Facade of the Sandro store on Regent Street. Shutterstock.
The French parent of brands including Sandro and Maje said it enjoyed a strong rebound in its second quarter compared to last year, but sales still lag 2019 levels.
Sales increased 59 percent compared to the prior year to €229 million ($271 million), but are still 14 percent behind the second quarter of 2019.
The company said it performed strongly, despite the dampening impact of store closures in France and EMEA during the period. Sales in China and the US are back above pre-pandemic levels.
SMCP said it’s cautiously optimistic about the outlook for the second half of the year. It’s continuing to focus on reducing discounts and optimising its store portfolio, closing 25 stores in France in the first half, while expanding in the Asia Pacific region.
Learn more: SMCP Profit Declines Less Than Expected Thanks to Online Shopping
French fashion group SMCP, the owner of the Sandro and Maje labels, said its 2020 core profit fell less than feared, cushioned by a rise in online sales and cost-cutting.