Maisons du Monde: First quarter 2022
PRESS
RELEASE
MAISONS DU MONDE FIRST
QUARTER 2022:Sales
in line with
expectationsGrowth
exceeding pre-pandemic
performance at all levels
- First quarter sales: EUR 313
million (-1.3% yoy; -4.0%
LFL1; +15% vs Q1 2019)
- Gross merchandise
volume2 (GMV):
EUR 329 million (stable yoy; +21%
vs Q1 2019)
- Online sales down
13% vs Q1 2021 high
comparison base, up a strong 46% vs Q1 2019
- Store sales up
6%
yoy, +5% vs Q1
2019
- FY 2022 guidance
confirmed, assuming no further
deterioration of macro-economic and supply chain
conditions
NANTES – 4 May 2022, 07:00 CEST – Maisons du
Monde (Euronext Paris: MDM; ISIN: FR0013153541), a European leader
in affordable and inspirational home and living, today publishes
the Group's sales for the first quarter of 2022.
Julie Walbaum, Chief Executive Officer of
Maisons du Monde, commented:
“Our first-quarter performance was fully in line
with our expectations, despite the global macro-economic and
geopolitical context, and continuing supply chain disruptions.
Overall activity has grown strongly over pre-pandemic levels as we
turned in double-digit growth compared to Q1 2019. Our pan-European
omnichannel model continues to prove its relevance, as does the
continued strength of our brand and unique offering.
We are moving ahead with our sustainable growth
agenda with drive and energy. We have extended our selective
marketplace to another country, Spain, at the end of March. Across
France and Spain, our marketplace now consists of over 140,000 SKUs
and 1,100 brands. Furthermore, and fully in line with our Raison
d’être, we were proud to unveil in February our “Good is beautiful”
CSR movement, covering five pillars of environmental and societal
commitments, with bold targets and milestones, including carbon
neutrality on scopes 1 and 2 this year.
Confident in our model, we will maintain our
focus on serving our customers and protecting our profitability in
a still complex and volatile environment. Visibility for the
remainder of the year stays limited, Assuming no further
deterioration of macro-economic and supply chain conditions, we
confirm our full-year 2022 guidance.”
1st Quarter 2022 Key
commercial developments
Maisons du Monde’s 2022 sales performance needs
to be looked at in light of what happened over the previous years.
2021 was a year of outstanding performance, especially on the
online channel, after the COVID-disrupted 2020. The latest
normalised year, truly comparable to 2022, is 2019. When compared
to Q1 2019, Maisons du Monde showed consistent growth in all
channels, geographies and categories over Q1 2022.
Brand and customersIn terms of
brand and customers, Maisons du Monde continued to develop over the
quarter. The Instagram community grew by +10% yoy, reaching 5.4
million followers across Europe and +182% vs 2019. Total monthly
audience on Pinterest reached 495K in the quarter, increasing by
77% vs Q1 2021 and 99% vs 2019. Total active customers reached 7.5
million at quarter-end, up 16% vs Q1 2021 and 15% vs Q1 2019, and
omnichannel customers have increased by 15% year on year.
Good is Beautiful labelIn
February 2022, Maisons du Monde launched its Good is
Beautiful brand movement to keep embedding sustainable
development in its strategy and customer communication. Good is
Beautiful is a company-wide pledge that links the history, the
present and the ambition of Maisons du Monde to create a positive
impact throughout its ecosystem. It is built on 5 commitments with
ambitious and quantified targets:
- Offering a collection that is
stylish and sustainable
- Target: 40% of the offer under the
Good is Beautiful label by 2025
- Acting with grassroots associations
to protect the environment and help those in need
- Target: 100 Good is Beautiful
places created by 2025
- Promoting equal opportunities
- Targets: 50% of women within the
Top 100 of the Company and 500 youngsters mentored by 2025 to help
them access the workforce
- Offering a second life to products
- Target: 20,000 products repaired
every year
- Transforming business lines to
reduce Maisons du Monde’s environmental footprint
- Targets: -25% carbon intensity by
2025 on scopes 1, 2 and 3 and 100% of stores powered with renewable
energy
Launch of Spanish
marketplaceMarch 2022 saw the launch of the
marketplace in Spain, and already offers nearly
50,000 SKUs from over 290 brands. First weeks of operation are
fully in line with expectations.
1st quarter 2022
sales of EUR 313 million were broadly stable yoy
(-1.3%; -4.0% LFL) compared to the exceptionally high level of Q1
2021 (EUR 317 million, up 37% vs 2020). Q1 2022 performance
benefited from a favourable effect of an efficient supply chain
monitoring which allowed the Group to ship more customer orders
than planned, compensating for softer demand than expected in the
second part of the quarter.
As was the case for all retailers, online
traffic and conversion rate were lower than last year and were
partly offset by an increase in average basket size by 6% yoy.Store
traffic was positive yoy given the store closures that took place
in Q1 2021. Stores that were open during both periods saw a
decrease in traffic, especially in March, as a result of lower
consumer confidence.
Compared to the pre-pandemic Q1 2019, total Q1
2022 Group sales were up +15%.
Total GMV of EUR 329 million
was stable yoy thanks to a very strong 43% increase in the
marketplace GMV. Compared to Q1 2019, GMV grew by +21%,
illustrating the launch of the marketplace in France at the end of
2020.
Sales by
category:
Decoration sales were unchanged
compared Q1 2021 at EUR 175 million, coming from a very high
comparable base in 2021, which had grown by +39% vs 2020. When
compared to Q1 2019, decoration sales grew by 17%, demonstrating
over time the successful revamping of collections undertaken in
2019. Maisons du Monde’s decoration collections continued to meet
with success especially on tableware and outdoor items.
Furniture inventory continued
to be impacted by supply chain disruptions, and Q1 2022 sales were
therefore slightly down (-2%) and represented 44% of total Group
sales (- 0.5 percentage point vs Q1 2021). Here again, the high
comparison base of Q1 2021 (+34% vs Q1 2020) blurs the global
picture. Compared to Q1 2019, furniture sales grew by 13%, even
though product availability was not yet at its target level.
Furniture inventory has improved over the period, with
replenishment program in line with plan despite the complex
environment. As COVID rebounds in China, some manufacturing and
freight operations are currently hampered. Exercising its now
proven agility, the Group is monitoring the situation very closely
to optimise sourcing and shipping plans.
Sales by
channel:
Online sales decreased by 13.2%
yoy to reach EUR 104 million, yet still represented one-third of
total Group sales. This evolution is explained by the exceptional
outperformance of the 1st quarter last year which
was up 73% due to the pandemic-related store closures as well as
the docker strike in Q1 2020. Compared to Q1 2019, Q1 2022 online
sales were up a very strong 46%, lifted by countries such as
Germany, Spain and Italy, which growth vs Q1 2019 neared 60%.
Maisons du Monde’s selective marketplace,
continued its fast growth with GMV totalling EUR 20 million during
the period (+43% yoy). At the end of March 2022, the marketplace
featured over 1,100 brands and 140,000 SKUs. Maisons du Monde
continues to roll out its omnichannel strategy, and the marketplace
is now available in all French stores. Furthermore, at the end of
the quarter, the marketplace expanded for the first-time outside
France: it is now available in Spain and boasts nearly 50,000 SKUs
from over 290 brands.
Store salesIn
part thanks to a favourable comparable base, total 1st quarter
store sales were up 6% at EUR 209 million. Store sales
were also up 5% vs their pre-pandemic level of Q1 2019.
At 31 March 2022, Maisons du Monde had 350
stores, compared to 357 at 31 December 2021. During the quarter,
the Group closed, as planned, 8 stores: 5 closures in France, 2 in
Belgium, 1 in Italy and opened one store in Spain, maintaining its
yearly objective of 0 to 5 net openings.
Sales by geography
Sales in France reached EUR 162
million (52% of total sales), down 11% vs Q1 2021, but up 3% vs Q1
2019, in a context of still suboptimal inventory levels.Store sales
in France were EUR 114 million down 9% yoy but roughly stable vs Q1
2019 despite a net reduction of 7 stores over the 3-year period.
They represented 55% of total store sales, -9 percentage points vs
Q1 2021. Online sales in France were down 15% yoy but a strong 33%
vs Q1 2019.
International sales totalled
EUR 151 million, up 12% vs Q1 2021, and a solid 32% vs 2019. They
represented 48% of total sales (+ 6 percentage points vs
2019).International growth was fuelled by new store openings (+ 23
net stores since Q1 2019), and a more online-driven channel mix,
online representing 37% of international sales in Q1 2021, vs 31%
in Q1 2019.
International store sales were up +32% to EUR 95
million, thanks to the addition of 10 stores to the international
network since the end of March 2021.Compared to Q1 2021,
international sales also benefitted from a low comparison base of
2021, which was still impacted by store closures, notably in
Germany, Spain and Italy.
2022 Commercial and operational
priorities
For the remainder of 2022, the Group’s
commercial priorities are to:
- Keep strengthening Maisons du
Monde’s omnichannel model to the service of customers
- Selectively rebuild inventories
while actively managing sourcing constraints
- Protecting the Group’s
profitability through rigorous cost control, while advancing on the
strategic agenda
- Sustain efforts towards corporate
social responsibility
2022 guidance
In an environment that remains complex and
volatile, the Group sees a slow start to the first half of the year
and considers Q2 dynamics will be hampered by the global inflation
context and its impact on demand, alongside COVID-related slowdowns
in Asia which may impact restocking plans. As a result, sales in
the first half should be slightly negative. On the other hand, the
second half will benefit from higher inventory levels, especially
in furniture, to support top line growth acceleration, and a more
favourable comparable base.
In this context, and assuming no further
deterioration of macro-economic and supply chain conditions, the
Group confirms its full-year 2022 objectives:
- Positive top line growth, to be
fine-tuned as visibility improves
- An EBIT margin around 9%
- FCF of EUR 65 million to 75
million
- Reduction of the Group’s carbon
intensity: CO2 neutrality for scopes 1 and 2
- Dividend pay-out ratio of 30% to
40%
***
Update ESG Impact Share Buy Back
Program
Maisons du Monde completed its EUR 50 million
“ESG Impact” share buyback program launched last October. The Group
repurchased 2,553,797 shares at an average market price of EUR
19.57. The ESG Impact component realised an outperformance of EUR
500,000 which is being donated:
- 65% to the endowment fund Maisons
du Monde Foundation
- 35% to Emmaüs France non-profit
organisation, in favour of projects to promote economic inclusion
as well as, considering the exceptional situation in Ukraine,
specific programs to help refugees from the war.
76.5% of the repurchased shares will be
cancelled to reduce the share capital of Maisons du Monde, while
the remaining 23.5% will be used to meet Maisons du Monde’s
obligations arising from employee share programs.
Governance
Maisons du Monde announces that the Board of
Directors recommended the appointment of Teleios Capital Partners
LLC, represented by Adam Epstein, its co-founder, and of Gabriel
Naouri, CEO of Majorelle Investments as new members of the Board of
Directors. Such appointments will be submitted to shareholders at
the next General Meeting on May 31, 2022.
With that decision, the Board of Directors
welcomes favourably the contemplated appointment of representatives
of the two reference shareholders of the Company who fully support
the strategy, the governance and the management of the Company to
deliver the Company’s agenda and take up current challenges of the
industry in 2022.
Subject to these appointments being approved by
the shareholders at the next General Meeting on May 31, 2022, both
Teleios and Majorelle have entered into standstill undertakings,
including not to file or announce a tender offer for the securities
of the Company which is not recommended by the Board of Directors
nor to hold more than 29.9% of the share capital or the voting
rights of the Company in the next 24 months.
The Company has entered into two agreements, one
with Teleios and one with Majorelle, to address these governance
topics. Main terms of these agreements are or will be shortly made
publicly available on the websites of the Company and of the AMF,
it being specified that Teleios and Majorelle declared that they do
not act in concert vis-à-vis the Company.
Biographies:
Adam Epstein is co-founder of Teleios Capital,
an investment fund manager with offices in Zug, Switzerland, and
London, that seeks to acquire significant ownership positions in
European public companies and maximise their long-term potential by
working collaboratively with all stakeholders. Adam previously
served as investment director at IPGL Limited, and prior to that
was a partner at Audley Capital, having begun his career in
investment banking with Merrill Lynch. Adam holds an MA in
politics, philosophy and economics from Trinity College, University
of Oxford.
Gabriel Naouri is the founder of Majorelle
Investments, an investment holding company that invests across all
segments of the consumer industry. Gabriel is also the CEO and
founder of FIGANA, an investment platform that provides expertise
and capital to entrepreneurs in the consumer technology space
globally. He started his career in New York at the Rothschild Bank
as an M&A banker. In 2007, he joined Groupe Casino where during
more than 10 years he occupied different positions in France, Asia
and Latin America. In 2018, he became Senior Advisor to the CEO of
Aeon Group (Japan’s largest Retailer). Gabriel previously sat on
the boards of multiple public and private companies around the
world. He holds a Master’s degree in Applied Mathematics from Paris
Dauphine University and is a certified board director from
NYSE-Euronext.
***
Conference call for investors and
analysts
Date: 4 May 2022 at 09.00 CEST
Speakers: Julie Walbaum, CEO and Régis
Massuyeau, CFO
Connection details:
- Webcast:
https://edge.media-server.com/mmc/p/xahwf2zf
- Conference call:
- France: +33 (0)1 70 95 03 46
- UK: +44 (0) 2071 928338
- USA: +1 646 741 3167
- Password: 3054719
***
Financial calendar
31 May
2022 Annual
General Meeting
10 June
2022 Dividend
payment date (proposed)
28 July
2022 Q2
and H1 2022 financial results
27 October
2022 Q3
and 9M 2022 sales
***
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 350 stores across 9 European
countries. End 2020, the Group launched a curated marketplace to
complement its offering and became 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 |
Clémence Mignot-DupeyrotTel: (+33) 6 20 36 93 58 |
Pierre Barbe Tel: (+33) 6 23 23 08 51 |
cmignot@maisonsdumonde.com |
pbarbe@maisonsdumonde.com |
APPENDIX
Summary of sales
€ in millions |
Q1'22 |
Q1'21 |
Var. Q1'22-21 |
|
|
|
|
Group sales |
313.0 |
317.2 |
(1.3%) |
LfL Change vs. n-1 |
(4.0%) |
36.5% |
|
|
|
|
|
|
|
|
|
Sales by product category |
|
|
|
|
|
|
|
Decoration |
174.5 |
175.4 |
(0.5%) |
% of sales |
55.8% |
55.3% |
0.5ppt |
Furniture |
138.5 |
141.8 |
(2.3%) |
% of sales |
44.2% |
44.7% |
(0.5ppt) |
|
|
|
|
|
|
|
|
Sales by distribution channel |
|
|
|
|
|
|
Stores |
208.9 |
197.3 |
5.9% |
% of sales |
66.7% |
62.2% |
5.5ppt |
Online |
104.1 |
119.9 |
(13.2%) |
% of sales |
33.3% |
37.8% |
(5.5ppt) |
|
|
|
|
|
|
|
|
Sales by geography |
|
|
|
|
|
|
|
France |
161.6 |
181.5 |
(10.9%) |
% of sales |
51.6% |
57.2% |
(5.6ppt) |
International |
151.4 |
135.7 |
11.5% |
% of sales |
48.4% |
42.8% |
5.6ppt |
Historical sales
In EUR millions |
Q1'19 |
FY19 |
Q1'20 |
FY20 |
Q1'21 |
FY21 |
Q1'22 |
|
|
|
|
|
|
|
|
Group
sales |
271.2 |
1,179.9 |
231.9 |
1,135.2 |
317.2 |
1,306.8 |
313.0 |
Change vs. n-1 |
6.3% |
8.7% |
-14.5% |
-3.8% |
36.8% |
15.1% |
-1.3% |
LfL Change vs. n-1 |
n.c |
n.c |
-19.3% |
-6.5% |
36.5% |
13.4% |
-4.0% |
|
|
|
|
|
|
|
|
Sales
breakdown |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decoration |
54.9% |
55.9% |
54.3% |
57.1% |
55.3% |
58.6% |
55.8% |
Furniture |
45.1% |
44.1% |
45.7% |
42.9% |
44.7% |
41.4% |
44.2% |
|
|
|
|
|
|
|
|
Stores |
73.7% |
74.8% |
70.2% |
66.1% |
62.2% |
67.4% |
66.7% |
Online |
26.3% |
25.2% |
29.8% |
33.9% |
37.8% |
32.6% |
33.3% |
|
|
|
|
|
|
|
|
France |
57.6% |
57.0% |
55.0% |
55.3% |
57.2% |
53.7% |
51.6% |
International |
42.4% |
43.0% |
45.0% |
44.7% |
42.8% |
46.3% |
48.4% |
1 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.2 Gross merchandise volume (GMV) is equivalent
to Group sales plus marketplace orders but less marketplace
commissions.
- 2022 05 04 Q122 Trading Update ENG2
Maisons du Monde (EU:MDM)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Maisons du Monde (EU:MDM)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024