Maisons du Monde First Quarter 2021: Omnichannel Model and
Differentiated Offering Deliver Outstanding Sales Growth
PRESS
RELEASE
MAISONS DU MONDE FIRST
QUARTER 2021:
OMNICHANNEL
MODEL AND
DIFFERENTIATED OFFERING
DELIVEROUTSTANDING SALES
GROWTH
NANTES – 12 May 2021, 07:45 CEST – Maisons du
Monde (Euronext Paris: MDM; ISIN: FR0013153541), a European leader
in affordable and inspirational household decoration and furniture,
today announces its first-quarter 2021 sales.
-
First quarter
sales:
€331
million:
+35.8%1
(+36.6%
LFL)
- Record online
sales growth:
+76%
- Very
strong store
sales growth:
+19%
-
Sales well
above pre-pandemic levels:
+18.1% (+11.9% LFL) vs Q1
2019
-
Despite uncertain
environment, FY
guidance fully
confirmed
|
Julie Walbaum, Chief Executive Officer,
declared: “Maisons du Monde turned in an outstanding performance in
the first quarter, providing another clear demonstration of the
attractiveness of our brand and strength of our omnichannel model.
Sales growth was driven both by an excellent performance by stores
that remained opened and record online activity. The latter’s 76%
growth was achieved thanks to the success of our own collections
and by the continuing promising ramp-up of our selective
marketplace. Given this momentum, the Group currently expects to
post a solid Q2.
At the same time, the H2 environment remains
uncertain, given the potential impact of the ongoing pandemic on
store activity and supply chain, notably in India. Despite this
lack of visibility, our distinctive model and proven ability to
execute our strategic priorities allow us to fully confirm our
full-year guidance.”
First-Quarter 2021 Activity
Sales
The Group’s first-quarter 2021
sales totaled €331 million, representing an
outstanding increase of 35.8% (+36.6% LFL). Growth was driven by
the success of collections and high consumer demand for homewares.
This performance was aided by a slightly favorable comparable base
as sales dropped sharply as of mid-March 2020 due to the initial
round of Covid-19 related store closures.
1st quarter 2021 sales were also well above
their pre-pandemic level, up 18.1% (+11.9% LFL) versus Q1 2019,
reflecting the attractiveness of our sharpened in-house collections
and the effectiveness of our increasingly digital model, as well as
the expanded store network (+17 stores).
By geography, sales in France in Q1 21 rose
42.3% to €181 million while international sales increased 28.6% to
€149 million. By product line, decoration sales rose 39.3% and
represented 53% of total 1st quarter sales. Furniture sales
improved to €155 million, up +32.0% yoy, thanks in large part to
the success of our outdoor and sofa offers.
Sales of the Maisons du Monde banner rose 36.4%
(+36.4% LFL) to €316 million. Modani’s sales of €13.7 million
increased 21.6% while Rhinov commissions doubled to €1.2
million.
Online sales
Online sales leapt by 76.2% (+71.3% vs Q1 2019)
to €124 million, representing a record high 37% of total Group
sales. This was driven by increasing market share in the
fast-growing online market in France, as a combined result of
higher traffic and increased conversion rate. Our selective
marketplace continues to ramp up and exceed our initial
expectations. Sales were also particularly dynamic in Belgium,
Germany and Switzerland.
Store Sales
Total 1st quarter store sales increased by 19.4%
although part of the network (c. 15% on average vs c. 20% in Q1
2020) was closed throughout the quarter. 1st quarter French store
sales increased by 31%, benefitting from a higher average number of
stores open during the quarter (87% in Q1 2021 vs 81% in Q1 2020)
and a favorable market dynamic in March, notably on furniture.
International sales rose only 6% as all German stores were closed
during the quarter, most Swiss stores were closed in January and
February, while Belgian and Italian stores gradually closed
throughout March.
Store Network
At 31 March 2021, Maisons du Monde’s global
store network stood at 366 stores, compared to 371 at 31 March 2020
and 349 at 31 March 2019. During the 1st quarter of 2021, Maisons
du Monde opened its first store in Austria, opened 2 stores in
Spain, and one store each in Belgium and Switzerland. During the
same period, the Group closed 3 stores in Spain and 5 in France.
Total commercial space stayed broadly stable at 433,400 square
meters at 31 March 2021.
Q1 2021 operational
milestones
- Launch of our 2021
furniture collections, as well as the 2021 Spring/Summer decoration
collections
- Continuing ramp-up
of our selective marketplace
- Opening of our
second “Maisons du Monde Hôtel & Suites” in Marseille
- Beginning of
construction of the new distribution center in northern
France.
2021 commercial priorities, current
activity and outlook
Commercial and
operational priorities
For the remainder of 2021, the
Group’s commercial and operational priorities, while maintaining
cost and cash management discipline, are to:
- Keep strengthening
our offering
- Reinforce our brand
proposition and customer proximity
- Selectively rebuild
inventories while proactively managing sourcing constraints
- Sustain our efforts
towards environmental and social responsibility
- Further enhance our
omnichannel proposition by preparing for the 2022 launch of our
marketplace in the French store network and a second online
market.
Outlook
From 1 April to 11 May 2021, about
three-quarters of the European store network, including all stores
in France, Belgium and Germany, were closed to the public. All
stores, with the exception of those in Germany, are expected to be
at least partially open by the end of next week. Q2 online order
intake continues to increase, albeit at a lower rate than Q1 due to
high comparable base. As a result, the Group currently expects to
post a solid Q2.
As the global sanitary situation remains
uncertain, both in our operating and sourcing countries such as
India, visibility on 2nd half activity remains limited.
As a result, the Group fully confirms the 2021
guidance provided on 10 March 2021:
- high single-digit
top line growth yoy, with a broadly unchanged number of stores at
year-end
- an improved EBIT
margin, increasing by up to 50 basis points vs 2020
- free cash flow
above its 2020 level.
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 is a creator of inspirational
lifestyle universes in the homeware industry, offering distinctive
and affordable decoration and furniture collections that showcase
multiple styles. The Group develops its business through a
complementary omnichannel approach, leveraging its international
network of stores, websites and catalogues. The Group was founded
in France in 1996 and has expanded profitably across Europe since
2003, reporting sales of €1,182 million and EBITDA of €241 million
in 2020. At 31 December 2020, the Group operated 369 stores in 9
countries including France, Belgium, Germany, Italy, Luxembourg,
Portugal, Spain, Switzerland and the United States, and derived 47%
of its sales outside France. The Group has also built a successful
complementary and comprehensive ecommerce platform, whose sales
grew by over 30% per year on average between 2010 and 2020. This
platform, enriched by the launch of a marketplace in France in
November 2020, accounted for 33% of the Group's sales in 2020 and
is available in the countries where it operates stores plus
Austria, the Netherlands and the United Kingdom.
corporate.maisonsdumonde.com
***Financial
calendar2
4 June 2021 |
Annual General Meeting |
28 July
2021 |
1st Half 2021 financial results |
27 October
2021 |
3rd Quarter 2021 sales |
***
Contacts
Investor Relations |
Press Relations |
Christopher Welton – +33 7 85 70 71 41 |
Clémentine Prat – +33 6 08 61 81 12 |
cwelton@maisonsdumonde.com |
cprat@maisonsdumonde.com |
Summary of
1st quarter
sales
(in € million) |
1Q21 |
1Q20 |
%Change |
Sales3 |
330.9 |
243.7 |
+35.8% |
% like-for-like change4 |
+36.6% |
-18.8% |
|
Maisons du Monde |
316.1 |
231.7 |
+36.4% |
% like-for-like change |
+36.4% |
-19.3% |
|
Modani |
13.7 |
11.3 |
+21.6% |
Rhinov |
1.1 |
0.6 |
+64.1% |
|
|
|
|
Sales by distribution channel |
|
|
|
Stores |
207.3 |
173.5 |
+19.4% |
% of sales |
62.6% |
71.2% |
|
Online |
123.7 |
70.2 |
+76.2% |
% of sales |
37.4% |
28.8% |
|
|
|
|
|
Sales by geography |
|
|
|
France |
181.5 |
127.5 |
+42.3% |
% of sales |
54.8% |
52.3% |
|
International |
149.5 |
116.2 |
+28.6% |
% of sales |
45.2% |
47.7% |
|
|
|
|
|
Sales by product category |
|
|
|
Decoration |
175.5 |
126.0 |
+39.3% |
% of sales |
53.0% |
51.7% |
|
Furniture |
154.4 |
117.7 |
+32.0% |
% of sales |
47.0% |
48.3% |
|
Historical sales5
(In €m) |
|
|
FY 18 |
|
|
Q1 19 |
|
|
Q2 19 |
|
|
Q3 19 |
|
Q4 19 |
|
|
FY 19 |
|
Q1 20 |
|
Q2 20 |
|
Q3 20 |
|
Q4 20 |
|
FY 20 |
|
Q1 21 |
Sales |
|
|
1,111.2 |
|
|
280.3 |
|
|
283.7 |
|
|
283.7 |
|
377.8 |
|
|
1,225.4 |
|
243.7 |
|
245.2 |
|
321.3 |
|
371.9 |
|
1,182.1 |
|
330.9 |
Change vs. N-1 |
|
|
+7.4% |
|
|
+9.9% |
|
|
+12.6% |
|
|
+9.2% |
|
+9.7% |
|
|
+10.3% |
|
-13.1% |
|
-13.6% |
|
+13.3% |
|
-1.5% |
|
-3.5% |
|
+35.8% |
LFL Change vs. N-1 |
|
|
+3.1% |
|
|
+2.4% |
|
|
+6.5% |
|
|
+3.0% |
|
+2.8% |
|
|
+3.6% |
|
-8.3% |
|
-16.2% |
|
+9.8% |
|
-2.2% |
|
-6.6% |
|
+36.6% |
Maisons du
Monde |
|
|
1,085.4 |
|
|
271.4 |
|
|
272.4 |
|
|
271.3 |
|
365.8 |
|
|
1,181.4 |
|
231.7 |
|
236.2 |
|
308.8 |
|
356.1 |
|
1,132.2 |
|
316.1 |
Change vs.
N-1 |
|
|
+7.4% |
|
|
+6.4% |
|
|
+10.7% |
|
|
+8.0% |
|
+9.8% |
|
|
+8.8% |
|
-14.6% |
|
-13.3% |
|
+13.8% |
|
-2.3% |
|
-4.0% |
|
+36.4% |
LFL Change vs.
N-1 |
|
|
+3.1% |
|
|
+2.4% |
|
|
+6.5% |
|
|
+3.0% |
|
+2.8% |
|
|
+3.6% |
|
-19.3% |
|
-15.3% |
|
+10.6% |
|
-2.6% |
|
-6.5% |
|
+36.4% |
Modani |
|
|
25.9 |
|
|
8.9 |
|
|
11.4 |
|
|
11.9 |
|
11.9 |
|
|
44.1 |
|
11.3 |
|
8.4 |
|
11.7 |
|
14.9 |
|
46.3 |
|
13.7 |
Rhinov |
|
|
- |
|
|
- |
|
|
- |
|
|
0.5 |
|
0.6 |
|
|
1.2 |
|
0.7 |
|
0.6 |
|
0.8 |
|
1.0 |
|
3.0 |
|
1.1 |
Sales breakdown |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
France |
|
|
58.3% |
|
|
55.8% |
|
|
53.3% |
|
|
53.4% |
|
56.6% |
|
|
54.9% |
|
52.3% |
|
50.8% |
|
52.8% |
|
55.4% |
|
53.1% |
|
54.8% |
International |
|
|
41.7% |
|
|
44.2% |
|
|
46.7% |
|
|
46.6% |
|
43.4% |
|
|
45.1% |
|
47.7% |
|
49.2% |
|
47.2% |
|
44.6% |
|
46.9% |
|
45.2% |
Stores |
|
|
77.3% |
|
|
74.2% |
|
|
73.0% |
|
|
74.3% |
|
78.7% |
|
|
75.3% |
|
71.2% |
|
52.7% |
|
71.8% |
|
69.4% |
|
67.0% |
|
62.6% |
Online |
|
|
22.7% |
|
|
25.8% |
|
|
27.0% |
|
|
25.7% |
|
21.3% |
|
|
24.7% |
|
28.8% |
|
47.3% |
|
28.2% |
|
30.6% |
|
33.0% |
|
37.4% |
Decoration |
|
|
55.7% |
|
|
53.2% |
|
|
48.1% |
|
|
50.7% |
|
61.6% |
|
|
54.0% |
|
51.7% |
|
45.3% |
|
55.8% |
|
62.4% |
|
54.9% |
|
53.0% |
Furniture |
|
|
44.3% |
|
|
46.8% |
|
|
51.9% |
|
|
49.3% |
|
38.4% |
|
|
46.0% |
|
48.3% |
|
54.7% |
|
44.2% |
|
37.6% |
|
45.1% |
|
47.0% |
***
Store network6 (In units)
|
Number of stores at end of: |
FY 18 |
Q1 19 |
Q2 19 |
Q3 19 |
Q4 19 |
FY 19 |
Q1 20 |
2Q 20 |
Q3 20 |
Q4 20 |
FY 20 |
Q1 21 |
France |
221 |
221 |
224 |
227 |
233 |
233 |
228 |
227 |
227 |
228 |
228 |
223 |
Italy |
45 |
45 |
47 |
48 |
48 |
48 |
48 |
48 |
48 |
49 |
49 |
49 |
Spain |
23 |
23 |
24 |
24 |
27 |
27 |
27 |
27 |
27 |
27 |
27 |
26 |
Belgium |
22 |
21 |
21 |
22 |
24 |
24 |
23 |
23 |
23 |
24 |
24 |
25 |
Germany |
10 |
10 |
10 |
10 |
11 |
11 |
11 |
10 |
10 |
11 |
11 |
11 |
Switzerland |
7 |
7 |
8 |
8 |
9 |
9 |
9 |
9 |
9 |
9 |
9 |
10 |
Luxembourg |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
Portugal |
- |
- |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
Austria |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1 |
United Kingdom |
4 |
4 |
4 |
4 |
- |
- |
- |
- |
- |
- |
- |
- |
United States (MDM) |
1 |
1 |
1 |
1 |
2 |
2 |
2 |
- |
- |
- |
- |
- |
United States (Modani) |
13 |
14 |
15 |
16 |
18 |
18 |
19 |
18 |
18 |
17 |
17 |
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stores |
349 |
349 |
358 |
364 |
376 |
376 |
371 |
366 |
366 |
369 |
369 |
366 |
Net openings |
+25 |
0 |
+9 |
+6 |
+12 |
+27 |
-5 |
-5 |
0 |
+3 |
-7 |
-3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales area (K sqm) |
398.4 |
398.6 |
408.1 |
416.7 |
432.3 |
432.3 |
431.3 |
428.5 |
429.1 |
434.6 |
434.6 |
433.4 |
Change (K sqm) |
+35.2 |
+0.2 |
+9.5 |
+8.6 |
+15.6 |
+33.9 |
-1.0 |
-2.8 |
+0.6 |
+5.5 |
+2.3 |
-1.2 |
Maisons du Monde First-Quarter
2021 ActivityConference
Call and Webcast connection details |
|
Wednesday, 12 May 2021 at 09:00 CEST |
|
Conference Call Join-In details |
http://emea.directeventreg.com/registration/5560954 |
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|
Webcast Player URL: |
https://edge.media-server.com/mmc/p/526tfoc8 |
|
1 All percentages in this release are year on year comparisons
with the exception of the EBIT margin and percentages of sales in
the table on Page 5.2 Indicative timetable.3 Defined as merchandise
sales, marketplace commissions, service revenue and commissions
less franchise and promotional sales (€1.3 mn in 1Q21, €0.8 mn in
1Q20 and €1.5 mn in 1Q19).
4 Represents the percentage change in sales from
the Group’s retail stores, websites and B2B activities, net of
product returns between one financial period (Y) and the comparable
preceding financial period (Y-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.
5 At prevailing exchange rates.6 Excluding franchise stores.
- 2021 05 12 1Q21 Activity ENG vDEF
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