Maisons du Monde (MDM) Q4 2025 TU earnings summary

Executive summary

• H2 2025 sales stabilized, with like-for-like down 0.7% after a sharp H1 decline, and Q4 sales at €278.1m, down 5.9% year-over-year; full year sales reached €947.3m, down 5.4% year-over-year.

• Traffic increased for six consecutive months, with improved brand awareness and customer satisfaction, especially in Southern Europe, while France remained weak due to macroeconomic challenges.

• Retail activity was resilient in Southern Europe, but online sales continued to underperform, particularly in Northern Europe.

• Cost-saving initiatives achieved €45m in 2025, with a new €30m target for 2026, aiming for €120m total savings over 2024-2026.

• Store network optimization continued, with new store concepts, refurbishments, and a net decrease of 10 stores year-over-year.

Financial highlights

• Q4 2025 group sales were €278.1m, down 5.9% year-over-year; FY25 sales were €947.3m, down 5.4% year-over-year.

• Like-for-like sales declined 5.4% in Q4 and 4.7% for the full year; H2 sales were €502.7m, down 1.3% year-over-year.

• Retail sales fell 4.6% in Q4, while online sales dropped 10.1%; digital channel improved from -15% in H1 to -5% in H2.

• Decoration sales declined 6.2% and furniture sales fell 5.3% in Q4, with Christmas collection net sales up 15% year-over-year.

• Southern Europe posted positive like-for-like retail growth for the full year, while France and Northern Europe declined.

Outlook and guidance

• 2026 priorities include accelerating brand awareness, upgrading the store network, optimizing costs and cash, and reviving online sales.

• Targeting €30m in additional cost reductions in 2026, totaling €120m in savings over 2024-2026.

• Focus remains on cost control, cash generation, and digital experience improvements, with a slight sales increase needed for a positive net result.

• January 2026 sales expected slightly negative, with a €1m impact from snow in France.

• Plans to expand store affiliation in Spain and Italy and continue development in France.