Westwing Group SE / DE000A2N4H07
07.05.2024 - 08:00:18In Q1 2024, Westwing continued to grow in a declining market and improved adjusted EBITDA margin further
| Westwing Group SE / Key word(s): Quarter Results 07.05.2024 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. In Q1 2024, revenue grew 6% year-over-year to EUR 109 million in a declining market. The number of active customers increased year-over-year for the first time since the end of the pandemic (+2% year-over-year). The contribution margin increased to 32% (+4pp year-over-year). Adjusted EBITDA amounted to EUR 6 million at an adjusted EBITDA margin of 5.8% (+0.9pp year-over-year). Westwing’s adjusted EBITDA profitability and a strong net working capital of EUR -18 million resulted in a free cash flow of EUR 4 million in Q1 and a net cash position of EUR 82 million at the end of March 2024. The Westwing Collection share increased by 5 percentage points year-over-year to 51% of Group GMV. Munich, 7 May 2024 // Westwing Group SE (“Westwing” or “the Company”), Europe‘s #1 in Beautiful Living e-commerce, announces its results for the first quarter of 2024. Westwing continued its growth trajectory in the first quarter of 2024 with both Gross Merchandise Volume (GMV) and revenue up by 6% year-over-year. Revenue amounted to EUR 109 million. Growth was also driven by a growing number of active customers, which - for the first time since the end of the pandemic - saw a positive year-over-year growth of 2%. With regards to profitability, Westwing reported EUR 6 million of adjusted EBITDA in the first quarter of 2024 (Q1 2023: EUR 5 million), corresponding to an adjusted EBITDA margin of 5.8%. The improvement in adjusted EBITDA profitability was supported by the continued expansion of the high margin Westwing Collection and improvements in fulfilment costs. The Westwing Collection reached an all-time high of 51% of overall Group GMV in the first quarter of 2024, an increase of 5 percentage points compared to previous year’s Q1. The contribution margin increased by 4 percentage points year-over-year to 31.8%. Westwing’s positive adjusted EBITDA and a strong net working capital of EUR -18 million led to a free cash flow of EUR 4 million in Q1 2024 and a net cash balance of EUR 82 million at the end of March 2024. The good financial results in a still weak market environment prove the strength and potential of Westwing’s commercial model. The Company will continue the transformation to build a less complex platform that enables the business to scale with operating leverage going forward. In parallel, Westwing continues to strengthen its premium brand positioning. Besides ongoing investments into brand awareness in Germany, Westwing presented the design highlights of the Westwing Collection, e.g. the newly launched sofa ‘WOLKE’, as well as a collaboration with the prestigious fabric house Dedar Milano in an immersive exhibition during Milan Design Week in April. Dr Andreas Hoerning, CEO of Westwing, commented: "Westwing’s continued strong performance compared to market is the result of our clear strategy and excellent execution and underscores the strength of our commercial model. On top, we were able to increase our adjusted EBITDA margin while investing further into our brand. We are clearly on track to become Europe’s leading premium one-stop destination in Home & Living." Outlook 2024 Westwing confirms its outlook for FY 2024, published in March 2024. Due to the ongoing challenging market environment and expected topline losses from the complexity reduction in Italy and Spain, Management remains cautious and expects high uncertainty for the remainder of the year. The Company expects revenue of EUR 415 million to EUR 445 million at -3% to +4% year-over-year growth and an adjusted EBITDA of EUR 14 million to EUR 24 million (+3% to +5% adjusted EBITDA margin). Webcast and Conference Call Westwing's Q1 2024 earnings call will be broadcasted via live stream on 7 May 2024, starting at 10:00 AM (CEST) on the Company's investor relations website https://ir.westwing.com. The recording of the live stream will be available on the same site. Westwing's Annual General Meeting is scheduled for 19 June 2024. For more information, please visit the Westwing Investor Relations website: https://ir.westwing.com
Westwing Group SE Investor Relations E-Mail: ir@westwing.de 07.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | Westwing Group SE |
| Moosacher Straße 88 | |
| 80809 Munich | |
| Germany | |
| Fax: | +49 (89) 550 544 445 |
| E-mail: | ir@westwing.de |
| Internet: | www.westwing.com |
| ISIN: | DE000A2N4H07 |
| WKN: | A2N4H0 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1896843 |
| End of News | EQS News Service |
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