Maisons du Monde (MDM) Q4 2025 TU earnings summary

Executive summary

• H2 2025 sales stabilized, with like-for-like sales down 0.7% after a sharp H1 decline, and Q4 sales down 5.9% year-over-year.

• Customer satisfaction and brand awareness improved, with traffic increasing for six consecutive months.

• Retail and Southern Europe showed resilience, while France and online channels faced ongoing challenges.

• 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 refurbishments and a net decrease of 10 stores year-over-year.

Financial highlights

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

• Like-for-like sales declined 5.4% in Q4 and 4.7% for the full 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.

• Southern Europe posted positive like-for-like retail sales, while France and Northern Europe declined.

• Decoration and furniture categories both declined 5-6% in Q4, but Christmas collection net sales rose 15%.

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 on cost discipline, digital transformation, and rebuilding the online model for a best-in-class experience.

• Macroeconomic uncertainty, especially in France, leads to withholding the €100m cumulative FCF target for 2024-2027.

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