Maisons du Monde: Sales Stabilization in the Second Half of 2025

Sales Performance Details

Maisons du Monde's net sales amounted to 278.1 million euros in the fourth quarter of 2025, down by 5.9 percent compared to Q4 2024, which represents a 5.4 percent decrease on a like-for-like basis. After a decline of 9 percent in the first half, the group observed a stabilization of sales in the second half with a retreat of 0.7 percent in like-for-like growth. The two distribution channels experienced contrasting developments: physical stores saw a 4 percent decrease with a comparable performance of minus 2 percent, while online business contracted by 10 percent. France experienced a 6 percent decline and international sales decreased by 5 percent. Geographically, performances were mixed: Southern Europe generally stabilized its results with growth in the store network, while Switzerland and the Benelux showed a resilient trend. Conversely, Germany and Austria recorded declines over the quarter. The Christmas collection grew by 15 percent, strengthening the group's positioning during seasonal periods. Furniture and decoration sales showed comparable trends with respective declines of 5 and 6 percent.

Cost Savings and Store Operations

The group confirmed the achievement of its cost savings target of 45 million euros and announced a new ambition to cut an additional 30 million euros by 2026. As of December 31, 2025, Maisons du Monde operated 328 stores, a net reduction of 10 units over the year. Three underperforming stores were closed during the quarter, and one store was transferred to an affiliate model, bringing the total number of affiliate stores to 19. The La Roche-sur-Yon store was completely renovated and converted to the new pilot format for commercial activity zones, with performance deemed very encouraging since its reopening in October. Store sales reached 215 million euros, down by 5 percent, while online sales amounted to 63.3 million euros, down by 10 percent. In terms of financing, the group obtained unanimous consent from its banks to adjust the financial documentation related to covenant ratios as of December 31, 2025.

Adjustment of Financial Forecasts

Due to the persistent lack of visibility on the macroeconomic environment and the retail sector, particularly in France, Maisons du Monde has decided not to maintain its cumulative free cash-flow generation target of 100 million euros for the period 2024-2027. The group highlighted that the improvement in the second half was supported by the Autumn-Winter collection and the confirmation of a better trajectory in Southern Europe and in retail, including in France. François-Melchior de Polignac, CEO, indicated that the group remains fully focused on cost control and generating positive cash flow.