March 6, 2018 / 6:06 PM / 12 days ago

Maisons du Monde sees lower sales growth in 2018

March 6 (Reuters) - Furniture and home decor retailer Maisons du Monde said on Tuesday it forecast sales growth for 2018 to be below its initial medium-term target despite annual results in line with expectations.

The company said it expected sales to grow around 10 percent this year, compared to its medium-term target of an annual sales growth between 12 and 14 percent.

The 2018 growth target is based on a tougher comparable base and new store openings, including its launch in Britain, the company said in a statement.

The furnishings retailer opened 25 new stores throughout the year and plans on opening 25 to 30 more in 2018, in line with its initial 2017-2020 plan.

“We count on increasing our marketing expenses during the whole duration of the plan,” Chief Executive Officer Gilles Petit said in a conference call. “The acquisition of clients, particularly internationally, is expensive (...) we want to give ourselves the means to finance our growth,” he said.

The company reported 2017 results in line with its targets, with sales up 14.6 percent year-on-year at 1.01 billion euros. (Reporting by Manon Jacob, editing by David Evans)

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