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WESTWING GROUP AG Westwing reports profitable growth for FY 2021: EUR 522m revenue at 21% growth yoy and EUR 40m Adj. EBITDA at 7.7% Adj. EBITDA margin 2021

Directive transparence : information réglementée

29/03/2022 08:00

DGAP-News: Westwing Group SE / Key word(s): Annual Report
Westwing reports profitable growth for FY 2021: EUR 522m revenue at 21% growth yoy and EUR 40m Adj. EBITDA at 7.7% Adj. EBITDA margin 2021

29.03.2022 / 08:00
The issuer is solely responsible for the content of this announcement.


 

Westwing reports profitable growth for FY 2021: EUR 522m revenue at 21% growth yoy and EUR 40m Adj. EBITDA at 7.7% Adj. EBITDA margin 2021

  • Westwing reports growth on top of a strong baseline from 2020: Revenue grew to EUR 522m at a year-over-year growth rate of 21%
  • Westwing generated EUR 40m profits amid supply chain headwinds and increased growth investments in the second half of 2021 at an Adj. EBITDA margin of 7.7% for FY 2021
  • Profitability was supported by an increase in the high-margin Westwing Collection share, which grew by 9 percentage points to 34% of Group GMV for full year 2021
  • Strong Net Cash position of EUR 97m per end of FY 2021 providing strategic optionality

Munich, March 29, 2022 // Westwing, the leader in inspiration-based Home & Living eCommerce in Europe, announces its audited results for the 2021 financial year.

Westwing generated strong, profitable growth. Group revenues increased to EUR 522m, a growth of 21% year-over-year. Growth was delivered across both segments, with the DACH segment generating revenue growth of 22% and International generating growth of 19%. The total number of Active Customers grew to 1.7m, representing a growth of 11% compared to the end of 2020.

With regards to profitability, Westwing realized EUR 40m in Adj. EBITDA in FY 2021, corresponding to an Adj. EBITDA margin of 7.7%. Profitability was - especially in the second half of 2021 - affected by increasing cost pressure from supply chain disruptions, resulting in related higher warehousing and sea container freight costs, as well as strategic investments into Westwing Collection, Marketing and Technology. Westwing also delivered positive Free Cash Flow of EUR 2.7m for FY 2021, ending the FY 2021 with a strong Net Cash position of EUR 97m.

The high-margin Westwing Collection continued its upward trajectory, adding 9 percentage points to 34% of overall Group GMV share in FY 2021. Strategic growth initiatives such as further category expansions, the launch of Westwing's sustainable line, WE CARE by Westwing Collection, and an increasing push of Westwing Collection in the International segment has further advanced the Company's strategic target of 50% Westwing Collection share.

"Westwing has generated tremendous growth in a very short period, with revenue growth of +96% in just the last two years, thereby almost doubling the company size in 2021 vs. 2019. Delivering these results in a highly dynamic and challenging environment is a source of great pride for us and our teams," says Westwing CEO and Founder Stefan Smalla.

Outlook 2022
In terms of outlook for 2022, reflecting the currently lowered consumer sentiment and uncertainty for the remainder of the year as well as extraordinarily strong baseline effects from H1 2021, Westwing forecasts FY 2022 revenue between EUR 460m and EUR 540m with a growth rate of -12% to 3%. Growth rate for the second half of 2022 is expected to be significantly higher than the first half, with positive growth rates expected after the strong year-over-year baseline effects of the first half of the year are phased out.

Driven by further strategic investments into Marketing, Technology and Westwing Collection and continued negative effects from global supply chain disruptions, Westwing forecasts an Adj. EBITDA between EUR -9m and EUR +16m at an Adj. EBITDA margin in the range of -2% to +3%, also expected to be significantly more positive in the second half of 2022 vs. the first half of 2022.

Webcast and Conference Call
Westwing's Q4 2021 earnings call will be broadcasted via live stream on March 29, 2022 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 thereafter at this site.

Westwing's Annual General Meeting is planned to take place as a virtual event on May 18, 2022.
For further information, please visit Westwing's investor relations website at:
https://ir.westwing.com

Contact
Westwing Group SE
Investor Relations
E-Mail: ir@westwing.de

About Westwing
Westwing is the leader in inspiration-based Home & Living eCommerce in Europe with EUR 522m of revenue in 2021. Through its 'shoppable magazine', Westwing inspires its loyal home enthusiast customers with a curated product selection and combines that with gorgeous content. With unparalleled loyalty, Westwing is generating more than 80% of sales from repeat customers. Westwing's mission is: To inspire and make every home a beautiful home. The company was founded in 2011 and is headquartered in Munich. Westwing went public on the Frankfurt Stock Exchange in October 2018 and is active in eleven European countries.

Disclaimer
Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties. You should not rely on these forward-looking statements as predictions of future events and the Company undertakes no obligation to update or revise these statements. The Company's actual results may differ materially and adversely from any forward-looking statements discussed in this press release due to a number of factors, including without limitation, risks from macroeconomic developments, external fraud, inefficient processes at fulfillment centers, inaccurate personnel and capacity forecasts for fulfillment centers, hazardous material / conditions in production with regard to private labels, lack of innovation capabilities, inadequate data security, lack of market knowledge, risk of strike and changes in competition levels



29.03.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Westwing Group SE
Moosacher Straße 88
80809 Munich
Germany
Phone: +49 (89) 550 544 377
Fax: +49 (89) 550 544 445
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: 1313685

 
End of News DGAP News Service

1313685  29.03.2022 

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