Press release

2021 Full-Year Results

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Sales exceed one-billion-euro mark again Improving trend leading to a dynamic and highly profitable year Q4 Sales at par with pre-pandemic levels

  • Q4 Sales at par with 2019 level thanks to a gradual improvement throughout the year, up +22.1% on an organic(1) basis vs. 2020
  • 2021 Sales at €1,038.6m, up +18.7% on an organic basis vs. 2020 (driven by a LFL(2) growth of +16.7%), and down -9.7% on an organic basis vs. 2019, despite the impact of the pandemic, still with limited tourism and promotional sales deliberately reduced
  • Sales momentum in 2021 driven by the APAC region with Mainland China growing strongly compared to 2019 (+15.2%(3) on an organic basis), and the Americas back to 2019 level thanks to the United States outperformance (+5.5% vs. 2019 on an organic basis)
  • Very strong e-commerce performance with a digital penetration of 23%
  • Continued execution of the full price strategy (discount rate down by -5.6 pts) and finalization of the network optimization plan in France
  • Strong growth of adjusted EBIT to €95.3m (9.2% of sales) vs. €7m in 2020; Net Income up sharply to €23.6m
  • Record Free cash flow of €69.8m
  • Healthy financial structure with a massive decrease of the leverage ratio(4) to 2.5x adjusted EBITDA 2021, vs. 7.1x as of December 31st, 2020
  • 2022 Outlook: SMCP expects solid double-digit sales growth vs. 2021 (mid-single-digit sales growth vs. 2019), a 2022 Adj. EBIT at least in line with 2021 in a significant inflation context and a net debt leverage ratio <2x at the end of 2022 (instead of end of 2023)
  • Mid-term guidance confirmed


(1) Organic growth | All references in this document to the “organic sales performance” refer to the performance of the Group at constant currency and scope
(2) Like-for-like
(3) Excluding 2019 Q4 one-off impacts related to off-price sales (c.€5m)
(4) Net Debt / adjusted EBITDA excluding IFRS 16