Maisons du Monde: FY2023 results and Medium-Term Transformation Plan 2024-2026

PRESS RELEASENantes, 12 March 2024

FY2023 Results: Adjusted guidance fully met across all criteria

  • 3C plan produced tangible results
    • Customer focus initiatives allowing for sales sequential improvement H2 vs H1
    • Cost reduction resulting in circa €35 million in gross savings on SG&A and logistics costs
    • Strict Cash control streamlining Capex by 50% and reducing inventory by €43 million whilst improving product availability
  • Significant progress on our ESG roadmap
    • Reduction of our carbon intensity1 by 18% vs 2018
    • 36% of the Good is beautiful selection in Maisons du Monde's offering in 2023
    • Selected Climate Change “A List” company by CDP (Carbon Disclosure Project)
  • FY 2023 adjusted guidance fully met across all criteria
    • Group Sales: -9.3% yoy at €1,125 million vs c. -10% adjusted guidance
    • EBIT: €45.8 million vs adjusted guidance €40m-€50m
    • FCF: €27.4 million vs adjusted guidance €20m-€30m
  • Payout ratio of 30% consistent with range announced in October,amounting to €0.06 dividend per share, to be submitted at the General Meeting on 21 June

Inspire everyday2024-2026 Transformation Plan

François-Melchior de Polignac, CEO of Maisons du Monde commented:

"Maisons du Monde’s 2024-2026 transformation plan, ‘Inspire everyday’ is backed by an enriched and highly engaged Board, and is being undertaken by a renewed executive team, and our committed associates. By focusing on customer needs and operational excellence, we are laying the groundwork for sustainable profitable growth. With a strong focus on simplification and financial discipline, we are increasing cash returns. Over this three-year journey, Maisons du Monde will transition into a more asset-light operator and evolve further into a lifestyle brand. This shift will improve returns on capital employed and enhance shareholder value.”

  • A pragmatic transformation already under way, leveraging Maisons du Monde’s unique assets, fixing customer centricity and execution challenges, and resolutely focusing on cash returns with a shift towards an asset-light approach
    • Structurally optimizing our commercial model to better meet customer needs:Net reduction of assortment by 25%
    • Simplifying our operating model to unlock value creation: Streamline supplier portfolio by 50%
    • Challenging 100% of our costs to reinvest in our development:€85 million gross cost savings2 over 3 years
    • Reducing capital intensity with a more balanced and optimized footprint: 40-50 store closures/transfers and circa 30% of the network under affiliation/franchise by 2026
  • 2024-2026 financial trajectory
    • 2024: a pivotal year to transform the commercial model and lay the foundations for growth
    • Progressive return to topline growth in 2025-2026
    • Cumulative FCF above €100 million over 3 years


Presentation in English. Questions by chat from the webcast platform

Date: 12 March 2024 at 9:30 am CET

Speakers: François-Melchior de Polignac, CEO / Denis Lamoureux, CFO / Gilles Lemaire, Deputy CFOConnection details: Webcast link :        




FY 2023 Group sales reached €1,125.4 million, reflecting a year-on-year decline of -9.3%, amidst a low cycle in the Home & furniture market, intensified by macro headwinds (geopolitical uncertainties, unprecedented inflation, deteriorated consumer confidence).

  FY 2023   FY 2022   %Change  
(in EUR million)
Group GMV 1 263.9 1 337.1 -5.5%
Sales 1 125.4 1 240.4 -9.3%
Sales by product category      
Decoration 648.2 719.8 -9.9%
% of sales 57.6% 58.0%  
Furniture 477.2 520.6 -8.4%
% of sales 42.4% 42.0%  
Sales by channel      
Stores 815.7 880.9 -7.4%
% of sales 72.5% 71.0%  
Online 309.6 359.6 -13.9%
% of sales 27.5% 29.0%  
Sales by geography      
France 622.9 663.8 -6.2%
% of sales 55.3% 53.5%  
International 502.5 576.6 -12.9%
% of sales 44.7% 46.5%  

The Group continued its proactive store portfolio management. At the end of December 2023, the store portfolio reached 340 own stores following 18 net closures o/w 5 transfers to affiliates, as anticipated.



  In € million 2023 2022   %Change
Sales 1,125.4 1,240.4 -9.3%
Cost of goods sold (399.6) (437.9) -8.7%
Gross margin 725.8 802.5 -9.6%
As a % of Sales 64.5% 64.7%  
Store operating and central costs (382.8) (415.9) -8.0%
Logistics costs (135.5) (159.6) -15.1%
Operating Costs (518.3) (575.5) -10.0%
EBITDA 207.6 227.0 -8.6%  
As a % of Sales 18.4% 18.3%
Depreciation, amortization, and allowance for provisions (161.8) (158.5) 2.1%
As a % of Sales 14.4% 12.8%  
EBIT 45.8 68.5 -33.1%
As a % of Sales 4.1% 5.5%  

While EBIT was impacted by sales decline, Gross margin rate remained relatively stable at 64.5%, thanks to savings from normalized freight costs and the positive contribution from the Marketplace, which were reinvested in promotional activities, improving price accessibility, and clearing old inventories.

Store operating and central costs decreased by 8.0%. 3C plan initiatives on costs have more than compensated inflation with a €25 million gross savings on SG&A. Additional savings were driven by lower volumes and one-time items (e.g. expired gift cards write-off).

Logistics costs decreased by 15.1% as a result of €10 million 3C plan cost optimization measures. Additional savings were driven notably by efficiently leveraging lower volumes.

EBITDA margin remained stable at 18.4% despite loss of volumes, notably as a result of cost initiatives undertaken within the 3C plan.

Slight increase in Depreciation and Amortization (D&A) mainly due to the start of amortization of our second distribution center in Northern France.

EBIT margin decreased from 5.5% to 4.1%, impacted by D&A slight increase in a context of sales decline.

Net income amounted to €8.8 million vs €34.2 million in 2022. EPS was €0.21, compared to €0.80 in 2022.It included:

  • Other operating income and expenses, at €(8.9) million, mainly related to store closure costs.
  • Net financial result at €(22.3) million vs €(18.2) million in 2022, mainly due to higher interests on lease debt (€13.5 million vs €12.4 million in 2022), as well as €0.9 million losses on currency transactions vs a gain of €1.9 million in 2022.
  • Income tax, representing €5.2 million vs €18.4 million in 2022.

Free Cash Flow3: Streamlined Capex and tight inventory management nearly offsetting volume impact

In € million 31 Dec. 2023                       31 Dec. 2022
EBITDA                     207.6 227.0
Change in working capital 0.2 (2.8)
Change in other operating items (19.1) (12.2)
Net cash generated by operating activities 188.7 212.0
Capital expenditures (Capex) (33.0) (66.6)
Change in debt on fixed assets (2.5) 5.3
Proceeds from sale of non-current assets 1.9 0.8
Decrease in lease debt (114.4) (107.3)
Decrease in lease debt/Lease interest paid (13.3) (11.8)
Free cash flow 27.4 32.3

In 2023, Capex reached €33 million representing a 50% decrease from last year. The implementation of a rigorous payback approach, coupled with reduced Capex on the second distribution center, has enabled Maisons du Monde to align with market standards. Capex on sales ratio decreased from 5.4% in 2022 to 2.9% in 2023.

In terms of working capital requirements, Maisons du Monde improved its inventory levels, decreasing from €245.7 million in December 2022 to €202.2 million. This reflects tight monitoring and old inventory liquidation, with DIO4 lowered by half a month compared to last year, whilst improving product availability. Working capital effects were limited due to reduced purchases.

Thanks to these actions, Free Cash Flow demonstrated strong resilience, amounting to €27.4 million compared to €32.3 million in December 2022.

Effective management of net financial debt
In € million                               31 Dec. 2023                               31 Dec. 2022
Convertible bonds (“OCEANE”) - 195.6
Term loan 100.0 (0.5)
Revolving Credit Facilities (RCFs) (1.0) (0.7)
Share buyback - 28.1
Other debt 20.1 1.7
Gross debt 119.1 224.2
Finance leases 571.0 613.1
Cash & cash equivalents (29.9) (121.3)
Net debt (IFRS 16) 660.2 716.0
Less: Lease debt (IFRS 16) (571.0) (613.1)
Plus: Lease debt (finance lease) 1.2 2.2
Net debt 90.4 105.1
LTM (Last twelve months) EBITDA5 81.3 109.5
Leverage 1.11x 0.96X

Maisons du Monde reduced its net debt position by €15 million compared to 2022. With cash and cash equivalent totaling €29.9 million, Maisons du Monde’s net debt position as of 31 December 2023 amounted to €90.4 million.

As previously announced, Maisons du Monde repaid the €200 million “OCEANE” convertible bonds on 6 December 2023. This repayment was done through a combination of a €100 million term loan, a €14 million loan from BPI and €86 million in cash.

The Group also increased its RCF credit line from €150 million to nearly €200 million, with an extended maturity to April 2028. This credit line is undrawn as of 31 December 2023 and the Group benefits from circa €200 million of liquidity.


As announced on 29 February, 2024, Denis Lamoureux was appointed Chief Financial Officer. He started his new role on 4 March and is part of the Executive Committee.Gilles Lemaire, Group Controlling Director, acting CFO since 1st September 2023, was appointed Deputy Chief Financial Officer.


General Meeting is scheduled to be held on 21 June 2024. Shareholders will be asked to approve the payment of a dividend of €0.06per share for the 2023 financial year, translating to a 30% payout ratio. The ex-dividend date is 3 July 2024, with payment on 6 July 2024.


Inspire everyday transformation plan is designed to restore Maisons du Monde’s growth and enhance FCF generation, leveraging the strong foundations laid by the 3C Plan, focusing on Customer centricity, and prioritizing operational excellence (Costs) and financial efficiency (Cash).

This transformation plan is based on two fundamental pillars that will pave the way for Maison du Monde’s journey from 2024 to 2026:

  • Driving the transformation of our commercial model to win: rethink our offer, enhance in-store experience, strengthen growth levers, notably the Marketplace, and enrich our model with services,
  • While streamlining our operational model: simplify the value chain, develop “think global/act local” approach to store operations, and reduce capital intensity.

Over the 2024–2026 period, the Group is expected to generate a cumulative Free Cash Flow above €100 million.

The FCF generation should increase over the duration of the plan. We expect positive FCF to continue in 2024, despite a significant portion of our FCF being reinvested into the transformation of the Group, and seizing opportunities to accelerate this transformation.

To secure FCF generation, Maisons du Monde will notably focus on:

  • Delivering €85 million gross cost savings over 3 years, building upon the €25 million and €35 million plans of 2022 and 2023
  • Reducing capital intensity with:
    • a more standardized Capex on sales ratio of circa 3%, already achieved in 2023, representing a notable reduction compared to 2019-2022 period
    • further optimizing inventory, with 1 month reduction of MoH6
    • a more balanced and optimized retail store network:40-50 store closures/transfers and circa 30% of the network under affiliation/franchise by 2026

Over the three-year period, the Group will maintain its 30%-40% dividend payout ratio.

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.

Financial calendar

15 May 2024        Q1 2024 Sales

21 June 2024        Annual General Meeting

29 July 2024        Half-Year 2024 Results

23 October 2024        Q3 2024 Sales

About Maisons du Monde

Maisons du Monde is the leading player in inspiring, accessible, and sustainable home and decoration. The Brand offers a rich and constantly refreshed range of furniture and decorative items in a multitude of styles. Leveraging a highly efficient omnichannel model and direct access to consumers, the Group generates over 50% of its sales through its online platform and operates in 10 European countries.


Investor Relations Press Relations
Carole Alexandre Tel: (+33) 6 30 85 12 78 Pierre Barbe Tel: (+33) 6 23 23 08 51

1 In tCO2 by million euros sales2 €145 million gross cost savings over a five-year span (2022-2026) 3 Free-Cash Flow defined as Operational cash flow generation after Capex, consistent with historical financial communication4 Days Inventory Outstanding – in months of COGS5 EBITDA of €207.6 million is restated in accordance with the senior credit facility agreement dated April 22, 2022

6 Months of Inventory on Hand



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