Maisons du Monde: Sales Down 5.4% in 2025 and Cash-Flow Target Abandoned
Maisons du Monde published its fourth quarter and full-year 2025 sales on January 30, 2026. The furniture and home décor retailer highlighted a stabilization of its activity on a comparable basis in the second half (-0.7%), following a first half at -9%.
However, at the same time, the group announced the abandonment of its target for cumulative free cash-flow generation of €100 million over the 2024-2027 period, citing a lack of visibility on the macroeconomic environment and retail trade, particularly in France.
Annual Sales of €947.3 Million, Down 5.4%
Over the full 2025 fiscal year, the group's sales stood at €947.3 million, down 5.4% compared to 2024 (€1,001.9 million), or -4.7% on a comparable basis. The gross merchandise value (GMV) reached €1,083.4 million, declining 4.6%.
In the fourth quarter, net sales came in at €278.1 million, down 5.9% and 5.4% on a comparable basis. France declined 6.2% in the quarter, at €159.8 million, while International fell 5.3%, at €118.3 million.
Both distribution channels showed declines. The store network posted €214.7 million in the fourth quarter (-4.6%, or -2% on a comparable basis), while online sales stood at €63.3 million, down 10.1%. These represented 22.7% of quarterly sales.
Stores and Southern Europe Resilient, E-Commerce Down 10%
The group highlighted the contrast between its channels. Physical stores demonstrated greater resilience than online activities, with a decline limited to 2% on a comparable basis in the fourth quarter, compared to 4% in France. Stores with the refreshed concept continue, according to the company, to generate single-digit growth.
In Southern Europe (Italy, Spain, Portugal), in-store sales on a comparable basis grew 1% in the fourth quarter, a second consecutive quarter of growth. Switzerland and the Benelux showed a trend described as resilient, while Germany and Austria declined.
Conversely, online sales fell 10%, despite a record Black Friday campaign, mainly affected by France and Northern Europe. The group adjusted its internal organization and welcomed a new digital director, Olivia Camplez, in early January. As of December 31, 2025, the group operated 328 stores, a net decrease of 10 units over a year.
€45 Million in Savings Achieved in 2025, New €30 Million Target for 2026
On the cost front, Maisons du Monde confirmed achieving its 2025 cost-savings plan of €45 million. The group set a new ambition of €30 million in gross cost reduction for 2026, focused on logistics and headquarters, which would bring total savings to €120 million over the 2024-2026 period.
Cash generation was positive in the second half, but did not offset the consumption in the first half. The group also indicated that it obtained unanimous consent from its banks to adjust the financial documentation relating to covenant ratios as of December 31, 2025.
It is in this context that the group announced that it will not maintain its target for cumulative free cash-flow generation of €100 million over the 2024-2027 period, due to persistent lack of visibility on the macroeconomic environment and retail trade, particularly in France.
