Maisons du Monde hits all-time low on profit warning

Maisons du Monde SA

10/10/2023 09:10

** Shares in Maisons du Monde  MDM.PA  drop more than 5.5%
to an all-time low of 5.6 euros after the French home decor
retailer gave a profit warning on Monday
    ** It cuts FY EBIT guidance to 40-50 mln euros ($42.2-52.8
mln) vs initial guidance of 65-75 mln, on sales drop of around
10% vs initial guidance for a low-to-mid-single-digit drop
    ** Midcap Partners says the revision was expected, but not
anticipated until the release of Q3 trading update; it adds the
EBIT guidance is worse than expected
    ** "We assumed that the hard work carried out on the 3C plan
would make it possible to achieve greater EBIT resilience
despite the deterioration of the top line," the brokerage adds

($1 = 0.9470 euros)

 (Reporting by Michal Aleksandrowicz)
 ((michal.aleksandrowicz@tr.com))