VENTE-UNIQUE.COM combines growth profitability as Vente-unique.com fell on the stock market on Monday, losing 3.11% to 4.67 euros, in the wake of the publication of its 2018-2019 results. The furniture sales site recorded revenue up 11% to 96.5 million euros, and net profit up 4% to 2.8 million euros. Current operating income rose 6% to 5.2 million while Ebitda gained 12% to 6.8 million. As of September 30, the site had cash of 10.4 million euros, for 2 million debts. In addition, the group raised its annual dividend by 6% to 0.16 euros per share.

Vente-unique.com also indicates that it recorded a new activity record during the period of Black Friday 2019, thanks in particular to improved availability of its products.

Sacha Vigna, Managing Director of Vente-unique.com, declares: "Our annual results testify to the relevance of our economic model which allows us to be today the only listed player in the online sale of furniture in Europe which combines growth and profitability. We are combining double-digit growth, the best margin of Ebitda among the players in our sector and a generation of cash allowing us to distribute a comfortable return even as we invest in our logistics platform. "

VENTE-UNIQUE.COM combines growth profitability

This Monday, LCM maintained its recommendation to buy on the title, as well as a price target of 7.5 euros. The broker believes that the results of the website are "in line" with its expectations, and welcomes a "quality" publication as well as "the group's ability to generate growth but above all profitability, which is quite rare in the online sales sector. of furniture ", even if the net result came out" slightly below [his] expectations ".

In this context, the group has set itself the objective of sustainably maintaining a growth rate of more than 10% per year, an "exemplary" EBITDA margin and a generation of cash flow ensuring a regular return to its shareholders.

Specialized distribution

According to the Federation of Specialized Trade, Procos, the month of April 2019 will have been difficult for the sector in France with activity which fell by 5.7% on a like-for-like basis. Personal equipment suffered from a very sharp drop (-16%) following an unfavorable weather episode. Street stores in city centers, particularly given the relative weight of personal equipment, suffered particularly. The impact of the Yellow Vests actions continued, consumers being reluctant to move.

At the end of April and since the beginning of the year, the turnover of specialized trade, on an equal surface, decreased slightly (-1.3%) and, as in previous months, the activity of downtown shopping centers is particularly difficult in 2019 (-3.4% over 4 months).

Over the whole of 2018, specialized trade suffered a 3.3% drop in turnover and a 6.7% drop in store visits. December 2018, which was very marked by the movement of yellow vests, recorded a 3.9% drop in activity for stores. Following the implementation of sharp price cuts, the brands had to face a deterioration in their margins.

VENTE-UNIQUE.COM confirms its 2019 outlook

Vente-unique.com posted, for its first half of 2019, a net profit of 1.7 million euros compared to 1.9 million in the same period last year. Current operating income was 2.9 million, stable compared to 2018, as was EBITDA, at 3.6 million euros. The margin on merchandise sales was 40.3%, compared to 39.4% a year earlier. Turnover reached 49.2 million, up 10%, driven by a sustained international deployment (+ 22%). France posted an increase of 3%.

In order to sustainably maintain a growth rate in line with its historic average (+ 12% per year), the group has started the expansion of the Amblainville site, which should be finalized during the summer of 2019.

It will make it possible to increase the surface area of the site operated by Vente-Unique.com from 27,000 m² to 51,000 m². This additional capacity will support the growth momentum as of the next financial year which starts in October 2019 ", the group said in a press release.

In the meantime, Vente-unique.com confirms its objective for the 2019 financial year to achieve double-digit growth, ie a turnover of at least 95 million euros, "while maintaining a level exemplary profitability, despite the investments made in the context of international deployment. "