Roche Bobois: Declining Profits and Sales in the United States
In 2025, the high-end furniture group navigated a challenging environment characterized by dollar fluctuations and the introduction of US tariffs. Despite these challenges, Roche Bobois presented results on Thursday, March 26, that upheld its promise of financial agility. However, beneath this apparent stability lies a more concerning commercial reality: February 2026 sales tell a different story, one of a market succumbing to pressure.
Financial Performance Overview
The consolidated revenue of €402.5 million shows a modest decline of -1.3% at constant exchange rates, while EBITDA stands at €71.2 million, within the forecast range (€70 - €72 million). The EBITDA margin has stabilized at 17.7%, nearly identical to 2024's 18%. This near-stability in margins despite a slight decline in revenue illustrates the group's operational discipline: external expenses decreased by 4.2%, from €100.7 million to €96.5 million, while personnel expenses remained stable at €89.9 million. The net result, although down at €10.2 million compared to €15.8 million in 2024, primarily reflects the impact of a worsened financial result (currency exchange losses of €2.8 million related to the euro/dollar). In terms of cash flow, the group reported a free cash flow of €49.4 million, up €13.8 million from 2024, and maintains a net positive cash reserve of €46.8 million.
Contrasting Regional Dynamics and Early 2026 Slowdown
These consolidated figures reflect a certain adaptability, but they conceal contrasting regional dynamics and, notably, a sharp commercial downturn at the beginning of 2026. The order book, key to future visibility, stood at €122.7 million as of December 31, 2025. However, by February 2026, business volumes had dropped to €99.5 million, a contraction of 9.8% at constant exchange rates. For company-owned stores, the situation worsened: €59.2 million in revenue, a decline of 13.5% at constant exchange rates. This erosion is not uniform: it is particularly severe in the United States/Canada (-28% at the end of February at current exchange rates), although the group cites inclement weather and currency effects. Only Cuir Center, with its commercial performance and strategic closures of unprofitable stores, posted a 25% growth in EBITDA, contributing €7.7 million. In France, the commercial operations 'Les Jours Tentations' and 'Design Days' in the United States send mixed signals: improvement compared to the beginning of the year, but without a real restart.
Cautious Outlook for 2026
The group approaches 2026 'with caution,' acknowledges the statement, facing a geopolitical context that weighs on consumption and persistently unfavorable exchange effects. The real estate strategy remains cautious: opening a store in Aix-en-Provence, expansion in Luxembourg and Porto, transfer of two stores to more premium sites (Reims and Atlanta), and maintaining a pace of 5 to 10 franchises per year. The group proposes a dividend of €0.80 per share, a sign of confidence but also of its capacity to support shareholders despite the uncertainty. This proposal will be submitted to the general assembly on June 16, 2026.
