MAISONS DU MONDE: FULL-YEAR 2021 TRADING UPDATE
PRESS RELEASE
MAISONS DU MONDE: FULL-YEAR
2021 TRADING
UPDATE1
Strong commercial
performanceOver-delivering
on top line growth
guidance
-
FY sales above
guidance: EUR 1,307
million,
+15.1%1
yoy
(without
Modani),+13.4%
LFL2, +10,7% vs
FY 2019
-
4th quarter at
EUR 369
million,
+3.3%1
yoy, + 0.8%
LFL2
-
Total online
sales: EUR 435 million, 33.3% of total
sales, +13.1% vs. FY 2020
-
Marketplace delivered EUR 60 million in
2021, accounting for 12.5% of
total online GMV3
- Year-end
store count at 357, vs
352 at
end-2020
- EBIT and
FCF 2021 guidance
elements confirmed
|
NANTES – 27 January 2022, 07:00 CET – Maisons du
Monde (Euronext Paris: MDM; ISIN: FR0013153541), the European
leader in inspirational and affordable home & living, today
announces its estimated, unaudited fourth quarter, second half and
full year 2021 sales.
Julie Walbaum, Chief Executive Officer,
commented: “I am delighted to share our 2021 sales performance,
which exceeds the guidance we upgraded last October. Throughout the
year, our teams’ talent and continued commitment enabled us to face
the exceptional challenges stemming from the pandemic and the
resulting supply chain imbalances. Our customers kept showing their
attachment to our brand through the Christmas season, confirming
Maisons du Monde’s brand recognition as the number one destination
for stylish and affordable decoration and gifts. As 2022 unveils, I
trust our continued ability to react swiftly and effectively to
external circumstances while delivering our strategic agenda will
allow us to pursue our ambitious growth plans.”
2021 Key points
The beginning of the year was impacted by government-mandated
store closures, but store activity caught up from mid-May onwards.
Driven by appealing collections, Maisons du Monde showed in 2021
consistent growth across the board, that is in all channels,
geographies and categories.
With an active customer base reaching 7.5
million at end-2021, the number of new customers grew by 30% yoy,
illustrating the strong traction around the brand. For the 5th year
in a row, French customers ranked Maisons du Monde as their #2
favourite brand in home and living. Maisons du Monde also
integrated the Top 10 of customers’ preferred brands in terms of
sustainability across all consumer verticals (source:
OC&C).
Full-year
2021 sales
totalled EUR 1,306.8 million, representing a year-on-year increase
of 15.1% (+13.4% LFL2), and +10.7% vs 2019. Second half sales
reached EUR 672 million (+0.8% yoy, +5.6% vs. H2 2019) and Q4 sales
amounted to EUR 369.0 million, up 3.3% yoy, + 1.1% vs Q4 2019.
As a reminder, the Group estimates that the
total lost sales from Covid-19-related restriction measures in H1
2021 reached EUR 45 million (-EUR 60 million stores, + EUR 15
million online). In 2020, total lost sales from Covid-19-related
restriction measures amounted to EUR 160 million (-EUR 190 million
stores, + EUR 30 million online), of which EUR 110 million in H1
and EUR 50 million in Q4.
By category:
Decoration sales grew by 18.2%
at EUR 766.1 million. Demand was strong on this category and
Maisons du Monde performed well thanks to the rigorous yet agile
management of sourcing all along the year, which enabled, among
others, to secure the Christmas season.
Furniture
sales reached 540.7 million, up 11.0%. Collections
were strong, as demonstrated by the success of the products in
inventory, but the category was penalised in the second half by
limited availability and longer delivery times.
Overall, despite heavy freight disruptions and
overall pressure on the supply chain, inventory levels at the end
of the year improved vs. end-2020. However, they remain
sub-optimal.
By
channel:
Online sales increased by 13.1%
to reach EUR 435.5 million, representing 33% of total sales. This
performance is a strong achievement considering 2020 level was an
exceptionally high point for online, as part of the store activity
shifted to e-commerce during lockdowns. Over 2021, the share of new
online customers increased by 30.0%. The ramp up of the marketplace
sales continued at a high pace, and total GMV reached EUR 61
million. As of 31 December 2021, more than 300 vendors were
onboarded, offering c. 95,000 SKUs, with a consistently high
customer’s satisfaction rate, above 4 out of 5.
Store sales increased by 16.1%
to EUR 871.3 million. The stores attracted an increasing number of
new customers (+26% yoy). The share of omnichannel customers
increased by 16% yoy.
In 2021, Maisons du Monde carried out 21 store
openings and 16 closures, out of which:
- 3
store openings in France, 6 in Spain and 12 in the rest of
Europe
- 12
store closures in France, 3 in Spain and 1 in Italy
At the end of December 2021, total store number
reached 357, a level comparable to end-2020 (352) and end-2019
(358) with a total surface reaching 433,000sqm (+3% vs 2020 and +4%
vs 2019).
By
geography:
Sales in France reached EUR
701.8 million, up 11.8% vs 2020. Growth was driven by an
acceleration of the online activity, supported by the fast
development of the marketplace and a higher opening ratio vs 2020
(84% in 2021 vs 76% in 2020).
International sales totalled
EUR 604.9 million, up 19.2%, and representing 46% of total sales.
Activity was particularly strong in Spain and Italy in 2021, with
growth rates close to 25% yoy. Year 2021 saw the opening of the
first store in Austria and the ramp up of Portugal, with 2 store
openings. At international level, stores were open 85% of the time
vs. 78% in 2020, which also contributed to sales growth.
***
Governance
The Board of Directors held on 26 January 2022
decided on the recommendation of its Nomination and Compensation
Committee, to co-opt Mr. Victor Herrero as independent director,
following the resignation of Mr. Peter Child from his position as a
member of the board.
The Board warmly thanked Mr. Peter Child for his
major contribution to the Board, which he had presided from his
appointment as a director in March 2020 until June 2021.
Victor Herrero brings a deep understanding of
the global fashion industry with 25 years of experience across some
of the most renowned fashion and lifestyle brands and the world’s
biggest fashion markets. Victor Herrero is a Spanish citizen and
holds an MBA from Kellogg School of Management and a BA in business
administration from ESCP Europe.
He will serve on the Board for the remainder of
Mr. Peter Child’s mandate, until the end of the Annual
Shareholders’ Meeting that will take place to review the 2022
fiscal year statements.
In accordance with the applicable regulation,
the co-optation of Mr. Victor Herrero by the Board of Directors
will be subject to ratification by the next Annual General
Meeting.
***
Full-year 2021 financial results will be
released on 10 March 2022 at 07:00 CET. Management will hold a
conference call with analysts and investors on the same day at
10:00 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, so that we create unique, heartful and
sustainable places, together.”
corporate.maisonsdumonde.com
***
Contacts
Investor Relations |
Press Relations |
Clémence Mignot-DupeyrotTel: (+33) 6 20 36 93 58 |
Pierre BarbeTel: +33 6 23 23 08 51 |
cmignot@maisonsdumonde.com |
pbarbe@maisonsdumonde.com |
APPENDIX
Summary of
sales
in EUR million |
Q421 |
Q420 |
Var. Q4'20-21 |
|
FY21 |
FY20 |
Var. FY20-21 |
|
|
|
|
|
|
|
|
Group sales |
369.0 |
357.0 |
3.3% |
|
1,306.8 |
1,135.2 |
15.1% |
LFL4 Change vs.
n-1 |
0.8% |
(2.6%) |
|
|
13.4% |
(6.5%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
by product category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decoration |
255.5 |
232.0 |
10.2% |
|
766.1 |
648.1 |
18.2% |
% of sales |
69.3% |
65.0% |
|
|
58.6% |
57.1% |
|
Furniture |
113.4 |
125.0 |
(9.4%) |
|
540.7 |
487.1 |
11.0% |
% of sales |
30.7% |
35.0% |
|
|
41.4% |
42.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
by distribution channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stores |
286.7 |
244.7 |
17.2% |
|
871.3 |
750.3 |
16.1% |
% of sales |
77.7% |
68.5% |
|
|
66.7% |
66.1% |
|
Online |
82.3 |
112.4 |
(26.8%) |
|
435.5 |
384.9 |
13.1% |
% of sales |
22.3% |
31.5% |
|
|
33.3% |
33.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
by geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
France |
205.5 |
206.0 |
(0.2%) |
|
701.8 |
627.9 |
11.8% |
% of sales |
55.7% |
57.7% |
|
|
53.7% |
55.3% |
|
International |
163.5 |
151.0 |
8.2% |
|
604.9 |
507.3 |
19.2% |
% of sales |
44.3% |
42.3% |
|
|
46.3% |
44.7% |
|
Quarterly series
(In €m) |
|
Q1 19 |
|
Q2 19 |
|
Q3 19 |
|
Q4 19 |
|
FY 19 |
|
Q1 20 |
|
Q2 20 |
|
Q3 20 |
|
Q4 20 |
|
FY 20 |
|
Q1 21 |
|
Q2 21 |
|
Q3 21 |
|
Q4 21 |
|
FY 21 |
|
Sales |
|
271.2 |
|
272.1 |
|
271.6 |
|
365.1 |
|
1,179.9 |
|
231.9 |
|
236.6 |
|
309.6 |
|
357.0 |
|
1,135.2 |
|
317.2 |
|
317.2 |
|
303.4 |
|
369.0 |
|
1,306.8 |
|
Change vs. N-1 |
|
+6.3% |
|
+10.6% |
|
+8.1% |
|
+9.6% |
|
+8.7% |
|
-14.5% |
|
-13.0% |
|
+14.0% |
|
-2.2% |
|
-3.8% |
|
+36.8% |
|
+34.0% |
|
-2.0% |
|
+3.3% |
|
+15.1% |
|
LFL Change vs. N-1 |
|
|
|
|
|
|
|
|
|
|
|
-19.3% |
|
-15.3% |
|
+10.6% |
|
-2.6% |
|
-6.5% |
|
+36.5% |
|
+32.2% |
|
-4.0% |
|
+0.9% |
|
+13.4% |
|
Sales breakdown |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decoration |
|
54.9% |
|
50.1% |
|
52.9% |
|
63.3% |
|
55.9% |
|
54.3% |
|
46.9% |
|
57.9% |
|
65.0% |
|
57.1% |
|
55.3% |
|
49.3% |
|
58.9% |
|
69.3% |
|
58.6% |
|
Furniture |
|
45.1% |
|
49.9% |
|
47.1% |
|
36.7% |
|
44.1% |
|
45.7% |
|
53.1% |
|
42.1% |
|
35.0% |
|
42.9% |
|
44.7% |
|
50.7% |
|
41.1% |
|
30.7% |
|
41.4% |
|
Stores |
|
73.7% |
|
72.3% |
|
73.6% |
|
78.3% |
|
74.8% |
|
70.2% |
|
51.6% |
|
71.3% |
|
68.5% |
|
66.1% |
|
61.4% |
|
54.8% |
|
71.2% |
|
77.7% |
|
66.7% |
|
Online |
|
26.3% |
|
27.7% |
|
26.4% |
|
21.7% |
|
25.2% |
|
29.8% |
|
48.4% |
|
28.7% |
|
31.5% |
|
33.9% |
|
38.6% |
|
45.2% |
|
28.8% |
|
22.3% |
|
33.3% |
|
France |
|
57.6% |
|
55.6% |
|
55.8% |
|
58.5% |
|
57.0% |
|
55.0% |
|
52.7% |
|
54.8% |
|
57.7% |
|
55.3% |
|
57.2% |
|
47.5% |
|
54.1% |
|
55.7% |
|
53.7% |
|
International |
|
42.4% |
|
44.4% |
|
44.2% |
|
41.5% |
|
43.0% |
|
45.0% |
|
47.3% |
|
45.2% |
|
42.3% |
|
44.7% |
|
42.8% |
|
52.5% |
|
45.9% |
|
44.3% |
|
46.3% |
|
IFRS 5: Modani restatement
Following the closing of the divestment from
Modani in November 2021, the Group’s 2021 consolidated financial
statements will be prepared pursuant to IFRS 5.
Summary of Sales
|
2021 |
2020 |
% change |
Maisons du Monde Standalone (a) |
1,306.8 |
1,135.2 |
15.1% |
Modani -
January to Closing date (Nov-21) (b) |
47.1 |
36.7 |
28.2% |
Maisons du Monde + Modani – January to
Closing date (Nov-21)
(a)+(b) |
1,353.8 |
1,171.9 |
15.5% |
|
|
|
|
Modani
contribution to Maisons du Monde Group (c) |
47.1 |
46.9 |
0.4% |
Maisons du Monde (reporting format 2020)
(a)+(c) |
1,353.8 |
1,182.1 |
14.5% |
2020 Key financial indicators
(in € million) |
|
Pro forma* |
|
IFRS 5adjustments |
|
Reported |
|
2020 |
|
|
2020 |
Sales |
|
1,135.2 |
|
(46.9) |
|
1,182.1 |
Gross Margin** |
|
755.5 |
|
(22.9) |
|
778.4 |
As a % of Sales |
|
66.5% |
|
|
|
65.8% |
EBITDA** |
|
238.3 |
|
(2.4) |
|
240.6 |
As a % of Sales |
|
21.0% |
|
|
|
20.4% |
EBIT** |
|
89.2 |
|
3.0 |
|
86.2 |
As a % of Sales |
|
7.9% |
|
|
|
7.3% |
Net Income from continuing operations |
|
43.1 |
|
59.2 |
|
(16.1) |
|
|
|
|
|
|
|
Net debt |
|
96.4 |
|
(0.0) |
|
96.4 |
|
|
|
|
|
|
|
Free cash flow |
|
52.8 |
|
(1.3) |
|
54.1 |
* ex Modani and MDM US** Gross margin is a
non-IFRS financial metric and is presented here for informational
purposes only.
1 NB: Methodology
noteFollowing the closing of the divestment of Modani
early November 2021, the Group applies IFRS 5 to its full year
accounts which exclude Modani from the full year performance. For
comparison purposes, 2020 figures have been restated accordingly.
Including Modani until closing date, FY 21 Sales growth reaches
15.5%. See Appendix for further detail.2 LFL: Like for like –
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.3 GMV: Gross
Merchandise Value - represents the sum of (i) Maisons du Monde
sales excluding those from the marketplace and (ii) the amount
invoiced to Maisons du Monde clients purchasing marketplace
products.4 LFL: Like for like – 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 01 27 FY21 Trading Update ENG FINAL
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