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Maisons du Monde reported a 4.9% increase in sales for the third quarter of 2025, reaching €224.7 million. The company’s like-for-like sales grew by 5.9%, with international retail sales up 15% and French sales rising 3.5%. Despite a 5.3% decline in nine-month sales, the company remains optimistic about future growth. The stock price, however, dropped by 1.72% to €2.00 in after-hours trading, reflecting investor caution amid a fragile macroeconomic environment. According to InvestingPro analysis, the company shows impressive gross profit margins, though it currently faces challenges with short-term obligations exceeding liquid assets.
Key Takeaways
- Q3 2025 sales increased by 4.9% to €224.7 million.
- International sales surged by 15%, outpacing domestic growth.
- Stock price fell by 1.72% following the earnings announcement.
- New product categories and collaborations were introduced.
- The company is targeting a return to growth in 2026.
Company Performance
Maisons du Monde’s Q3 2025 performance showed resilience, with overall sales rising by 4.9% compared to the same period last year. The company’s strategic focus on international markets paid off, as evidenced by a 15% increase in international retail sales. In France, sales grew by 3.5%, indicating stable domestic demand. The decoration segment outperformed furniture, showcasing the company’s adaptability in product offerings.
Financial Highlights
- Revenue: €224.7 million, up 4.9% year-over-year
- Nine-month sales: Declined 5.3%
- International sales growth: 15%
- French sales growth: 3.5%
- Like-for-like sales growth: 5.9%
Market Reaction
Following the earnings release, Maisons du Monde’s stock price fell by 1.72% to €2.00. This decline reflects investor concerns about the broader macroeconomic environment and political uncertainties affecting consumer behavior. The stock remains within its 52-week range, with a high of €4.60 and a low of €1.66. InvestingPro data shows the stock has experienced a significant decline over the past year, with a 6-month price return of -14.29%. The company currently trades at a relatively low Price/Book multiple of 1.58x, suggesting potential value opportunity.
Outlook & Guidance
Maisons du Monde is focusing on returning to growth in 2026, with plans to expand new product categories and maintain financial discipline. The company expects slight positive growth in Q4 2025, driven by its festive Christmas collection and continued expansion efforts.
Executive Commentary
CEO François-Melchior emphasized the company’s commitment to customer service, stating, "Better serving our customers remains our top priority." He also noted the positive impact on traffic, saying, "We are seeing the results in terms of traffic." CFO Denis highlighted the importance of consistent growth figures.
Risks and Challenges
- Fragile macroeconomic environment could impact consumer spending.
- Political uncertainty may affect consumer confidence.
- Promotional pressures remain consistent, potentially squeezing margins.
- Supply chain disruptions could affect product availability.
- Competition in the retail sector remains intense, requiring continuous innovation.
Q&A
During the earnings call, analysts inquired about the company’s promotional strategies and potential in Southern European markets. Executives confirmed that promotional pressure remains consistent and highlighted ongoing discussions with banks, although specifics were not provided.
Full transcript - Maisons du Monde SAS (MDM) Q3 2025:
François-Melchior, CEO, Maisons du Monde: Thank you. Good evening, everyone, and thank you for joining us today for Maisons du Monde’s third quarter 2025 results. Obviously, this quarter brings us some level of satisfaction as we post positive figures. Yet, this comes on a very negative historical basis, of course. Sales reached €224.7 million, up 4.9%, and +5.9% on a like-for-like basis. This contrasts with a nine-month sales decline of 5.3%. If you look at performance by geography, we can see that growth was stronger outside of France, especially in Southern Europe, where we recorded double-digit increases. This partly reflects our choice to strengthen local adaptation with dedicated teams now in Italy and Spain, allowing us to adapt faster and serve customers better. In France, growth was also positive, though more modest. As you know, the macroeconomic environment remains very fragile, with political uncertainty still affecting consumer behavior.
While we’re seeing progress, we clearly remain cautious for the coming months. What really is key to us is that we keep moving forward in our in-depth transformation throughout the company, from its basement to its roof. Without covering all our strategic projects today, I would like to highlight a few key points. The autumn-winter 2025 collection had a very strong start. That tells us two things. First, that our product resonates with customers, confirming that our design and collection choices are right. Second, that our operational execution is improving. For instance, we’re able to launch this new collection earlier, right at the beginning of July, leveraging the traditional flow of incoming customers during the seasonal sales period. We’ve also invested in better tools and processes to deliver the right product at the right time throughout the season.
A major step has been the rollout of our AI-based replenishment tool across Europe, improving how we manage store inventory. We are, of course, still fine-tuning this new important tool. Better serving our customers remains our top priority. That’s why we started to expand our services, including free in-store delivery for furniture items, a simple but powerful way to enhance the customer experience. We are also moving forward with our new store concepts dedicated to leading shopping malls, now open in Paris La Défense and Milan, building on the excellent results of our pilot stores in Montpellier and Nice, which continue to post double-digit growth month after month. This initiative is key as it also allows us to expose our brand and offer to a massive number of customers, notably younger customers.
Last of all, on that point, I want to share with you that we are now starting to leverage some key features of this successful concept to further enhance also the more traditional store format. Finally, the best evidence that we’re on the right path is customer satisfaction. Our Net Promoter Score has indeed improved by six points versus last year. Of course, we’re keeping a close eye not only on growth but also on profitability. Our cost-saving plan remains fully on track, and we’re maintaining a strong focus on cost discipline to support the bottom line. As we move on to the next page, store network, that’s, of course, a key pillar of our transformation and a strong driver of performance this quarter. Our affiliation model has now clearly proven its value.
It’s resilient and efficient to operate smaller stores, and it has been successfully implemented in France, as you know, and is starting in Spain. Encouraged by these results, we transferred two additional stores to this model during the quarter. At the same time, investing in our physical network continues to create tangible value. Our now 70 revamped stores demonstrate a more resilient performance compared to other locations, while also, of course, enhancing customer experience. This quarter, we also opened our first outlet store. This pilot allows us to offer a curated selection of past collections at reduced prices, helping us manage inventory while reaching new customers thanks to its location in a high-traffic outlet-dedicated shopping center. Moving to the next slide. Of course, inspiring our customers is at the very heart of what we do.
Our new autumn-winter 2025 collection, built around three key inspirations: warm ethnic, contemporary design, and comforting classic, has been very well received, confirming that our products are appealing and that our design and collection choices always speak to the heart of our customers. We’re not stopping there, as we want to surprise and inspire our customers throughout the season by adding fresh, creative touches on a regular basis. Thus, during this quarter, for instance, we launched two special collaborations that illustrate both our creative ambition and our commitment to sustainability. First, our collaboration with designer Cliff & Foam, presented during Paris Design Week. Together, we created five exclusive pieces crafted from Maisons du Monde upcycled curtains, a true symbol of creative and responsible design. Second, a partnership with Michelin-starred chef Maurice Lacau.
Maisons du Monde and Maurice Lacau have joined forces for an exclusive collection of tableware and everyday objects, blending culinary arts and design in a way that truly embodies the Maisons du Monde spirit. Moving to the next slide. Of course, staying connected with our customers remains a top priority. That’s exactly why, precisely one year ago, we launched our Maisons du Monde loyalty program, and we are now seeing encouraging results. Indeed, the number of what we call our multi-timers customers, who make several purchases per year at Maisons du Monde, has grown across all customer profiles, from our likers to our addicts. This clearly confirms the relevance and effectiveness of our loyalty program in deepening engagement and driving repeat business. At the same time, we’ve continued to refine our marketing strategy, working towards a more efficient balance between offline and online investments, aiming at strengthening our brand.
In Q3, we focused on brand visibility, combining out-of-home campaigns, broad catalog distribution, and targeted media activations, including a special campaign around our collaboration with Maurice Lacau using both TV and social media. We are seeing the results in terms of traffic. Let’s remind that brand awareness increased by 2.5 points in the first half of 2025, outperforming our main competitors during the same period. In Q3, we are observing a significant rebound in online organic traffic, up 1.5 times in Q3 compared to last year. This growth is particularly valuable, not only because organic traffic is free, of course, but also because it’s one of the strongest indicators of brand strength and awareness. Now, moving to the next slide and focusing on customer experience. During the quarter, we rolled out our new concept stores in Milan and Paris La Défense, both showing very promising early results.
These stores embody what we want Maisons du Monde to be about: warm, inspiring, and easier to shop. Beyond the store environment, product availability plays a crucial role in delivering a great experience because we all know that when it comes to a pleasure purchase, immediate availability can make all the difference, which is why we have now fully deployed our AI-based replenishment tool across Europe. This technology helps us optimize inventory allocation at store level, ensuring the right products are available in the right place at the right time. Finally, to further enhance convenience and leverage our omnichannel strengths, we’ve started to introduce, as I said, free in-store delivery for furniture. Now, I will hand over to Denis for more insights into the financial results.
Denis, CFO, Maisons du Monde: Thank you, François-Melchior. Hello, everybody. Let’s go into more details of the sales in this chart. Basically, what you can see is that there is an improvement in all channels, which is good news, but not at the same speed. On top of that, as mentioned by François-Melchior, we have a favorable comparison basis in last year because the Q3 in last year was not so good. Plus, the fact that we have some store closure. Remember that we have a huge revamping period at that moment last year. If you look at the figures, the total read, the like-for-like sales is at plus 5.9%, and the total sales are at plus 4.9%. We can see a strong dynamism outside France, but in France, it’s quite better than what we have seen during the first semester. International is doing on retail plus 15%, while France is doing plus 3.5%.
We can see this big dispersion compared to France and international. If you look at the non-like-for-like, remember that we are closing some boutiques. Some are transferred to affiliates, but we are closing some boutiques. This is the impact. We can see after the online. Regarding the online, important thing, the traffic is back. Remember that during Q1, Emily, but also all the first semester, we suffered from a strong decrease of the traffic because of a too high decrease of the SEA expense, something that has been corrected during this quarter. The traffic is back, and part of the traffic is SEO traffic. The increase, we have a strong increase of, I would say, free traffic, but it is linked to all the marketing efforts we are putting outside the web. This traffic is very important for us.
We have also, within this online part, I would say, the web MDM a little bit flat, and the increase is coming from the marketplace. This marketplace is the fact that there are more vendors, namely in Italy and Spain. It’s important to have in mind that for online, we cannot see the same discrepancy that we see in retail. There is more homogeneous effect within the various countries where we are. If we go into more detail, meaning the next slide, what we can see in a nutshell is that decoration is performing better than furniture, which is quite logical in view of the dynamism of the physical retail compared to online. I remember you that the online share of business for furniture is very high, not far from 80%. That’s logical to see this effect.
You can see also that based on the mix and the dynamism of like-for-like in retail, the share of business of digital is a little bit declining, but it is clearly linked to the dynamism of the retail network. We can see the increase of the share of international, as mentioned in the slide before. International is growing in this quarter, far above France. All the channels and all the markets are growing during this Q3. Now, I hand over to François-Melchior again.
François-Melchior, CEO, Maisons du Monde: Thank you, Denis. Moving to the next slide. What are our key priorities for the last quarter? Our focus is very clear: offer inspiring products while performing strongly across both sales channels, in-store and online. When it comes to products, we remain loyal to our DNA, innovating and creating warm, emotional collections for the festive season. Our festive Christmas collection invites customers to travel through six unique destinations, from Mexico to Quebec to Paris. As with our autumn-winter 2025 collection, we have anticipated the rollout to capture the full potential of this launch. All efforts will be made to drive growth across both channels. In stores, teams will be fully mobilized to deliver the best possible customer experience. Thanks to newly implemented flexible work schedules in France and a more performance-based incentive system, we want to ensure maximum team availability and strong motivation during this key period.
At the same time, we are closely monitoring the launch of our new concept store in La Roche-sur-Yon in France, specifically designed for zone d’activité commerciale locations and which builds upon all learnings of past remodelings, both at ZACH and at shopping center levels. It also includes some very new features and services that we will comment with you in a few months. On the digital front, we continue to pursue a selective SEA strategy, leveraging learnings from earlier this year and capitalizing on the strong SEO traffic observed in recent months. We also continue to boost brand visibility through press, catalog, and offline activations. All this while maintaining, of course, financial discipline, even more so as the current political context in our domestic market remains very uncertain. Such financial discipline can be summed up as controlled promotional activity, close monitoring of expenses, and reduction of inventory levels.
With that, we have finished our presentation and will be ready to answer questions.
Moderator: Thank you. As a reminder, if you wish to ask a question via the webcast, please use the Q&A box available on the webcast link and click submit. Thank you.
François-Melchior, CEO, Maisons du Monde: There is a question about the current trading and the expectations for Q4 and beyond. I will not comment on the top-line growth that seems to be expected from the consensus at +2% next year. What I can tell you is that we did expect the beginning of October to be under pressure, and this is what we are observing. We are making all efforts, and we are working on a slight positive figure for Q4 this year. There is a question on the gross margin and the discount pressure. Florian, we have, of course, planned that the promotional pressure on the market will remain strong. This is really embedded in our forecast.
We don’t expect it to be more aggressive in Q4 than it has been in the past, but it certainly is taken into account in the way we monitor the company, given the fact that the market really has not been stepping down from the increase of promotional pressure of the last quarters and even years. There is a question, or maybe even a request, about our plans to stimulate the performance of the stock and are we increasing our activity to show them the investment case. Maybe Denis will complement that one.
On my part, what I would say is, at the level of the stock we have now, I think what we really have to prove to the market is a succession of positive quarters and that will by very far be the best way to showcase the Maisons du Monde investment case and certainly the one that we fully prioritize on. I don’t know, Denis, if you want to elaborate or complement that.
Denis, CFO, Maisons du Monde: I think that for sure the best way to have this kind of figure is to continue to provide this kind of growth figures. It’s something that may be too early to answer. Let’s see to secure the fact that in the next quarter and next quarters, we will come back positive as we are today, and we will then have this kind of thinking.
François-Melchior, CEO, Maisons du Monde: There is a question on our expectations for 2026 and 2027 in France especially, and in Europe as well. Like on the previous question about 2026 forecast, I will not be specific. What I can tell you is that, of course, we are targeting a return to growth clearly and by definition. What we can say is that we consider the consuming environment in France at the moment highly volatile and uncertain for obvious political reasons. What is important to us is that we see a stronger, more resilient potential for growth, notably in Italy and Spain, our key Southern European markets where we have been overperforming and where, as I mentioned, we have been also enforcing our local management to better serve the local customers and needs. Also, a question. Florian has been asking a number of questions.
Insights regarding the performance of new categories we launched in the bathroom. I could dwell on that for quite a long time. I will try not to make too much of it. Indeed, bathroom essentials and towels is a new category. We’ve been performing very, very well on this category, and we believe, and we know, and we plan for a further extension of both of the assortments and, of course, of the sales associated with that. Other very successful developments have included so far culinary accessories, kitchen accessories, which is a growing market. We had few references. Now we have increased, and we have very good results. It’s really consistent with what we are offering, notably at store level in terms of merchandising. We have also the pet accessories environment, which has been developed very strongly.
We will have some interesting news and exciting, I would say, events around this extending category. It’s clearly expanding the marketplace, and we are also here very satisfied. I think what is only at the beginning of the story is rather the extension of our category on bed linens, where we started but very shyly. It’s a huge market, and we see from early results that there is a very strong potential for us in this respect as well. That’s the key areas for growth looking forward and clearly confirming the early results of this extension of categories. There is a question by Florian. Has it seen a lower performance in September than the two other months of the quarter?
Yes, and in fact, we did expect, given our seasonal activity, what we did last year and so forth, but we did expect the last part of September and the first part of October to be lower, and this is what we have been seeing. What is the share of stores that still need to be revamped as of today? Are you in line with your original plan? That’s a broad question. We are talking at the moment of about 70 revamped stores. That means that by definition, we still have 250 more or less to go, which eventually will happen. What is at the moment our priority is to fine-tune to the most the concepts that we want to really roll out in a second stage. As we said, in terms of shopping centers, we are very satisfied with what we have done. Basically, little need for further improvement.
What I said also is that in the ZACH locations, zone d’activité commerciale, that three quarters of our stores, we have come up 10 days ago with a newborn in terms of concept evolution. The early results, of course, should not be taken into account, and they are so great that it would be insane to do that. We will have to stabilize it and see how much of it we want to roll out in the rest of the network. We are still waiting to make sure that we get the full positive impact of that before we adjust potentially a rollout for this enriched and renewed concept. There are two questions about the discussions with our banks. Can we elaborate on that, at least two questions on that? I will give the floor to Denis to finance those at least two questions at the same time.
Denis, CFO, Maisons du Monde: Yes. As we already said, and it is in the last press release also, we are in ongoing discussions with four banks basically since 2024. I am sure that you will understand that we will not be providing running commentary about ongoing discussions with financial partners. Of course, we will communicate in due course.
François-Melchior, CEO, Maisons du Monde: Can we have an idea of the level of stocks you are expecting at the end of the year? Maybe Denis will complete that, but we are in line with our plan of reducing the inventory from the level that we had reached at the end of H1, which was very high, given some commercial choices we had been making. I don’t see so far any more questions. Let us go through again. At the moment, we have no unanswered questions. Of course, we stay connected. There might be some others to come. No other question appearing. In that case, let’s thank you very much for attending this call, and we look forward to speaking with you in the future. Thank you all.
Denis, CFO, Maisons du Monde: Thank you.
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