French furniture business Maisons du Monde has reported a growth in online sales despite the coronavirus pandemic ‘significantly’ impacting the market.
Maisons du Monde said that it expected first-quarter 2020 sales to be ‘broadly stable’ compared to the first quarter 2019 and that second-quarter 2020 sales would most likely be down year on year. This estimate was based on the assumption that only Italian stores would be closed for one week in March.
The COVID-19 crisis has since forced the closure of the Group’s entire global store network. As a result, first-quarter 2020 Group sales declined 13% year-on-year to €244m.
Online sales, which represented 25% of 2019 sales, continue to operate and are posting ‘strong year-on-year growth in order intake’, currently delivering double-digit growth since the beginning of April.
At 31 March 2020, Maisons du Monde’s cash position was €222m, providing it with sufficient headroom to face the current crisis.