LDLC: Revenue down 14.3% in Q1, B2B shows resilience
The LDLC group announced on July 30, 2026 consolidated revenue of €109.0 million in the first quarter of 2026-2027, down 14.3% year-over-year. However, this overall contraction masks fragmented dynamics: the B2B segment proved resilient with growth of 2.9%, while the activities of Rue du Commerce and L'Armoire de Bébé continue on a growth trajectory. The group attributes this quarterly decline to the absence of new Nvidia graphics card generations and the persistence of inflationary pressures on components, factors that have particularly weighed on the B2C segment.
Weakened B2C, resilient B2B in the face of market conditions
The consolidated revenue for the first quarter stands at €109.0 million, compared to €127.2 million a year earlier. The group's business volume, including the LDLC franchise network, LDLC and Rue du Commerce marketplaces, amounts to €119.0 million, down 12.0%.
The B2C segment recorded €71.8 million in revenue, a decline of 21.2% compared to Q1 2025-2026. Stores and online activity are respectively down 13.2% and 25.4%. This decline reflects the absence of launches for new Nvidia graphics card models, which penalizes not only these products but also sales of assembled PCs, as well as an inflationary pricing environment driven by demand for memory chips for the artificial intelligence sector, reinforcing consumer hesitancy.
Conversely, B2B activities posted €34.2 million in revenue, up 2.9% year-over-year. The group attributes this solid performance to structural needs for business equipment and the necessity to modernize and secure their IT assets. Other activities (essentially L'Armoire de Bébé) totaled €3.1 million, up 7.5%.
Rue du Commerce and L'Armoire de Bébé accelerate their growth
Beyond this overall segmentation, two activities demonstrate marked growth dynamics. Rue du Commerce recorded business volume of €6.7 million, up 31.8%, driven by the scaling up of its marketplace whose activity increased 70% during the quarter. L'Armoire de Bébé confirms its development with revenue of €2.4 million, growing 26.1%, the result of work undertaken on its online store and enrichment of its product ranges.
The group also observes gradual improvement during the quarter, with a notable upturn since June that was confirmed in July. This quarterly rebound suggests that the Q1 contraction results more from a concentration of unfavorable cyclical factors than from a sustainable structural trend.
Inventory normalization and confirmed confidence
In the current environment, the LDLC group reiterates its objective to preserve its EBIT margin in line with fiscal year 2025-2026, relying on strict commercial discipline, continued cost optimization and controlled inventory management. Inventory normalization was initiated in the first quarter and should continue through the fiscal year, supporting a reduction in working capital requirements. The group indicates that its safety stock is declining gradually, already standing at around 10%.
In the medium term, the group expresses confidence in demand rebound prospects, driven by the launch of new graphics card generations, the arrival of PCs incorporating major technological innovations related to artificial intelligence, and structural needs for renewal of IT equipment. The group will publish its revenue for the second quarter of 2026-2027 on October 29, 2026 after trading hours.
