(Boursier.com) — Roche Bobois is stable at 48 euros this Friday, while the group recorded a turnover of 94.2 ME in the 1st quarter of 2024, down 9.4% compared to the 1st quarter of 2023. This level is in accordance with the progress of the Group for the start of the financial year… For the record, the group intends to reiterate over the entire 2024 financial year a performance equivalent to the record performance of 2023, with a gradual improvement in the trend and a return to growth in the 2nd semester.
Note that the Cuir Center brand is growing at double digits (+13.6%) with a turnover of 10.1 ME in the 1st quarter of 2024 compared to 8.9 ME in the 1st quarter of 2023, thanks in particular to perimeter effects.
Confirmation of the 2024 ambition: Reiterate the remarkable performance of 2023
In the 1st quarter of 2024, the business volume of directly-owned stores (corresponding to order intake from owned-stores, all brands combined) grew slightly (+0.7% at current exchange rates; +0.5% at current exchange rates). constant exchange rates) to 170.1 ME at the end of March 2024 thanks to good activity dynamics in February and March 2024, in particular during the “Les Tentations” operation.
The order portfolio was also partially reconstituted during this 1st quarter since it now amounts to 154.6 ME as of March 31, 2024, an increase of +17.5 ME compared to December 31, 2023.
At the end of March, the overall business volume (all brands combined, including franchisees) amounted to €168.4 million compared to €176.2 million in the first quarter of 2023, down slightly by -4.5% at exchange rates. current (-3.5% at constant exchange rates).
Gradual improvement
For this 2024 financial year, and despite a market environment which remains less buoyant, Roche Bobois SA thus maintains its ambition to repeat its record performance for the year 2023…
As announced, the group anticipates a gradual improvement in the trend in 2024, counting on a slight decline in turnover in the first half and a resumption of growth in the second half, with the gradual ramp-up of new stores (including repurchase of franchises) on the group’s standards.
Further acceleration of the targeted integration strategy, with the acquisition of two stores in Canada
Roche Bobois SA recalls having signed a letter of intent in April 2024 for a majority stake of 51% in the company Shanghai Rock Castle Furniture, franchisee of the Roche Bobois brand, which directly operates 3 stores (1 in Beijing and 2 in Shanghai) and manages 23 sub-franchise stores. This capital-intensive operation, which should be effective in July 2024, would be accretive to the Group’s turnover and EBITDA from 2024.
The group also announced that it had signed a second letter of intent for the purchase of its franchised stores in Vancouver and Calgary. These stores represented a turnover of €3.5 million in 2023 and will once again contribute to strengthening the Group’s presence in North America, the leading market in terms of turnover and profitability. This operation should also be effective in mid-2024.
With this new operation, Roche Bobois SA continues to accelerate its targeted integration strategy in strategic markets, creating value for the Group both from the point of view of expected volumes and profitability.
Portzamparc speaks of a publication in 1/2 shade with an anticipated decline, but of a magnitude which could weigh on the title at first glance. The analyst, however, is targeting an EPS of +12.6% this year and is revising his target price from 50 to 52 euros with an opinion to “strengthen” on the file.