Maisons du Monde: THIRD-QUARTER AND NINE-MONTH 2022 ACTIVITY
PRESS RELEASE
THIRD-QUARTER AND NINE-MONTH 2022
ACTIVITY
Q3 2022 activity in line with
expectations in a persistently challenging environment
Full-year guidance unchanged
- Group GMV: 9M at €948m (-2.5%
yoy, +16.3% vs 9M 2019)
Q3
at €304.3m (-3.1% yoy, +12% vs Q3 2019)
- Strong marketplace GMV momentum in Q3: €30.2m, +124.2% yoy
- Group sales: 9M at €882.4m
(-5.9% yoy, +8% vs 9M 2019)
Q3
at €278.5m (-8.2% yoy, +2.5% vs Q3
2019)
- Good performance of back-to-school commercial initiatives
- Improved inventory levels
- Cost and cash savings action
plan announced in May fully on track, further initiatives launched
to support 2023 performance
- FY22 guidance
unchanged
NANTES – 27 October 2022, 07:00 CEST – Maisons
du Monde (Euronext Paris: MDM; ISIN: FR0013153541), the European
leader in inspirational and affordable home & living, published
the Group’s sales for the third quarter and first nine months of
2022. Conference call to be held today at 09:00 CEST (see
details on page 7).
Julie Walbaum, Chief Executive Officer,
commented:
“Our third-quarter 2022 performance is in line
with our expectations in a global environment that remains very
challenging. The commercial initiatives we implemented since the
end of May as well as our sustained efforts in inventory
replenishment have been bearing fruit and should continue to
support our activity through the end of the year. As a result,
notwithstanding the high inflation and soft discretionary spending,
we are still expecting sales improvement in Q4, benefiting from
higher inventory levels, sustained promotional activity and a more
favorable base effect online. The cost and cash savings action plan
that we started in Q2 is also delivering its effects as
planned.
Consequently, we keep our full year 2022
objectives unchanged. We remain fully confident in the fundamental
strengths of Maisons du Monde that combines a love brand, a broad
range of desirable and increasingly sustainable home & living
products, with a unique omnichannel business model.”
Q3 key commercial
developments
During the period, Maisons du Monde continued to strengthen its
direct-to-consumer love brand through creativity, inspiration and
engagement, as well as to further deploy its unique omnichannel
model.
Brand and customers
Total active customers reached 2.1 million at 30
September 2022, of which 687,000 new customers (32% of the active
customer base). Omnichannel customers grew by +8% over the quarter.
Maisons du Monde’s Instagram community grew by +5% yoy, reaching
5.4 million followers across Europe.
Collections
Maisons du Monde released over the summer its
Autumn-Winter collections, inviting consumers to open up to the
world, through an inspiring exploration of 6 world spotlights. The
collections cover over 2,300 products, from the natural fabrics and
handcrafted designs of the Ussel theme to the colored ceramics and
joyful textiles of the Montevideo range which includes the charming
extravagance of the British Bloomsbury collection. These
collections speak to what our target consumers are presently
seeking: cocooning and optimism. MdM’s collections have been
endorsed by industry experts across Europe, as demonstrated by the
yoy 61% increase in press mentions.
Furthermore, fulfilling its mission to be the
most desirable and sustainable home & living brand in Europe,
Maisons du Monde teamed up with pioneer designer and key opinion
leader in sustainable fashion Sakina M’Sa to create a
limited-edition collection of 25 inspirational and sustainable
decoration products (ceramics made in Europe and organic cotton for
textiles).
Commercial and operational
initiatives
During Q3, Maisons du Monde implemented various
initiatives to facilitate the shopping experience and enhance
customer satisfaction:
- Launch of the marketplace in a third country: already featuring
157 partner brands and 31,000 items, the marketplace was launched
in Italy in September and the first weeks have been very
promising
- Launch of a new innovative financing payment solution in
France: in a context of constrained purchasing power, Maisons du
Monde developed, in partnership with the Alma fintech, a very
consumer-friendly and free-of-charge split payment solution. Take
rate has been high from the start and consumer feedback is
excellent
- Large contract won by our B2B teams for the Stade de France,
involving revamping of several spaces including VIP bars, and the
temporary transformation of a gallery into a hotel room for summer
events
- Organization of our 4th annual “Rendez-vous Déco”, a digital
event attended by more than 2,000 architects and designers this
year, where Maisons du Monde provides its views on home and living
trends.
Maisons du Monde has also focused on two major
2022 operational priorities:
- Active management of its store network. At 30 September 2022,
Maisons du Monde had 352 stores, compared to 350 at the end of
June, opening three new stores in France, Italy and Spain while
closing one in Italy
- Significant progress in inventory replenishment, notably on
furniture with an immediate availability ratio of 72% end of
September vs 58% at the end of June 2022.
ESG commitment
Maisons du Monde’s ESG objectives are embedded in its corporate
project. Teams made good progress on MdM’s trajectory with major
achievements:
- Development of its sustainable product offering with 31% of
Autumn/Winter collections integrated into the ‘Good is Beautiful’
selection
- Creation of 6 ‘Good is Beautiful’ living spaces for people in
need, in partnership with local non-profit organizations (for
example, La Fondation des Femmes in Paris)
- Complete deployment of ‘Good is Beautiful’ ambassadors in 100%
of stores
- Roll-out from October 2022 in the store network of the energy
sobriety plan to save on store heating and lighting, as well as in
the logistics warehouses and at the Group’s headquarters.
Q3 financial results
Summary of sales(in €million) |
Q3 22 |
Q3 21 |
%Change |
9M 22 |
9M 21 |
%Change |
Group GMV |
304.3 |
313.9 |
-3.1% |
948.0 |
972.4 |
-2.5% |
Sales |
278.5 |
303.4 |
-8.2% |
882.4 |
937.8 |
-5.9% |
% like-for-like change1 |
-9.6% |
-4.0% |
|
-7.8% |
+19.1% |
|
|
|
|
|
|
|
|
Sales by distribution channel |
|
|
|
|
|
|
Stores |
198.9 |
217.9 |
-8.7% |
606.0 |
591.4 |
+2.5% |
% of sales |
71.4% |
71.8% |
|
68.7% |
63.1% |
|
Online |
79.6 |
85.5 |
-6.9% |
276.4 |
346.3 |
-20.2% |
% of sales |
28.6% |
28.2% |
|
31.3% |
36.9% |
|
|
|
|
|
|
|
|
Sales by geography |
|
|
|
|
|
|
France |
146.8 |
164.1 |
-10.6% |
459.4 |
496.3 |
-7.4% |
% of sales |
52.7% |
54.1% |
|
52.1% |
52.9% |
|
International |
131.7 |
139.3 |
-5.5% |
423.0 |
441.5 |
-4.2% |
% of sales |
47.3% |
45.9% |
|
47.9% |
47.1% |
|
|
|
|
|
|
|
|
Sales by product category |
|
|
|
|
|
|
Decoration |
164.2 |
178.6 |
-8.1% |
491.6 |
510.5 |
-3.7% |
% of sales |
58.9% |
58.9% |
|
55.7% |
54.4% |
|
Furniture |
114.3 |
124.8 |
-8.4% |
390.8 |
427.2 |
-8.5% |
% of sales |
41.1% |
41.1% |
|
44.3% |
45.6% |
|
GMV of €304.3 million (-3.1% yoy); Sales of €278.5
million (-8.2% yoy)
After a second quarter that declined 8.3% yoy,
impacted by a sudden material slowdown beginning mid-May, the third
quarter sales performance was broadly similar but with a different
monthly sequence. The sales trend in July was in line with what we
saw in May/June, down in low double digits, while August was stable
yoy boosted by a higher inventory level compared to 2021. September
activity, while still negative yoy, was substantially better than
the previous months thanks to improving traffic trends in stores
and higher promotional activity yoy to support sales conversion and
manage the excess inventory risk.
GMV and Sales by channel
MdM’s omnichannel strategy, of which the
marketplace is an integral component, continues to demonstrate its
relevance and to support its completive edge.
Q3 online GMV was €103.4
million, an increase of 7.7% thanks to a combination of robust
marketplace GMV growth in France (+80%) as well as a strong
contribution from the Q2 2022 launch of the marketplace in Spain.
Consequently, the marketplace accounted for a material share of
total online GMV in Q3:
- The French marketplace GMV was 42% of total French online
GMV
- The Spanish marketplace totaled 39% of total Spanish online
GMV
- Overall the marketplace accounted for 29% of total online GMV
in Q3.
Sales
Q3 online sales were €79.6
million (-6.9% yoy), representing 29% of Group sales over the
quarter. Traffic was up close to +15%, recovering from -13% in the
first half. Compared to the same period in 2019, traffic was up
more than two-thirds.
Q3 store sales amounted €198.9
million. After a positive H1 2022 performance, partly driven by the
H1 2021 base effect during which stores were partially closed, Q3
was down 8.7% with a 9% yoy decline in traffic.
Sales by category
Q3 Decoration sales amounted to
€164.2 million, down 8.1% yoy, and accounted for 59% of total 3rd
quarter sales and 61% of sales in France, the vast majority of
which (83%) occurred in stores. Frames, lighting and tableware
performed particularly well.
Q3 Furniture sales totaled
€114.3 million, down 8.4% yoy. 45% of furniture sales occurred
online thanks to a dynamic international activity. Best-sellers
included armchairs, sofas, tables and outdoor furniture.
Sales by geography
Q3 sales in
France reached €146.8 million, down -10.6%. Online sales
in France were down -5.4% yoy and increased +12% compared to Q3
2019. Stores sales accounted for 73% of the total sales in
France.
Q3 international
sales totaled €131.7 million, down -5.5% yoy and up +9.7%
compared to the same period in 2019. Combined sales in Spain and
Italy (58% of total international sales) were unchanged yoy and
increased +4.4% and +1.7%, respectively, compared to Q3 2019.
Combined sales in Belgium, Germany and Switzerland (34% of total
international sales) decreased -12.6% yoy and were up +8.7% vs Q3
2019.
9M financial summary
As a result of the above, 9M GMV was at €948 million
(-2.5% yoy) and sales were at €882.4 million (-5.9% yoy).
Compared to 9M 2019, 9M 2022 GMV increased by +16.3% while 9M 2022
sales were +8.3% higher.
Looking at channels, 9M
online GMV was €337 million, that is down 11.5%
yoy but up 54% vs 9M 2019. Over the period, online represented 36%
of total Group’s GMV, compared to 27% of Group’s GMV in 2019. Part
of this success lies in the outstanding performance of the
marketplace, which accounted for €76 million for the 9M 2022
period, that is 22% of total online GMV. In terms of sales,
9M online sales were €276.4 million (-20.2% yoy;
+26.5% vs 2019, while 9M store sales stood at €606
million (+2.5% yoy; +1.6% vs 2019).
Looking at categories,
9M decoration sales declined only
3.7% yoy to €492 million despite a high H1 2021 comparable base and
the decrease in store traffic from May to September 2022.
9M furniture
sales decreased -8.5% yoy to €391 million, impacted by
supply chain disruptions that led to limited availability, combined
with increasingly constrained consumer purchasing power.
Looking at geographies, 9M sales in
France reached €459 million (52% of total sales), down
7.4% vs 9M 2021, and stable vs 9M 2019. 9M international
sales totaled €423 million, down 4.2% vs 9M 2021 but up
+19% vs 9M 2019. Nine-month sales in the two largest countries,
Italy and Spain, were up +6% and stable yoy, respectively, vs 9M
2021.
Q4 priorities
Commercial activity
For the remainder of the year, the Group
continues to execute its commercial plan to support traffic and
sales both in stores and online, striking a balance between driving
revenues and preserving margins.
Several initiatives will be implemented by the
end of the year:
- Roll-out of tactical promotional activity
- Test of a new digital solution in French stores to facilitate
sales conversion and boost CRM capabilities
- Roll-out of the in-store marketplace in Italy
- Launch of the Rhinov interior designer service in Italy and
Spain.
Update on H2 2022 cost and cash savings
plan
The current inflationary environment has led to
a reallocation of discretionary consumer spending away from the
home and living sector, a much higher promotional competitive
environment and increased input costs. In the face of this new
reality, the Group implemented in May 2022 an action plan to
contain cost and protect cash, targeting an extra €5
million gross margin and €20 million cost adjustments to reduce the
impact of rising inflation. As of 30 September 2022, the
execution of the plan is on track and MdM teams are fully focused
on preparing and optimizing the 2023 equation.
2022 capex, originally planned at around €90
million, has been revised downward and now is expected to be in the
€70 million-€75 million range for the year. Regarding working
capital requirement, the Group has made good progress in:
- adjusting its H2 2022 shipping plans to mitigate excess
inventory risk while rebuilding inventories in select product
families to support Q4 2022 and Q1 2023 sales
- and simultaneously negotiating with suppliers to reorganize
manufacturing and purchasing planning, as well as to optimize
payment terms.
Outlook
The current economic environment remains
challenging with still rising inflation across Europe and
short-term consumption trends impacted by the current energy
crisis.
However, Q4 2022 sales are expected to improve
over Q3 2022, thanks to improved furniture inventory levels,
sustained promotional activity and a favorable base effect.
Thanks to all actions engaged since end of Q2
2022 on sales, costs and cash, Maisons du Monde leaves its
full-year 2022 objectives unchanged:
- Top line decrease in the mid-single digit range
- An EBIT margin of 5% or above
- FCF of €10 million to 30 million
- Reduction of the Group’s carbon intensity: CO2 neutrality
for scopes 1 and 2
- Dividend payout ratio of 30% to 40%
Update on share buyback
program
On 29 July 2022, the Group launched a second
share repurchase program with an objective to repurchase up to 10%
of its outstanding shares at market price over a period of several
months. At 30 September 2022, the Group had purchased 1,151,846 of
its own shares, i.e. 25% of the program, at an average price per
share of €9.74. The shares acquired by December under this new
buyback program are intended to be cancelled before year end,
thereby reducing Maisons du Monde’s share capital.
***
Store Network (In units) |
Number of stores at end of: |
Q1 20 |
Q2 20 |
Q3 20 |
Q4 20 |
FY 20 |
Q1 21 |
Q2 21 |
Q3 21 |
Q4 21 |
FY 21 |
Q1 22 |
Q2 22 |
Q3 22 |
France |
228 |
227 |
227 |
228 |
228 |
223 |
222 |
220 |
219 |
219 |
215 |
214 |
215 |
Italy |
48 |
48 |
48 |
49 |
49 |
49 |
49 |
48 |
50 |
50 |
49 |
49 |
49 |
Spain |
27 |
27 |
27 |
27 |
27 |
26 |
28 |
28 |
30 |
30 |
30 |
31 |
32 |
Belgium |
23 |
23 |
23 |
24 |
24 |
25 |
26 |
26 |
27 |
27 |
25 |
25 |
25 |
Germany |
11 |
10 |
10 |
11 |
11 |
11 |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
Switzerland |
9 |
9 |
9 |
9 |
9 |
10 |
10 |
11 |
12 |
12 |
12 |
12 |
12 |
Luxembourg |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
Portugal |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
3 |
3 |
3 |
3 |
3 |
Austria |
- |
- |
- |
- |
- |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stores |
350 |
348 |
348 |
352 |
352 |
349 |
352 |
350 |
357 |
357 |
350 |
350 |
352 |
Net openings |
-6 |
-2 |
0 |
+4 |
-4 |
-3 |
+3 |
-2 |
+7 |
+5 |
-7 |
0 |
+2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales area (K sqm) |
415.7 |
413.6 |
414.2 |
420.2 |
420.2 |
419.0 |
424.4 |
424.5 |
432.9 |
432.9 |
427.8 |
428.9 |
433.0 |
Change (K sqm) |
-1.5 |
-2.1 |
+0.6 |
+6.0 |
+3.0 |
-1.2 |
+5.3 |
+0.6 |
+8.0 |
+12.7 |
-5.1 |
+1.1 |
+4.1 |
***
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.
***
About Maisons du Monde
Maisons du Monde, a uniquely positioned and
beloved brand across Europe, stands as the European leader in
inspirational and affordable home & living. It offers a wide
and constantly renewed range of furniture and home accessories
across multiple styles. Creativity, inspiration and engagement are
the brand’s core pillars. Leveraging its distinctive
direct-to-consumer omnichannel model, the company generates over
50% of its sales digitally, through its online platform and
in-store digital sales and operates 352 stores across 9 European
countries. End 2020, the Group launched a curated marketplace to
complement its offering and become the reference one-stop shop in
inspirational and affordable home and living. In November 2021,
Maisons du Monde unveiled its company purpose: “Inspiring everyone
to open up to the world, to create together unique, warm and
sustainable places to live.”
corporate.maisonsdumonde.com
***
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 |
Conference call for investors and analysts
Date: 27 October at 09:00 CEST
Speakers: Julie Walbaum, CEO and Régis
Massuyeau, CFO
Connection details:
Q3-9M 2022 activity - Webcast Connection
Details |
To access the webcast:
https://edge.media-server.com/mmc/p/hcx5tf6e
Please connect using the link above at least 15 minutes
prior to the scheduled start time (09:00 CEST). NB:
You will be able to ask a question during the Q&A session in
the Chat section in writing only! If you
would like to ask an audio question during the Q&A session,
please follow the “Audio Q&A Conference Call Connection
Details” instructions below. |
|
Q3-9M 2022 activity - “Audio” Q&A
Conference Call Connection Details
- Please register using the link below at least 15 minutes prior
to the scheduled start time (09:00 CEST).
- Participants will receive via e-mail a unique Direct Event
Passcode and a Registrant ID.
- Please connect to one of the numbers provided in the e-mail and
follow directions to be connected to the Q&A conference
call.
|
https://register.vevent.com/register/BI8fb3c47c0610466fba66f1965c512feb |
***
Financial
calendar
- 26 January 2023: Full Year 2022 Sales
- 09 March 2023: Full Year 2022 Financial Results
1 Represents the percentage change in sales from
the Group’s retail stores, websites and B2B activities, net of
product returns between one financial period (N) and the comparable
preceding financial period (N-1), excluding changes in sales
attributable to stores that opened or were closed during either of
the comparable periods. Sales attributable to stores that closed
temporarily for refurbishment during any of the periods are
included.
- 2022 10 27 Q322 Sales ENG_FOR RELEASE
Maisons du Monde (EU:MDM)
過去 株価チャート
から 3 2024 まで 4 2024
Maisons du Monde (EU:MDM)
過去 株価チャート
から 4 2023 まで 4 2024