French furniture business Roche Bobois has reported record revenues during 2023 with sales growing by €20m.
According to its latest trading update, Roche Bobois SA achieved new record revenue in 2023 of €429.5m, up 5.1% from €408.5m at current exchange rates and 6.1% at constant exchange rates. It was based on a very strong fourth quarter (+7% at current exchange rates) marked by strong delivery momentum in all geographic regions.
Roche Bobois Europe (excluding France but now also includes the UK) saw sales rise 6.1% to €105.9m from €99.9m. US/Canada sales increased 3.8% to €150.2, while native France sales were up 5.8% to €118.7m.
Commenting on its results, the company said: “Aggregate retail sales (including franchises) were €601m at the end of 2023, with a fall limited to -7.9% at current exchange rates (-6.4% at constant exchange rates). Retail sales of directly operated stores, which contribute more to revenue, performed better, at €352m, representing a slight fall of -3.5% at current exchange rates (-2.5% at constant exchange rates) from the previous year.
“The Group accordingly limited the cyclical impact currently affecting the market thanks to its strategy of actively developing its network of directly operated stores (21 new directly operated stores in 2023, including through franchise buyouts) and its expertise in the running and operational management of its stores.
“The order backlog as of 31 December 2023 remained strong, totalling €137m at current exchange rates (€139m at constant exchange rates) and reflects the sustained pace of deliveries at the end of the financial year.”
On the strength of this solid level of business, Roche Bobois SA confirms that it is targeting EBITDA growth in 2023.
“In 2024, in a less dynamic economic environment, the Group intends to continue growing its network of directly operated stores, including through franchise buyouts,” Roche Bobois added.
“To that end, Roche Bobois SA announces that it is continuing its advanced discussions with its Chinese franchisee on scaling up its number of directly operated stores in this high-potential emerging market.”
Roche Bobois SA is also currently planning to open a second store in Toronto (Canada) and three stores in the United States/Canada region in the 2024 financial year. Other projects are set to be confirmed for France and Europe. The Group intends to continue at its regular pace of opening five to 10 franchises every year.
