MAISONS DU MONDE: FOURTH-QUARTER AND FULL-YEAR 2022 TRADING UPDATE
PRESS RELEASE
FOURTH-QUARTER
AND FULL-YEAR 2022
TRADING UPDATE
Solid
Q4 2022
sales activity
Full-year
2022 guidance
fully confirmed1
New governance for
Maisons du Monde: François-Melchior de
Polignacto be appointed
as CEO, effective on
March
15th,
2023
- Group
GMV: FY
at
€1,337m
(-1.2% yoy,
+13.3%
vs FY
2019)
Q4 at
€389m
(+2.3%
yoy, +6.6% vs
Q4 2019)
- Strong performance
of the marketplace: FY at €112m (+93% yoy), Q4 at €37m (+157%
yoy)
- Group
sales: FY
at
€1,240m
(-5.1% yoy,
+5.1%
vs FY
2019) Q4
at
€358m
(-3.0%
yoy, -1.9% vs
Q4
2019)
- Success of Christmas
collection
- Good performance of
tactical commercial initiatives
- EBIT & FCF 2022 guidance
elements fully confirmed
- Plans to contain
costs and protect cash fully on target
- Effective year-end
inventory management
- François-Melchior de
Polignac joins Maisons du Monde
as Deputy CEO and will succeed Julie
Walbaum as CEO on March
15th, 2023
NANTES – 25 January 2023, 18:30 CET – Maisons du
Monde (Euronext Paris: MDM; ISIN: FR0013153541), the European
leader in inspirational and affordable home & living, published
the Group’s trading update for the fourth quarter and full-year
2022 and announced a change in its governance.
GOVERNANCE
The Board of Directors of Maisons du Monde,
meeting today, has decided that François-Melchior de Polignac will
be appointed as Chief Executive Officer as of March 15th, 2023, in
succession to Julie Walbaum, whose term of office as CEO will cease
on that date. François-Melchior joins today Maisons du Monde as
Deputy CEO in order to ensure a smooth and efficient transition
during this period.
Thierry Falque-Pierrotin, Chairman of
the Board, declared: “We are delighted to welcome
François-Melchior, who brings vast experience in European Retail
and organizational transformation, with 22 years in several
Executive Director positions at Carrefour Group. His strong
customer-centric and operational excellence mindset will enable the
company to pursue its journey of solid and lasting value creation.
I wish to thank Julie for her role and significant contribution to
the development of Maisons du Monde since 2014 as Digital &
Customer Marketing Executive Director and since 2018 as CEO. Under
her leadership, Maisons du Monde embarked on a major transformation
towards a more robust and agile organization and became a
recognized leader in Digital and Corporate Social Responsibility.
François-Melchior and Julie will work closely together to ensure a
smooth transition. I wish them both every success in this new
chapter.”
Julie Walbaum, CEO, commented:
“I have been thrilled and incredibly proud to be at the helm of
Maisons du Monde over these five memorable years. Together, we
shaped an ambitious vision, fostered a vibrant culture of
responsible and balanced growth and made remarkable progress on our
transformation journey towards making Maisons du Monde an industry
leading, digital first and sustainable company. I warmly thank our
exceptional teams and wish François-Melchior and Maisons du Monde a
brilliant future.”
François-Melchior de
Polignac, Deputy CEO, declared: “I am
very excited to join and very soon to lead the company. Maisons du
Monde has considerable assets and numerous opportunities to
reinforce its leadership in the inspirational and affordable home
& living sector. I am looking forward to bringing customer
experience to the next level and to continuing the transformation
towards a higher-performing organization.”
Information relating to the financial conditions
of both the termination of Julie Walbaum’s functions as Chief
Executive Officer and the compensation of François-Melchior de
Polignac as Deputy Chief Executive Officer will be made public
according to the applicable regulation and to the recommendations
of the corporate governance code AFEP-MEDEF to which Maisons du
Monde is referring.
TRADING UPDATE
Key highlights
The trading retail environment remained
challenging and uncertain in the last quarter of 2022 in a context
of continuing high level of inflation and low consumer
confidence.
Despite this, Maisons du Monde’s Q4 2022
activity was strong thanks to attractive collections combined with
higher product availability and an effective sales promotion
program. This performance confirmed Maisons du Monde as a preferred
shopping destination for stylish and affordable Christmas
decoration and gifts.
During the period, the Group remained focused on
its capex and cost discipline, allowing to fully confirm its
full-year 2022 guidance.
Q4 & FY
2022 figures
In € million |
Q4'22 |
Q4'21 |
Var. Q4'21-22 |
|
FY22 |
FY21 |
Var. FY'21-22 |
|
|
|
|
|
|
|
|
Group
GMV |
389,1 |
380,6 |
2,3% |
|
1 337,1 |
1 353,0 |
(1,2%) |
|
|
|
|
|
|
|
|
Group
sales |
358,0 |
369,0 |
(3,0%) |
|
1 240,4 |
1 306,8 |
(5,1%) |
LfL Change vs.
n-1 |
(4,6%) |
0,9% |
|
|
(6,9%) |
13,4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
by channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores |
274,9 |
290,0 |
(5,2%) |
|
880,9 |
881,4 |
(0,1%) |
% of
sales |
76,8% |
78,6% |
|
|
71,0% |
67,4% |
|
Online |
83,2 |
79,0 |
5,3% |
|
359,6 |
425,4 |
(15,5%) |
% of
sales |
23,2% |
21,4% |
|
|
29,0% |
32,6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
by geography |
|
|
|
|
|
|
|
|
|
|
|
|
0 |
0 |
|
France |
204,4 |
205,5 |
(0,5%) |
|
663,8 |
701,7 |
(5,4%) |
% of
sales |
57,1% |
55,7% |
|
|
53,5% |
53,7% |
|
International |
153,6 |
163,5 |
(6,0%) |
|
576,6 |
605,0 |
(4,7%) |
% of
sales |
42,9% |
44,3% |
|
|
46,5% |
46,3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
by category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decoration |
246,7 |
255,7 |
(3,5%) |
|
738,3 |
766,2 |
(3,6%) |
% of
sales |
68,9% |
69,3% |
|
|
59,5% |
58,6% |
|
Furniture |
111,3 |
113,3 |
(1,7%) |
|
502,1 |
540,6 |
(7,1%) |
% of
sales |
31,1% |
30,7% |
|
|
40,5% |
41,4% |
|
|
|
|
|
|
|
|
|
Q4 22 GMV &
Sales
In the 4th quarter 2022, Group GMV totaled €389
million, up +2% yoy (+7% vs 2019), of which €37 million from
Marketplace GMV. Group sales amounted €358
million, down -3% yoy (-2% vs 2019).
GMV and Sales by channel
Q4 online GMV
was €112 million, an increase of +25% thanks to a combination of a
robust marketplace growth in France (+99% yoy) as well as a dynamic
ramp up from the marketplace in Spain launched in Q2 2022 and in
Italy, opened early September 2022. Consequently, marketplace GMV
accounted for one-third of total online GMV in
Q4.Q4 online
sales were €83 million (+5% yoy and +21% vs Q4 2019),
representing 23% of Group sales over the quarter.
Q4 store sales amounted €275
million, down -5% yoy (stable vs 2019), showing a sequential
improvement compared to Q3 (-9%). Store traffic improved during the
period, while remaining negative vs 2021, -6% in Q4 vs -9% in Q3.
In France, traffic was notably penalized by the fuel strike that
occurred in October 2022, but improved in December driven by the
Christmas activities, with a yoy performance of -6%.
Pursuing its active store network management,
the Group opened 8 new stores during Q4 2022: 5 in France and 3 in
Spain, and at the same time closed 3 stores in France.
The number of stores stood at 357 at the end of
December 2022, flat yoy, with a balanced management of 13 store
openings and 13 store closings over the year.
Sales by category
Q4
Decoration sales amounted to €247 million, down
-4% yoy (+7% vs Q4 2019) and accounted for 69% of total 4th quarter
sales and 71% of sales in France. Frames, tableware, lighting, and
scented candles performed particularly well amid a still soft
discretionary spending.
Q4
Furniture sales totaled €111 million, down -2% yoy
(-17% vs Q4 2019), of which 45% online. Armchairs, sofas, bookcases
and shelves, were among best-sellers.
Both categories benefitted from improved
immediate availability ratio and targeted promotions.
Sales by geography
Q4
sales in France reached €204 million, stable yoy
(-4% vs Q4 2019). Online sales were up +12% yoy as well as vs Q4
2019, representing 21% of the total sales in France.
Q4
international sales totaled €154
million, down -6% yoy (+1% vs Q4 2019). Combined sales in Spain and
Italy (59% of total international sales) were only down -2% yoy and
up +4% vs Q4 2019, with Spain notably posting +11% vs Q4 2019.
Combined sales in Belgium, Germany and Switzerland (34% of total
international sales) decreased -15% yoy and were down -2% vs Q4
2019, due to particularly poor market conditions.
FY 22
GMV & Sales
As a result of the above, FY 2022
GMV was at €1,337 million, down -1% yoy (+13% vs 2019),
including €112 million from Marketplace GMV,
doubling compared to 2021.
FY 2022 sales
were at €1,240 million down -5% yoy (+5% vs 2019).
***
BIOGRAPHY OF
FRANÇOIS-MELCHIOR DE POLIGNAC
François-Melchior de Polignac started his career
with L’Oréal in the Financial Control team of Lancôme Italy in
1995. After three years, he joined The Boston Consulting Group in
Paris. In 2000, he joined the Carrefour Group as a member of the
merger & acquisition team and held several operational and
functional positions in France before moving to Poland where he was
notably in charge of the supermarket business unit. In 2009, he
moved back to Paris leading a group organizational transformation
program, driving more than €2bn efficiencies. In 2011, he was
appointed CEO of Romania and then, CEO of Belgium late 2013. In
2018, he was appointed Executive Director Group merchandise, and
joined the Executive Committee of the group. Since 2020, he has
been the Executive Director and Zone CEO, in charge of Belgium,
Romania, and Poland. He graduated from HEC in 1994 and holds a
master’s degree in International Relations from The University of
Cambridge.
FINANCIAL AGENDA
Full-year 2022 financial results will be
released on 9 March 2023 at 07:00 CET. Management will hold a
conference call with analysts and investors on the same day at
09:00 CET.
***
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 357 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 |
1 2022 guidance: Top line: Decrease in the mid-single digit
range - Ebit margin: 5% or above – Free cash flow: €10m to 30m
- 2023 01 25 Q422 Sales ENG_FOR RELEASE
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