The full impact of this transformation is not yet visible during this transition period, but we are confident it will become clearer in the quarters ahead.
Reconnecting with our Customer is a priority, not least through the launch of our very first loyalty program, Ma Maison du Monde, at the beginning of October. Designed for and by our Customers, this program reflects our commitment to creating unique and personalized experiences while strengthening emotional connections with our inspiring, accessible, and sustainable Brand.”
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AUDIO WEBCAST FOR INVESTORS AND ANALYSTS : 24 October 2024 à 9:00 AM CEST / Presentation in English
Webcast connection: https://edge.media-server.com/mmc/p/yt9w2bwf
Conference Call: https://register.vevent.com/register/BIe2a0c3c04a8b4f0c946f0c3746ccc7da
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SALES PERFOMANCE FOR THE THIRD QUARTER AND 9-MONTH 2024
| | Q3 2024
| Q3 2023
| %
Variation
| 9M 2024 | 9M 2023 | %
Variation |
| (in EUR million) | | | |
| Group GMV | 245.8 | 285.2 | -13.8% | 805.4 | 896.0 | -10.1% |
| Sales | 213.5 | 252.3 | -15.3% | 704.7 | 795.7 | -11.4% |
| LfL | 207.7 | 242.4 | -14.3% | 684.4 | 764.7 | -10.5% |
| Sales by product category | | | | | | |
| Decoration | 112.0 | 143.7 | -22.1% | 366.0 | 433.1 | -15.5% |
| % of sales | 52.4% | 57.0% | | 51.9% | 54.4% | |
| Furniture | 101.6 | 108.6 | -6.4% | 338.8 | 362.7 | -6.6% |
| % of sales | 47.6% | 43.0% | | 48,1% | 45,6% | |
| Sales by channel | | | | | | |
| Stores | 153.2 | 182.7 | -16.1% | 496.3 | 564.9 | -12.1% |
| % of sales | 71.7% | 72.4% | | 70.4% | 71.0% | |
| Online | 60.4 | 69.7 | -13.5% | 208.4 | 230.8 | -9.7% |
| % of sales | 28.3% | 27.6% | | 29.6% | 29.0% | |
| Sales by geography | | | | | | |
| France | 117.4 | 138.6 | -15.3% | 383.1 | 430.2 | -10.9% |
| % of sales | 54.9% | 54.9% | | 54.4% | 54.1% | |
| International | 96.2 | 113.8 | -15.4 % | 321.6 | 365.5 | -12.0% |
| % of sales | 45.1% | 45.1% | | 45.6% | 45.9% | |
Q3 2024 sales details
Group sales decreased by 15.3% compared to the same period in 2023. This decline primarily reflects a volatile macroeconomic environment, still impacted by supply chain disruptions. These external factors are amplified by the company's deep transformation as part of the Inspire Everyday plan, particularly by the renovation of the network, with several dozen stores undergoing renovation during the quarter.
On a like-for-like basis, sales dropped by 14.3% with September more resilient at -9.4%.
Online sales amounted to €60.4 million, down 13.5%, mainly due to a decrease in traffic. However, the marketplace continued to grow, particularly in Italy and Spain.
Store sales fell by 16.1% and by 14.1% on a like-for-like basis. Better monitoring of slow-moving inventory, initiated in 2023, led to a tighter product offer for the Spring-Summer end-of-season sale compared to last year, with a shorter duration and lower discount rate. Delays in the implementation of the new collection also temporarily impacted sales. However, September saw a marked improvement in sales trends. Excluding stores which were closed for renovation, store like-for-like in September were -7.3% vs. prior year.
During the quarter, Maisons du Monde closed 4 stores, one of which was transferred to an affiliate, with reopening planned in October. The network also saw its first new store created by an affiliate. By the end of September 2024, the network consisted of 336 stores, including 8 affiliates and 3 franchises.
Decoration sales dropped by 22.1%, reaching €112.0 million, more impacted than Furniture by both product implementation delays and last year’s better end-of-season sales performance.
Furniture sales held up better than decoration category, with a decline limited to 6.4% over the quarter.
Geographically, sales in France decreased by 15.3%, largely due to store renovations and active management of the store network. Store traffic was also disrupted by the Olympic Games in the Paris region.
International sales fell by 15.4%, mirroring the decline in France for similar reasons.
PRIORITIES FOR THE 4th QUARTER 2024
While still navigating in a challenging macroeconomic environment, financial discipline will remain a cornerstone with the €45 million cost-saving plan for FY24 on track in order to reach €80 million over 2023 and 2024, alongside tight monitoring of capex investments and optimized working capital.
On the commercial side, Q4 2024 is a key period for Maisons du Monde, with priorities focused on driving commercial performance and delivering a compelling Customer experience, notably:
1. Continued modernization and optimization of the store network, with the aim of renovating 63 shops by the end of 2024 to offer an enriched and optimized shopping experience. A concept specifically tailored to the expectations of shopping center customers will be launched at Montpellier Polygone and Nice Cap 3000.
2. Optimizing the offer by reducing the number of references while expanding our range, in particular with new local partners focusing on gifts in the French store network.
3. Launch of Seconde Chance on the Web in France, building on the in-store success of this circular economy initiative (more than 300,000 products sold since October 2023). Furniture collected from customer returns will be put back on sale on the web for the first time.
4. Strengthening Customer relations through the roll-out of Ma Maison du Monde loyalty program, and Maisons du Monde +, Web TV platform for inspiring decorating content.
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 agenda
4 February 2025 Q4 and FY 2024 sales
11 March 2025 FY 2024 results
15 May 2025 Q1 2025 sales
25 July 2025 Q2 sales and H1 results 2025
23 Octobre 2025 Q3 and 9-month sales 2025
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.
corporate.maisonsdumonde.com
Contacts
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