Maisons du Monde (MDM) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 sales reached €221.4 million, down 9.9% like-for-like and 10.9% year-over-year, reflecting challenging market conditions and weak consumer demand, especially in France.

• Transformation initiatives included new product ranges, enhanced brand visibility, store concept renewals, and expanded B2B offerings.

• Brand awareness improved, with a 5-point increase and NPS rising by up to 2.4 points to 56.8.

• Store network transformation and affiliation model expansion continued, with international openings and strong performance from revamped stores.

• Online sales declined 17.6% due to reduced paid traffic and strategic marketing reallocation.

Financial highlights

• Net sales declined to €221.4m from €248.4m in Q1 2024, a 10.9% year-over-year decrease; group GMV was €257.2m, down 9.8%.

• Like-for-like retail sales fell 5.7%, with group LfL down 9.9%.

• Decoration sales dropped 10.1% to €124.3m; furniture sales fell 11.8% to €97.1m.

• Store channel represented 73.4% of sales, online 26.6%; online sales declined 17.6% year-over-year.

• Spain and Italy approached break-even like-for-like and were positive in March; Switzerland and Portugal showed resilience.

Outlook and guidance

• Cumulative free cash flow target of over €100 million extended to 2024–2027 due to market headwinds.

• Additional €10 million in cost savings targeted, raising the three-year goal to €110 million.

• Focus remains on revitalizing top-line growth, strengthening the brand, and accelerating online and omnichannel improvements.

• Management notes a slow rebound in demand and continued consumer caution, especially in France.