French furniture and home decor company Maisons du Monde has reported a reduction in both sales and profit.
According to its full year results for 2022, total sales fell 5.1% to €1.2bn from €1.3bn, with like-for-like sales down 6.9%. EBIT declined 44.7% to €68.5m from €123.8m, while profit resulted at €35.4m, down 55.2% from €79.1m.
Furniture sales, which now represent 40.5% of all turnover, declined 7.1% to €502.1m from €540.6m, while its decoration division saw sales fall 3.6% to €738.3m. Maisons said that armchairs, sofas, bookcases and shelves were among best-sellers.
Online sales slumped 15.5% to €359.6m from €425.4m, while instore sales dipped 0.1% to €880.9m. International sales gained a slight share of overall revenues, up from 46.3% to 46.5% and stood at €576.6m, declining 4.7% on last year. Native France sales fell 5.7% to €663.8m.
Maisons said that total active customers reached 7.2 million, representing a 4% decrease on last year, while omnichannel customers grew by 8% over the year. Maisons du Monde’s global community grew by 5% year-on-year on social media, reaching 8.6 million followers across Europe.
The company provided an update on its second distribution centre which will support future growth and operational efficiency. The distribution centre will be automated by the end of 2023, which will make it an automated warehouse unique in Europe in terms of its size and the nature of the furniture products processed.
In the year ahead, the company aims to further strengthen its balanced growth model while improving store operations and customer service to return to higher profitability levels and cash generation.
Julie Walbaum, CEO, commented: “Despite the challenging environment affecting our performance in 2022, we delivered our updated full year targets. Moreover, we achieved several key milestones, such as the internationalization of our marketplace, the acceleration of our B2B operations and the opening of our second distribution centre. We also made significant headway on our ESG ambition, significantly increasing our share of eco-friendly products and further reducing our carbon footprint.
“Thanks to our teams’ exceptional commitment, Maisons du Monde has laid solid foundations towards lasting and sustainable growth. I am confident it will continue to progress under François-Melchior de Polignac’s leadership.”