Maisons du Monde: Trading update
26 Mai 2022 - 8:19PM
Maisons du Monde: Trading update
PRESS
RELEASE
Trading update
NANTES – 26 May 2022, 20:15 CEST – Maisons du
Monde (Euronext Paris: MDM; ISIN: FR0013153541), a European leader
in affordable and inspirational home and living, today announces a
trading update and revised guidance.
On 4 May 2022, Maisons du Monde announced a slow
start to the year but confirmed its full-year guidance assuming no
further deterioration of macro-economic and supply chain
conditions. These conditions have materially worsened over the last
few weeks and our second quarter is now expected to be high single
digit negative. More broadly, previous assumptions need to be
updated:
- Inflation in
Europe is forecast to stay at high levels for the remainder of the
year, hampering consumer confidence and the underlying demand for
the category,
- The evolution of
the pandemic in China keeps generating serious bottlenecks which
add extra costs and may slow down our restocking plans,
- Freight, raw
material and energy costs remain at very high levels and are not
expected to ease in the near future. Against this backdrop of high
inflation and volatility, projected costs have been underestimated,
temporarily impacting the gross margin model.
Despite the soft demand, the Group is determined
to support sales development through short-term and mid-term action
plans. It is also committed to protect profitability through
rigorous cost control, while advancing on the mid-term agenda. In
particular, it plans to maintain investment in strategic
initiatives such as the opening of the second logistics centre and
the deployment of the marketplace. The Group also plans to keep
actively rebuild inventories to support future sales while managing
sourcing constraints.
However, the high uncertainty of the global
topline context, together with the revision of its projected gross
margin assessment, have led the Group to review its full-year
objectives as follows:
|
Updated guidance |
Previous guidance1 |
Top line growth |
Mid-single-digit negative |
Positive |
EBIT margin |
5% or above |
around 9% |
FCF |
EUR 10m to 30m |
EUR 65m to 75m |
Carbon intensity |
CO2 neutrality for scopes 1 and 2 |
Dividend pay-out ratio |
30% to 40% |
Maisons du Monde stays confident in the
profitable growth model detailed in the context of the Capital
Markets Day of November 2021. The strategic plan disclosed on that
occasion remains fully valid, although the timing for reaching the
2025 targets may be extended.
Conference call for investors and
analysts
Date: 27 May 2022 at 07:30 CEST
Speaker: Julie Walbaum, CEO
Connection details:
- Webcast:
https://edge.media-server.com/mmc/p/ptnwnu7e
- Conference call:
- France: +33 (0)1 70 70 07 81
- UK: +44 (0) 2071 928338
- USA: +1 16467413167
- Password: 9647572
***
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 |
1 Guidance provided assuming no further deterioration of
macro-economic and supply chain conditions
- 2022 05 25 Trading Update ENG_FINAL
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