Good evening, ladies and gentlemen. Welcome to the conference call for the presentation of Q1 2024 sales for Fnac Darty. The CFO will now take the floor over to you, sir.
Thank you. Good evening, everyone. Thank you for taking part in our conference call for the presentation of our results for [audio distortion] 2024 revenue. I'm the Head of Investor Relations. I'll present the results, and then we will answer questions. The press release and the presentation are available on the website. Slide two, here are the highlights. I will go back on this in a few moments. Our revenue for the first quarter stood at EUR 1.793 billion, up almost 1% on a published basis and slightly down in comparable. Our gross margin was up 30 basis points.
Our strategy is to move ahead with multi-channel sales, up 51% on click and collect, and of course we have the refinancing of our two bond issues maturing in 2024 and 2026. Moving on to slide three, as I said in my introduction, Fnac Darty posted a decline of -0.7% in revenue and -[audio distortion] in comparable like-for-like click and collect, which is a key indicator for the performance of the group continue to rise and stands at 51% of our Q1 sales. This reflects our choice of a multi-channel strategy in response to client demands who do not all want to have delivery at home. Our store sales and visits are very strong. Our sales staff advice is extremely popular with our clients, and the events that are held are an excellent illustration of our wish to embody a new reference for store visits.
We maintained our gross margin after adjustment for the dilutive effect. It's up 20%, and Portugal accounts for a [audio distortion] 30. The decline in Portugal does not have any impact. This good performance is due to our positioning, which is focused on premium products and in particular on the increase in service activities and our continued market share. Let's go into the performance by region. France and Switzerland were resilient with revenue down 0.7%, both published and like-for-like. In France, in particular the group, continued to outperform the market in the first quarter. According to end of March figures published by the Banque de France, the market is down approximately 2% in the first quarter. Against this backdrop, we are very happy with our outperformance, which reflects the strength of our model.
In the Iberian Peninsula, revenue was down a double digit in like-for-like and down 2.6% on a like-for-like basis. Spain is still down, but we see gradual improvement over the course of the quarter with a return to growth in the first quarter in Portugal. The momentum is strong with the integration of the new activities reflecting consistent with expectation. Belgium and Luxembourg are stable at -0.4% like-for-like and -0.5% on a published basis. Let's move on to performance by product category. Editorial products are still growing with higher traffic in the stores. Books, videos, and audio products posted strong growth. Gaming is expected down given the high comparison base, and toys continue to grow. Services continue to grow across all regions with the continued growth of Fnac Digital and Darty Max. Regarding technical products, telephone products, and photo products remain strong. Hardware products, in particular computers, continue to decline.
Household appliances are beginning to recover, whereas high-end household appliances are still down. We launched a bond issue for EUR 350 million, EUR 550 million maturing in April 2029 with a 6% coupon. Market conditions were favorable, and we were able to refinance early the whole issue, a EUR 300 million issue with a 7.18% coupon, and another issue, EUR 350 million, with a 2.58% coupon was also refinanced. Diversified investor base subscribed, and it was oversubscribed several times. Also, our banks agreed to extend the DTTL credit line, EUR 100 million maturing in 2028, with extension options in March 2029 and March 2030 that can be exercised on request. These credit lines are for the general financing requirements of the group. We also have credit lines of EUR 500 million maturing in March 2028, which can be extended to March 2030.
This is the RFC's net debt stands at EUR 600 million, and we have extended maturities and a strong profile. Moving on to slide number five, by way of concluding, we are satisfied with our performance for the first quarter. This is not the most important quarter of the year, but against a backdrop where consumers are adjusting to constraints on their purchasing power, the environment is somewhat difficult. Our gross margin is very satisfying. It displays our ability to contain costs and endorses our business model. We have created a new future European player for European e-commerce. We continue to pay close attention to the consumer trends in our sector. The Q1 performance is in line with previous quarters. Volume performance remains uncertain.
We reaffirm our guidance, namely a current operating profit in 2024 at least equal to that of 2023 and a cumulative free cash flow of EUR 500 million over 2021, 2024, which means EUR 180 million in 2024. I look forward to your questions, and we'll be happy to answer them if you have any questions.
Thank you very much. If you have questions, please press on star one on your keyboard.
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MediaMarkt integration is going very well. We've done EUR 27 million in turnover over the quarter. We're very happy with what we've seen when it comes to team commitment, contact with the client, gross margin. Everything is going according to plan. It's a great surprise. Sales in Portugal themselves, under the Fnac flag, are net positive. That's really a momentum which we've seen for a long time now. A very good market share in Portugal. We have a very good reputation. It's the most dynamic country for us. When it comes to online, we see resilience in our sales. We think that the market is going down a bit. We don't have any statistics of the Banque de France on the online. Last year, we saw a number at -9%. We were only at -3%. We gained market shares on 2023.
On 2024, on Q1, we don't have any statistics. We believe we're outperforming the market, but currently, these are only conjectures. On the rest of the year, there's no reason why we wouldn't gain more market shares, but we'll see how it goes.
Very clear. Thank you for answering my questions.
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If you want to ask any question, press star one on your phone. The next question is from Alessandro Cuglietta.
Yes. Hello. Can you hear me?
Yes, we can hear you.
I just have a short question on performance on white goods. You say that growth is coming back when it comes to sales, but I believe that on the Banque de France data, the market is actually declining over the quarter. What explains this gap? Maybe I've misinterpreted the data.
No, no. The Banque de France, the market for white goods has a strong decline over the quarter, but now we have a completely normalized performance. So we are gaining significant market shares, actually. I think that Darty Max is one of the reasons for this success.
The fact that we have products that are premium, products that can be maintained, and we have a brand that's well established in the French landscape means that we've been capable of conquering new market shares.
Very clear answer. Thank you very much. That's all for now.
If you want to ask a question, please press star one on your keypad. Mr. Le Tinier, there are no more questions.
Very well. Perfect. Well, thank you for your questions. I would like to remind you that we will meet on the 29th of May for the general shareholder meeting. We hope you will all vote remotely or by being physically present, and then we will meet on the 24th of July for the half-year results. Thank you once more for your attention, and have an excellent evening.
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