PRESS RELEASE
Nantes, 16 May 2024
First quarter sales 2024
Q1 2024 sales in line with expectations
and consistent with 2024-2026 transformation plan assumptions
Launch of Inspire Everyday action plan on track
- Q1 2024 sales declined as anticipated, reflecting weak consumption dynamics
- Teams fully onboarded to deliver Inspire Everyday journey, notably:
- Inspiration:
- Three new pilot stores opened in Q1 (Rouen Barentin, Pau and Hognoul) with a renewed concept and significant assortment reduction, driving clear and positive customer response
- Accessibility:
- Price reduction on targeted c.2,200 products achieving expected uplift, with above 20% quantity sold, validating pricing strategy
- Sustainability:
- Second Chance offering rolled out in stores, supporting Maisons du Monde’s brand attractivity
- Local empowerment throughout store network:
- Store performance tool rolled out across Europe to provide real-time commercial performance analytics on the sales floor to drive business
- Affiliation model delivering positive results
- Inspiration:
- 2024-2026 trajectory presented March 12th:
- 2024: a pivotal year to transform the commercial model and lay the foundations
for growth - Progressive return to topline growth in 2025-2026
- Cumulative FCF above €100 million over 3 years
- 2024: a pivotal year to transform the commercial model and lay the foundations
AUDIO WEBCAST FOR INVESTORS AND ANALYSTS
Presentation in English.
Date: 16 May 2024 at 9:00 am CET
Speakers: François-Melchior de Polignac, CEO / Denis Lamoureux, CFO / Gilles Lemaire, Deputy CFO
Connection details:
- Webcast: https://edge.media-server.com/mmc/p/8veje98t
- Conference call: https://register.vevent.com/register/BIe29a2aadf0ba49818dc0e5451626d637
Q1 SALES DETAILS
| Q1 2024 | Q1 2023 | % Change | |
| (in EUR million) | |||
| Group GMV | 284.3 | 307.1 | -7.4% |
| Sales | 247.7 | 273.7 | -9.5% |
| Like for like and excluding UK | 240.7 | 261.8 | -8.1% |
| Sales by product category | |||
| Decoration | 138.0 | 155.7 | -11.4% |
| % of sales | 55.7% | 56.9% | |
| Furniture | 109.7 | 118.0 | -7.1% |
| % of sales | 44.3% | 43.1% | |
| Sales by channel | |||
| Stores | 176.3 | 196.0 | -10.1% |
| % of sales | 71.2% | 71.6% | |
| Online | 71.4 | 77.7 | -8.2% |
| % of sales | 28.8% | 28.4% | |
| Sales by geography | |||
| France | 135.7 | 148.0 | -8.3% |
| % of sales | 54.8% | 54.1% | |
| International | 112.0 | 125.8 | -10.9% |
| % of sales | 45.2% | 45.9% |
In Q1 2024, Group sales amounted to €247.7 million, down 9.5% year-on-year (-8.1% Lfl and excluding UK), on track with expectations notably given weak overall consumption dynamics.
Online sales amounted to €71.4 million, decreasing by 8.2% year-on-year (-6.5% on a Lfl basis and excluding UK online activities which ceased at the end of Q2 2023). Marketplace continued to show strong growth, notably driven by Spain, Italy and Germany still ramping up and showcasing local brands.
Store sales were down 10.1% year-on-year at €176.3 million (-8.4% Lfl).
The store network at the end of March 2024 reached 337 own stores and 5 affiliates compared to 352 own stores as at end of March 2023.
Decoration sales declined by 11.4% to €138.0 million. Conversely, Furniture sales showed stronger resilience with sales of €109.7 million (-7.1% yoy), boosted by product availability, promotional initiatives, free shipping for online orders and buy now-pay later.
Geographically, sales in France amounted to €135.7 million (-8.3% yoy and -7.5% Lfl). International sales reached €112.0 million (-10.9% yoy and -8.8% on a Lfl basis and excluding UK online activities which ceased in Q2 2023), with Italy performing better notably thanks to marketplace growth. The underperformance in Switzerland sales relative to the rest of the Group has been successfully addressed through targeted pricing adjustments.
Disclaimer: Forward Looking Statement
This press release contains certain statements that constitute "forward-looking statements," including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions or which do not directly relate to historical or current facts. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed, forecasted or implied by such forward- looking statements. Accordingly, no representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Any forward-looking statements included in this press release speak only as of the date hereof and will not give rise to updates or revision. For a more complete list and description of such risks and uncertainties, refer to Maisons du Monde’s filings with the French Autorité des marchés financiers.
Financial calendar
21 June 2024 Annual General Meeting
29 July 2024 Half-Year 2024 Results
23 October 2024 Q3 2024 Sales
About Maisons du Monde
Maisons du Monde is the leading player in inspiring, accessible, and sustainable home and decoration. The Brand offers a rich and constantly refreshed range of furniture and decorative items in a multitude of styles. Leveraging a highly efficient omnichannel model and direct access to consumers, the Group generates over 50% of its sales through its online platform and operates in 10 European countries.
Contacts
| Investor Relations | Press Relations |
| Carole Alexandre Tel: (+33) 6 30 85 12 78 | Pierre Barbe Tel: (+33) 6 23 23 08 51 |
| calexandre@maisonsdumonde.com | pbarbe@maisonsdumonde.com |
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