French furniture business posts decline in Q2 and half year sales

French furniture and home decor company Maisons du Monde has reported a decline in second quarter and half year sales.

According to its latest trading update, Q2 sales were down 7.3% to €269.7m, while half year 2023 revenues fell 10% to €543.4m.

Profit for the half year period resulted at €1m, down 88% from €8.4m in 2022.

Within its categories, Furniture sales during the second quarter were down 4.2% to €136.1m, while also down 10.3% to €254.1m in the half year. Sales of this division represented 46.8% of total revenues.

As for its Decoration sector, Q2 sales slipped 10.3% to €133.6m, while also down 9.7% to €289.3m in the half year. Sales of this division represented 53.2% of total revenues.

Online sales during the half year period reduced 18.1% to €161.2m, with store sales down 6.1% to €382.2. Meanwhile, native France sales fell 6.7% to €291.6m, with International sales down 13.6% to €251.8m.

Maisons said that the Group is finalising the launch of its marketplace in Germany by the end of the third quarter of 2023, which is expected to boost revenues moving forward. Maisons du Monde will also benefit from measures to continuously improve product availability in-store and online to drive traffic and sales conversion.

François-Melchior de Polignac, CEO, commented: “Maisons du Monde achieved sequential sales improvement in Q2, reflecting the resilience of our operations in an environment that remains challenging. Our 3C plan is on track and our teams have accelerated efforts to enhance customer experience both online and offline. We have implemented efficient and targeted commercial initiatives and remained focused on price accessibility to support purchasing power.

“On the cost and cash fronts, with 50% of our €25 million cost savings plan already reflected in H1 numbers, we are fully in line with our annual trajectory. In H2, we will further accelerate our 3C roadmap, implementing various initiatives to gradually improve sales. We will also seize opportunities for cost optimization, including managing our store network through a combination of tactical closures and transfers to affiliates. These initiatives will allow us to achieve our full-year guidance, which is unchanged.”

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