Solid Full-year 2020 results demonstrating the strength of the brand and business model
Discover the key highlights of Maisons du Monde's Full-year 2020 results
Strong financial results
- Good commercial performance: Sales of €1,182 million (-3.5%), underscoring high customer loyalty, differentiated offering and strong omnichannel model; return to growth in H2 (+ 4.8%); FY online up 29%
- Resilient profitability: EBITDA margin of 20.4% (vs 21.1% in 2019) thanks to good commercial dynamics and cost control
- Solid cash generation: Free cash flow of €54 million; net debt down €47 million, leading to leverage ratio of 0.8x vs 0.9x end of 2019
Active capital allocation
- Refund of the €150 million state-guaranteed loan in Q2 21
- Proposed dividend of €0.30 per share
- Strategic review of US assets in progress, €51 million impairment
2021 guidance under current sanitary conditions
- High single-digit top line growth yoy, with broadly unchanged number of stores at year-end
- An improved EBIT margin, increasing by up to 50 basis points vs 2020
- Free cash flow above its 2020 level
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2020 was an unprecedented year and Maisons du Monde rose to the challenge, displaying agility and resilience and staying true to our values of customer proximity and societal responsibility. I am proud of what we accomplished and would like to thank our teams for their remarkable dedication throughout the year.
Thanks to a very strong second-half performance, with sales up 4.8%, and further ramp-up in digital, our full-year sales exceeded our expectations, coming in at nearly 1.2 billion euros despite a total of three months of Covid-19-related lockdowns. Our EBITDA margin at 20.4% and EBIT margin at 7.3% were equally robust as we controlled costs. Thanks to our reinforced cash management, we generated free cash flow of €54 million and our cash position at year-end came in at a solid €297 million.
This performance attests to the high level of our customer loyalty, the relevance of our distinctive product offering and the strength of our omnichannel model, which reached a new milestone in November with the launch of our curated marketplace in France. We also accelerated our efforts on our merchandise sustainability, improving by 4 points the share of sustainable wood in our furniture products and launching our first Oeko-Tex-certified offer, which already represents 25% of our total textile offer.