Brief: Maisons du Monde Sees H2 2020 Performance Below H2 2019 Levels

Maisons du Monde SA

28/07/2020 17:37

July 28 (Reuters) - Maisons du Monde SA  MDM.PA :
    * MAISONS DU MONDE: FIRST-HALF 2020 RESULTS
    * H1 SALES REFLECT COVID-19 IMPACT: EUR 489 MILLION(-13.3%), WITH A BETTER-THAN-EXPECTED
PERFORMANCE IN 2Q
    * END-H1 FREE CASH FLOW: EUR 43 MILLION
    * END-H1 CASH POSITION AT 30 JUNE: EUR 437 MILLION
    * RESILIENT H1 EBITDA: EUR 69 MILLION (MARGIN: 14.1% VERSUS 17.2% 1H19)
    * WE BELIEVE IT IS NOT APPROPRIATE TO PROVIDE GUIDANCE FOR REST OF YEAR
    * GROUP ESTIMATES THAT FOR ENTIRE FIRST HALF, NET DECLINE IN SALES WAS APPROXIMATELY EUR 110
MILLION
    * EVEN IF OUR SECOND-HALF PERFORMANCE SHOULD SHOW AN IMPROVEMENT OVER FIRST SIX MONTHS, WE
CURRENTLY EXPECT IT TO BE BELOW ITS 2H19 LEVEL
    * END-H1 NET DEBT WAS EUR 763 MILLION, COMPARED TO EUR 805 MILLION AT 31 DECEMBER 2019
    * ANTICIPATES BETWEEN 4 AND 8 NET STORE CLOSURES IN FULL YEAR (10 NET CLOSURES IN H1 2020)
    * EXPECTS H2 2020 PERFORMANCE TO BE BELOW ITS 2H19 LEVEL

Source text for Eikon:  ID:nNDL3mys2J 
Further company coverage:  MDM.PA 

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