Report
Geoffroy Michalet

SMCP : Interim results: a shade ahead on EBITDA, but goodwill depreciation at Claudie Pierlot and Fursac

>A shade above expectations on EBITDA despite a sharp deterioration of the gross margin. Goodwill depreciation at Claudie Pierlot and De Fursac - SMCP this morning reported interim results a shade above our forecasts and the consensus. At € 55m, EBITDA came in a marginally ahead of our expectation of € 47m (the consensus was close to our forecast at € 46m est.), despite a very marked deterioration in the gross margin (-4.8 points to 71.5%). This was partly offset by a...
Underlying
SMCP SA

SMCP is engaged in the apparel and accessories retail market. Co.'s products are sold through a network of points of sale and websites. Co.'s product range is composed of on-trend and quality womenswear, menswear and accessories. Co.'s three brands can be characterized as follows: Sandro, targeted at sophisticated and self-confident women with a sleek, cool sense of style and a Parisian nonchalance; Maje, a bohemian chic positioning, targeting a feminine and young-at-heart and joie de vivre clientele and Claudie Pierlot, characterized as Parisian-preppy, wise and with a rebel touch. Claudie Pierlot is focused on a timeless, effortless style.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Geoffroy Michalet

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