Cafom had taken advantage of the craze around e-commerce during the confinement period during its 2020-2021 financial year. In fact, it presents 2021-2022 half-year results down year on year. The furniture distributor achieved a turnover of 202 million euros, against 207.1 million in the first half of 2020-2021, then up 35%. Inflation on the cost of goods led to a 1.2 point decline in gross margin, to 51%. A decline ” limit “, and which testifies, indicates the direction, of its ” historical ability to negotiate purchase prices, limit intermediaries and associated costs “.
As announced, the group has opened several stores overseas. Five in one year, more exactly. An expansion that increases its current operating expenses by 2.4%, to 1.8 million euros. Cafom’s adjusted gross operating profit amounts to 34.4 to 27.7 million euros. Current operating income was 13.6 million euros (-10 million euros) and net profit from continuing operations was 11.1 million euros, compared to 23.6 million a year earlier.
Counter-effect of the health crisis
In the e-commerce division, which had driven growth in the previous year, Cafom saw its revenues fall by 16.2%. A withdrawal linked to the counter-effect “ a general overconsumption of online goods and services “, underlines the management, during the health crisis. The Vente-unique.com site, which accounts for 95% of the branch’s activity, saw its turnover fall by 17.2%. Within the Overseas division, however, revenues increased by 8.2% (+2.5% at constant number of stores). The group nevertheless remains cautious in the face of the consequences of the health crisis, which have caused “an intensification of social tensions” and inflationary pressures.
In any case, it can pride itself on having improved its financial situation: the gross cash flow of 20.3 million euros and proceeds from the sale of 7.2 million euros enabled it to absorb the increase in its working capital requirement by 12.8 million euros and its investments by 4 million euros. Cash thus increased by 3.6 million euros over the half-year. Shareholders’ equity amounted to 123.9 million euros, against 111.3 million at the end of September. The net debt/equity ratio thus fell from 50.8% to 42.5%.