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A solid performance for Maisons du Monde in 2020
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.
Maisons du Monde accelerates its international expansion and gains a foothold in the United States with the acquisition of Modani
Maisons du Monde is accelerating its international expansion with the acquisition of a 70% stake in Modani, a furniture chain present across the US through its stores and e-commerce business, with an option to acquire the remaining outstanding shares.
With this acquisition, Maisons du Monde continues its growth story and complements its strong European presence with a position in one of the world's biggest markets. It is thus making a major advance in its goal of growing its international footprint.
Maisons du Monde is gaining a foothold in the United States in an agile and controlled manner, capitalizing on the knowledge of the US market of Modani’s founders.
Founded in 2007 and based in Miami, Modani has a network of 10 stores in major US cities and markets its offering through its website and marketplaces.
Modani's economic model is very similar to that of Maisons du Monde:
- An aspirational brand based on a furniture collection designed in-house, multiple categories and styles, regularly renewed and at affordable prices;
- An efficient value chain characterized by the same "design to cost" concept and a logistics platform combining proximity and product availability.
The acquisition of Modani by Maisons du Monde will accelerate the development of the company, which will continue to operate under its own brand and with the same leadership team.
The transaction will allow both companies to benefit from a number of commercial and development synergies:
- For Modani, acceleration of store openings and e-commerce activity, as well as expansion of the product offering, particularly in the decoration category;
- For Maisons du Monde, development of its knowledge of the US market and opportunity to test the Maisons du Monde concept in the short-term with a view to launching its own stores in the future.
The acquisition of Modani marks a milestone in our international expansion and illustrates our agile and controlled approach to broadening our footprint. With this acquisition, we can support Modani in its development by providing additional expertise, while benefiting from the excellent knowledge of the US market of its leaders to create a launch pad for Maisons du Monde in the country. Modani has many commonalities and great complementarities with Maisons du Monde that we can develop further. We look forward to working alongside its founders to continue the growth of both companies.