A French furniture retailer announced its unaudited turnover for the first quarter of the 2024-2025 financial year, revealing a total of €9.3 million, a decline of 13.2% compared to the same period last year.
The company's performance in France, which accounts for 84% of its turnover, was particularly affected, reporting €7.8 million in sales, also down 13.2%. This downturn is attributed to a cyclical decline in sales volumes, despite average prices remaining stable.
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The company, Miliboo, cited the result was due to an uncertain economic climate, characterized by a real estate crisis and sluggish consumer spending. Although all sales channels were impacted, brick-and-mortar stores showed some resilience, partly due to the performance of a new store opened in Annecy in January 2024. Conversely, sales outside France saw a 4.7% increase, driven by growth in online sales across Germany, Belgium, and Italy.
Chairman and CEO Guillaume Lachenal emphasized the need for caution and a gradual revitalization of sales, focusing on the company's best-sellers while managing price sensitivity to maintain gross margins. Miliboo is also committed to rigorous operational expense management during these challenging times, acknowledging that the previous year's strong performance set a high benchmark for comparison.
Source: www.meuble-info.fr