April 29, 2020 / 5:55 AM / a month ago

BRIEF-SMCP Q1 Sales Down At EUR 228.7 Mln, Will Not Provide 2020 Guidance At This Stage

April 29 (Reuters) - SMCP SA:

* Q1 2020 SALES DOWN -16.7% AS REPORTED; -20.4% ON AN ORGANIC BASIS

* ON CORONAVIRUS: CHINA TRAFFIC AND SALES GRADUALLY IMPROVING SINCE MARCH, SHOWING EARLY SIGNS OF RECOVERY

* GOOD PERFORMANCE IN E-COMMERCE DRIVEN BY CHINA; TEAMS MOBILIZED TO FOSTER DIGITAL SALES

* CLOSURE OF 6 DOS IN Q1 20, DRIVEN BY A SLOWDOWN OF INTERNATIONAL STORE OPENINGS AND FRENCH NETWORK OPTIMIZATION PLAN

* LOOKING FORWARD, ALTHOUGH PANDEMIC WILL HAVE A STRONG IMPACT ON OUR Q2 PERFORMANCE, EARLY SIGNS OF RECOVERY IN CHINA ARE ENCOURAGING -CEO

* EXECUTION OF ACTION PLANS TO MITIGATE IMPACT OF CRISIS AND PROTECT CASH POSITION

* IT IS NOT RELEVANT TO PROVIDE FORECASTS FOR FULL-YEAR 2020 AT THIS STAGE, BOTH IN SALES AND PROFITABILITY

* FINANCIAL STRUCTURE AND LEVEL OF LIQUIDITY PUT GROUP IN A SOLID POSITION TO FACE THESE EXCEPTIONAL CIRCUMSTANCES.

* AS OF TODAY, 82% OF DOS STORES ARE CLOSED

* GOOD PERFORMANCE IN E-COMMERCE DRIVEN BY CHINA

* Q1 CONSOLIDATED SALES REACHED EUR 228.7 MILLION, DOWN -20.4% ON AN ORGANIC BASIS

* Q1 SALES IMPACTED BY COVID-19 IN ALL REGIONS FROM END OF JANUARY

* DREW FULL CAPACITY OF ITS REVOLVING CREDIT FACILITY (RCF) IN MARCH AND BENEFITS FROM SECURED LIQUIDITY POSITION OF MORE THAN EUR 200 MILLION AT END OF Q1 2020

* HAS INITIATED DISCUSSIONS WITH ITS BANKING PARTNERS TO FURTHER STRENGTHEN ITS FINANCIAL FLEXIBILITY Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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