Brief: Maisons Du Monde FY EBITDA Down To EUR 240.6 Million

Maisons du Monde SA

10/03/2021 07:12

March 10 (Reuters) - Maisons du Monde SA  MDM.PA :
    * MAISONS DU MONDE: FULL-YEAR 2020 RESULTS
    * MAISONS DU MONDE SA - 2021 GUIDANCE UNDER CURRENT SANITARY CONDITIONS *
HIGH
SINGLE-DIGIT TOP LINE GROWTH YOY, WITH BROADLY UNCHANGED NUMBER OF STORES AT
YEAR-END
    * FY SALES OF EUR 1,182 MILLION (-3.5%),
    * FY EBITDA MARGIN OF 20.4% (VERSUS 21.1% IN 2019)
    * 2021 FREE CASH FLOW ABOVE ITS 2020 LEVEL
    * IS CURRENTLY REVIEWING ITS 2020-2024 STRATEGIC PLAN AND WILL HOLD A
CAPITAL
MARKETS DAY IN AUTUMN OF 2021
    * PROPOSED DIVIDEND OF EUR 0.30 PER SHARE
    * MAISONS DU MONDE'S EUROPEAN STORES WERE IMPACTED IN 2020 BY TWO COVID-19
RELATED
LOCKDOWNS WHICH LASTED A TOTAL OF CIRCA TWELVE WEEKS
    * OUTLOOK 2021: AN IMPROVED EBIT MARGIN, INCREASING BY UP TO 50 BASIS POINTS
VERSUS 2020
    * AS A RESULT, STORE SALES WERE DOWN 14.3% YOY
    * STRATEGIC REVIEW OF US ASSETS IN PROGRESS, €51 MILLION IMPAIRMENT
    * GROUP INTENDS TO CONTINUE TO OPTIMIZE ITS STORE NETWORK FOOTPRINT IN 2021
    * REFUND OF THE €150 MILLION STATE-GUARANTEED LOAN IN Q2 21
    * IN LIGHT OF THE PANDEMIC’S IMPACT ON OUR US STRATEGY, WE HAVE DECIDED TO
BOOK AN
ASSET IMPAIRMENT IN 2020 OF 51 MILLION EUROS ON MODANI AND ARE CURRENTLY
REVIEWING OPTIONS FOR THE COMPANY
    * IS CURRENTLY CONSIDERING ALL STRATEGIC OPTIONS FOR MODANI
    * FY EBITDA EUR 240.6  MILLION VERSUS EUR 259.2 MILLION YEAR AGO
    * NET INCOME AMOUNTED TO €(16.1) MILLION FOR THE YEAR
    * IN 2021 IT PLANS TO FURTHER ENRICH OMNICHANNEL PROPOSITION BY LAUNCHING
MARKETPLACE IN FRENCH STORE NETWORK BY EARLY 2022 AND IN A SECOND ONLINE MARKET
IN 2022
    * DECIDED TO NO LONGER PURSUE MAISONS DU MONDE US BANNER STRATEGY IN
FORESEEABLE
FUTURE, IN ORDER TO FOCUS COMPANY ON EUROPEAN OPERATIONS AND IMPROVE ROIC
    * FY LOSS FOR PERIOD EUR 16.1 MILLION VERSUS PROFIT EUR 57.8 MILLION YEAR
AGO

Source text for Eikon:  ID:nGNE1Q3G2S 
Further company coverage:  MDM.PA 

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