Roche Bobois shares suffered one of the steepest declines on the Paris market on Tuesday morning, penalized by profit-taking as the high-end furnishings group unveiled its 1st-quarter sales figures.

The family-owned French company, founded in 1960, reported double-digit sales growth of 12% in the first three months of the year, despite a challenging basis for comparison.

Sales totaled 104 million euros, compared with 92.9 million euros in the first quarter of 2022, which still corresponds to growth of 10.5% at constant exchange rates.

All the brand's geographic regions reported growth, with a particularly strong performance in the United States/Canada region, which posted 24.3% growth in the 1st quarter.

Only the Cuir Center chain, positioned in the mid-range segment, reported a decline in sales for the quarter (-13.4%), due to a positioning considered more sensitive to the economic climate.

At March 31, Roche Bobois' order backlog stood at 175.5 million euros, to be compared with 170.2 million euros at the end of 2022.

In view of the current rate of deliveries, the Group confirms its objective of further sales growth in the 1st half of 2023.

Despite this solid publication, the share fell by 5.1% after its all-time high reached last week. The share price is still up 32% year-to-date.

Copyright (c) 2023 CercleFinance.com. All rights reserved.