(Boursier.com) — ROCHE BOBOIS SA, the international benchmark for high-end furnishings and the French Art of Living, recorded a turnover of €94.2 million in the 1st quarter of 2024, down -9.4 % compared to the 1st quarter of 2023. This level is in line with the Group’s business plan for the start of the financial year. For the record, the Group intends to repeat 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 half.
As a reminder, the Roche Bobois Group communicates both on its turnover (from actual deliveries from its own stores and its royalties and commissions) and on its business volume (from order intake excluding tax from the network own stores and franchisees). The business volume makes it possible to measure store activity and anticipate turnover for the months to come.
The turnover for the 1st quarter of 2024 was €94.2 million, down -9.4% at current exchange rates compared to the 1st quarter of 2023. It is equivalent to that of the 1st quarter of 2022 which was very good. level. This result is in line with the Group’s expectations for the start of 2024, following an exceptionally high delivery rate at the end of 2023 (order portfolio occasionally impacted, i.e. 137 ME at December 31, 2023 compared to 170 ME a year later early).
The effect is uniform across all of the Group’s geographic zones since the reduction in delivery times at the end of 2023 affected all territories. In addition, as a reminder, the bases of comparison for the 1st quarter of 2023 were particularly high. Thus, the turnover of France and the rest of Europe amounts to 27.4 ME and 22.6 ME respectively (i.e. -9.7% and -6.4%). The United States/Canada achieved a turnover of 32.1 ME (-15.5% at current exchange rates and -14.5% at constant exchange rates).
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 2024, 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).
For this 2024 financial year, and despite a market environment which remains less buoyant, Roche Bobois SA 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 1st half and a resumption of growth in the 2nd half, with the gradual ramp-up of new stores (including buyout of franchises) according to Group 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 announces that it has 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.
Next meeting: turnover for the first half of 2024 – Thursday July 18, 2024 after close of trading.