Smcp drops its benefit 27% in first half due to refinancing costs
Smcp ended the first half of its fiscal year 2019 with a net benefit of 20 million euros, compared to the 27.4 million euros registered during the same period last year.
Smcp shrinks benefit. The French holding, owner of brands like Sandro, Maje and Claudie Pierlot, has ended the first half of its fiscal year with a 26.8% drop in its net benefit. The company finished the second quarter with earnings for 20 million euros, compared to the 27.4 million euros of 2018.
The group states that the drop of its results is due to refinancing costs. Excluding this, Smcp explain that its net benefit would have been 27.8 million euros. The ebitda of the group rose 3.5%, up to 86.8 million euros.
Sales of the group in the first half rose 9.5%, up to 504.3 million euros, boosted by its growth in its international markets, specially China. The business of the group increased 14% internationally and in the Chinese giant was 30% up.
Smcp keeps its forecast for its yearly outcome with a rise between 9% and 11%. The CEO of the group, Daniel Lalonde, stated that the results of the first semester are aligned with its expectations. “Despite challenging market conditions, Smcp’s business model once again demonstrated its resilience,” Lalonde explained.
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