PARIS, France — French fashion group SMCP , whose brands include Sandro and Maje, warned on Wednesday that the coronavirus crisis would hit its first quarter sales, due to the impact of store closures and fewer shoppers.
SMCP, which is majority-owned by Chinese company Shandong Ruyi, said its sales for the first quarter of 2020 were expected to be down by slightly more than 20 percent.
The company, which also reported higher annual results for 2019, added it was drawing down on its revolving credit facility to bolster its cash position in order to cope with the effects of the hit to its business from the coronavirus.
SMCP said it had more than 200 million euros ($216 million) in cash available, to help it deal with the situation.
By Sudip Kar-Gupta; editor: Kim Coghill.