Maisons du Monde drops as it sees weaker Q1, gives no FY guide

Maisons du Monde SA

09/03/2023 10:50

** Shares in Maisons du Monde  MDM.PA  drop 8% after the
French home decor retailer refrained from giving outlook for
2023 due to lack of visibility, but flagged a weaker Q1
    ** The group says Q1 will be the low point of the year, with
sales dropping in low-double digit percentage due to macro
trends affecting consumption and a difficult comparable, with
improvement seen from May and especially in H2
    ** "The 3% growth expected by the consensus in 2023
therefore seems ambitious to us, even if the second half should
mark a reversal of the trend," Midcap Partners analysts say
    ** Maisons du Monde expects to give FY guidance in May and
also puts its mid-term guidance on hold
    ** Its FY EBIT was 68.5 million euros ($72.3 million), above
a consensus of 62 million euros cited by Midcap
    ** The group's shares are on track for their worst day since
Sept. 23, 2022
($1 = 0.9472 euros)

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))