PRESS RELEASE
Nantes,
THIRD-QUARTER AND NINE-MONTH 2023 ACTIVITY
Q3 sales at -9.4% consistent with pre-announcement
and FY23 guidance adjustment on
3C Plan further strengthened to address changing consumer dynamics
- Group GMV: Q3 at €285.2m (-6.3% yoy), 9M at €896.0m (-5.5% yoy)
- Marketplace GMV: Q3 at €42.6m (+30.1% yoy), 9M at €127.6m (+56.1% yoy)
- France GMV: Q3 at €161.9m (-3.3% yoy), 9M at €504.3m (-2.2% yoy)
- Group sales: Q3 at €252.3m (-9.4% yoy), 9M at €795.7m (-9.8% yoy)
- 3C Plan: Reinforcing and accelerating all actions
- Customers: Strengthening the Q4 commercial action plan to adapt to consumer behavior, introducing new and distinctive initiatives.
- Costs: Further increasing selectivity of spending and ensuring a significant outperformance of 2023 cost savings plan, increased from €25 million to €35 million.
- Cash: Optimizing working capital through payment terms and inventory management, and further streamlining of projects to limit 2023 Capex to c.€40 million.
“The change in the consumption environment that
In this context, all teams are engaged in leveraging our 3C Plan and intensifying our focus across its three dimensions: Customers, Costs, and Cash.
I am also expecting the Group to benefit from the arrival of
Turning
Conference call for investors and analysts
Date:
Speakers:
Connection details:
- Webcast: https://edge.media-server.com/mmc/p/qn27in5t
- Conference call: https://register.vevent.com/register/BIee9bbee94bb44ff1a52ce447281eb010
MARKET TREND AND BUSINESS OVERVIEW
Since August,
After a positive month of July that benefited from summer sales, non-food consumption trends deteriorated sharply across many sectors. Consumer confidence in
FY23 GUIDANCE ADJUSTED ON
Given this context,
Adjusted guidance | Previous guidance | |
Top line | Decline by c. -10% | Decline in the low-to-mid single digit range, with a sequential improvement in H2 vs H1 |
EBIT | €40m-€50m | €65m-€75m |
FCF | €20m-€30m | €40m-€50m |
Dividend pay-out ratio | 30% to 40% |
CANCELLATION OF SHARES PURCHASED UNDER THE SHARE BUYBACK PROGRAM COMPLETED END OF
On
A first cancellation of 2,300,000 shares was carried out in
The Board of Directors meeting on
The share capital of
UPCOMING REPAYMENT OF CONVERTIBLE BONDS
As a reminder,
Q3 and 9M 2023 SALES PERFORMANCE
Summary of sales | Q3 23 | Q3 22 | % Change | 9M 2023 | 9M 2022 | % Change |
(in EUR million) | ||||||
Group GMV | 285.2 | 304.3 | -6.3% | 896.0 | 948.0 | -5.5% |
Sales | 252.3 | 278.5 | -9.4% | 795.7 | 882.4 | -9.8% |
Like-for-like | -10.6% | -10.1% | -11.2% | -8.1% | ||
Sales by product category | ||||||
Decoration | 143.7 | 159.0 | -9.6% | 433.1 | 479.5 | -9.7% |
% of sales | 57.0% | 57.1% | 54.4% | 54.3% | ||
Furniture | 108.6 | 119.5 | -9.1% | 362.7 | 402.9 | -10.0% |
% of sales | 43.0% | 42.9% | 45.6% | 45.7% | ||
Sales by distribution channel | ||||||
Stores | 182.7 | 198.9 | -8.2% | 564.9 | 606.0 | -6.8% |
% of sales | 72.4% | 71.4% | 71.0% | 68.7% | ||
Online | 69.7 | 79.6 | -12.4% | 230.8 | 276.4 | -16.5% |
% of sales | 27.6% | 28.6% | 29.0% | 31.3% | ||
Sales by geography | ||||||
138.6 | 146.8 | -5.6% | 430.2 | 459.4 | -6.4% | |
% of sales | 54.9% | 52.7% | 54.1% | 52.1% | ||
International | 113.8 | 131.7 | -13.6% | 365.5 | 423.0 | -13.6% |
% of sales | 45.1% | 47.3% | 45.9% | 47.9% |
Q3 GMV and Sales
Group GMV was €285.2 million, down 6.3% yoy, including online GMV representing 35.0% at €99.8 million. Marketplace GMV amounted to €42.6 million, up +30.1%, of which €3.7 million in-stores and €38.9 million online.
Third-quarter sales amounted to €252.3 million, declining by -9.4% yoy, showing an acceleration of the consumption deterioration in Q3 2023.
Q3 2023 sales details
Sales by channel
Online sales were €69.7 million, representing a yoy decrease of -12.4%.
Online sales in
Indeed, marketplace continued to grow consistently in its three countries,
On the other hand,
Store sales amounted to €182.7 million, down -8.2% yoy.
This decline was less pronounced in
The uniqueness of our hybrid online and offline marketplace model is also further evidenced in Q3 by the growing part of marketplace GMV generated in store.
Sales by category
Furniture and Decoration categories experienced similar trends in Q3.
Decoration sales amounted to €143.7 million, down -9.6% yoy, representing 57.0% of sales. The decoration category benefited from price adjustments on 400 references among the most attractive products. However, textile items were adversely affected by unusual weather conditions in
Furniture sales reached €108.6 million, down -9.1% yoy, representing 43.0% of sales.
The furniture category benefitted from record-high availability of products displayed in-store and online and was sustained by initiatives such as free shipping for online orders and free installment payments.
Sales by geography
Sales in
International sales totaled €113.8 million, down -13.6% yoy, with
Financialcalendar
25 January 2024 Q4 and FY 2023 sales
Disclaimer:ForwardLookingStatement
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.
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Attachment
- 2023 10 26 Q3-9M 23 Sales_EN_FOR RELEASE
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