Sales and profitability
On 25 September 2026, Maisons du Monde reported sales of €412.8 million for the six months to 30 June: a decline of 7.1% on a reported basis and 5.8% on a like-for-like basis. Gross merchandise value (GMV), which includes marketplace sales, fell 5.8% to €483.3 million; this is not the same as group revenue or sales. [1 · Maisons du Monde · financial results section, 25 September 2026] [2 · Maisons du Monde · full first-half 2026 results release]
Store sales fell 5.3% to €302.4 million, while online sales declined 11.8% to €110.4 million. The gross margin fell 240 basis points to 61.9%. The company attributes the pressure in part to heavier discounting in the first quarter and an unfavourable comparison base. [2 · Maisons du Monde · full first-half 2026 results release]
Profit, cash flow and guidance
Current earnings before interest, taxes, depreciation and amortisation (current EBITDA) were €27.1 million, compared with €46.0 million a year earlier. This is a non-IFRS management measure. The current operating result (current EBIT) deteriorated to negative €36.8 million, while the net loss narrowed to €64.0 million from €75.6 million thanks to lower other operating expenses. [2 · Maisons du Monde · full first-half 2026 results release]
Free cash flow remained negative, but improved to negative €49.8 million from negative €64.9 million. The reported €23.2 million in capital expenditure includes a €10 million deposit associated with securing operations during the refinancing; excluding it, core investment was €13.2 million. [2 · Maisons du Monde · full first-half 2026 results release]
Following the July refinancing agreement, the company presents estimated net debt excluding IFRS 16 of €24.6 million as of 30 June, as if the new arrangement were already in effect. This is a pro forma measure, rather than actual debt at the reporting date. Maisons du Monde has declined to provide financial guidance during the transition period. [2 · Maisons du Monde · full first-half 2026 results release]
Sources
- Maisons du Monde · financial results section, 25 September 2026 — Official results publication page and date of the original document.
- Maisons du Monde · full first-half 2026 results release — The company's complete primary release, including metric definitions, tables and guidance caveats.
- Maisons du Monde · official corporate profile — Official background on the brand, product range and market.
Expert commentary
The main signal is not the narrowing net loss in itself, but the combination of falling sales, gross margin compression and declining current EBITDA. The improvement in the net result is largely linked to lower other operating expenses, while the economics of the core retail business weakened. It is therefore premature to say the business has completed its recovery. [2 · Maisons du Monde · full first-half 2026 results release]
The online channel is shrinking faster than stores, limiting the simple hypothesis that demand is shifting to the internet. Several explanations are possible: weak demand for homewares, changes in advertising activity, assortment or tougher price competition. Public data do not separate these effects, making it important for management to show trends in traffic, conversion and average order value. [2 · Maisons du Monde · full first-half 2026 results release]
The 4.8% reduction in operating expenses confirms that the cost-saving programme is working, but it does not yet offset the decline in gross profit. For competitors, this means price competition could continue: chains with stronger balance sheets can fund discounts for longer. In the short term this supports affordability for customers, but excessive cost-cutting could worsen assortment, delivery times or service. [2 · Maisons du Monde · full first-half 2026 results release]
Refinancing reduces immediate debt pressure only if its conditions are met. The €24.6 million figure is calculated pro forma and excludes IFRS 16 lease liabilities, so it cannot be compared directly with total net debt of €642.8 million as of 30 June. The actual cost of debt, covenants and cash payments after completion of the arrangement should be monitored. [2 · Maisons du Monde · full first-half 2026 results release]
Negative free cash flow remains a constraint, although its improvement and the reduction in inventories lower the risk of near-term cash pressure. The one-off deposit and seasonality complicate comparisons based on a single half-year. An alternative scenario is that some of the working-capital release will not recur, so resilience should be assessed over the full year rather than by extrapolating six months. [2 · Maisons du Monde · full first-half 2026 results release]
Over the next two quarters, signs of stabilisation would include a slowing decline in like-for-like and online sales, a recovery in gross margin without renewed inventory growth and less negative cash flow. The positive effect of refinancing should appear in lower financial expenses. For now, the absence of guidance reasonably reflects uncertainty, but also leaves the market without a quantitative benchmark. [1 · Maisons du Monde · financial results section, 25 September 2026] [2 · Maisons du Monde · full first-half 2026 results release]