Fnac Darty Sa Ord (GRUPF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening and welcome to this conference call for Fnac D'Arte. Mr. Jean-Brieu Le Tine, the Chief Financial Officer, will be facilitating this call. Over to you, sir. Thank you very much. Good evening, everybody. Thank you for attending our conference call for the presentation of activity for the first quarter of 2026. Tonight, I'm joined by the Investors Relations Team, Domiti Vienne, Laura Parizeau. I'll be presenting our results and we'll then take your questions. On slide two, you can see the key elements for the first quarter that I will be detailing throughout this presentation. Our group's revenue has been up by 1% on a life-to-life basis on the quarter, driven by the very good performance of the rest of Europe and of our sales online. Our gross margin is also up with a 10 basis point improvement against the first quarter of 2025. The improvement of subscription services, particularly Dartimax, has offset a negative product mix. Indeed, some categories that are strong contributors to the group's gross margin have been declining throughout the period, like book sales, for example. Of course, we'll come back to EP's group's public tender offer that was filed on the 10th of March, 2026, with the AMF, French Financial Market Authority, which should be completed in the second half of 2026. On slide three, as I said in my opening remarks, Fnac Dartia reported in the first quarter revenues that are up by 0.9% on a like-for-like basis. Our online sales amount to 22% of the revenues for this period and are up by more than 5%. Click and collect, which is a key metric of our performance, accounts for half of our online sales this quarter. Now, let's look at our performance by category. The positive signals observed at the end of 2025 on the sales of domestic appliances...