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WESTWING GROUP AG Westwing profitably growing in the first nine months of 2018

Directive transparence : information réglementée

20/11/2018 07:32

DGAP-News: Westwing Group AG / Key word(s): 9 Month figures
Westwing profitably growing in the first nine months of 2018

20.11.2018 / 07:32
The issuer is solely responsible for the content of this announcement.


Westwing profitably growing in the first nine months of 2018

  • Revenue increased by 19.6% year on year to EUR 175.2 million in the first nine months of 2018
  • Profitable at 0.7% Adj EBITDA margin in the first nine months of 2018
  • DACH segment with substantial revenue growth of 42.8% in the first nine months of 2018
  • Roll-out of complete business model progressing well: Share of Private Label sales increased by 7 percentage points year on year to 18% of Group GMV in the third quarter of 2018
  • Full year guidance confirmed: Revenue growth between 15-20% and Adj EBITDA margin of 1-2%

Munich, November 20, 2018. Westwing continued its growth path in the third quarter of 2018. Revenue increased by 19.6% in the first nine months and by 15.0% in the third quarter of 2018 despite unusually warm weather in Europe affecting eCommerce in general. This positive development was led by the DACH segment, showing significant growth of 42.8% in the first nine months and 33.2% in the third quarter of 2018.

Based on its loyalty-driven business model Westwing further expanded its active customer base by 14.8% to 921 thousand active customers, at the same time increasing the number of total orders and share of wallet with its customers. In addition, in line with Westwing's strategy, the share of Private Label products increased strongly by 7 percentage points year on year to 18% of the Group's gross merchandise value (GMV) in the third quarter of 2018.

Stefan Smalla, Founder & CEO of Westwing, said: "We continue to drive profitable growth fuelled by our customer loyalty. In our DACH market and going forward increasingly in our international markets, we are inspiring our customers with our full offering across daily themes and permanent assortment, both supported by our own label and private label business. We plan to make our offering even more exciting and invest into technology and organic marketing, so we improve the overall experience for our customers."

Westwing is profitable at 0.7% Adj EBITDA margin in the first nine months of 2018 (first nine months of 2017: -5.0% Adj EBITDA margin). Strong unit economics, a highly efficient marketing model and a lean cost base paired with operating leverage supported the improvement of the Adj EBITDA margin.

Westwing will continue to invest into further growth and the roll-out of its complete business model across its markets. The company confirms its outlook for the full year of 2018 and expects revenue growth between 15% and 20% and an Adj EBITDA margin of 1-2%.

For more information, please visit our corporate website at: www.westwing.com.

 

 

 

 

Key Figures

9M 2018

9M 2017

Change

Q3

2018

Q3

2017

Change

Key performance indicators

 

 

 

 

 

 

Private Label share (in %)

15%

9%

6pp

18%

11%

7pp

GMV (in EUR m)

202

171

18.0 %

63

56

10.9%

Number of orders (in k)

1,673

1,498

11.7%

507

496

2.1%

Average basket size (in EUR)

121

114

5.6%

124

114

8.6%

Active customers (in k)

921

802

14.8%

 

 

 

Average orders per active customer in the preceding 12 months

2.6

2.6

-1.6%

 

 

 

Average GMV per active customer in the preceding 12 months (in EUR)

307

297

3.5%

 

 

 

Mobile visit share (in %)

73%

69%

4pp

74%

71%

3pp

 

Results of operations

 

 

 

 

 

 

Revenue (in EUR m)

175.2

146.4

19.6%

54.7

47.6

15.0%

Adj EBITDA (in EUR m)1

1.2

-7.3

8.5

-1.6

-2.3

0.7

Adj EBITDA margin (in % of revenue)

0.7%

-5.0%

5.7pp

-2.9%

-4.9%

2.0pp

 

We calculate "Adj EBITDA" by adjusting EBITDA for (i) share-based compensation expenses, (ii) IPO costs recognized in profit or loss (for periods after January 1, 2018) and (iii) central costs allocated to discontinued operations.

About Westwing

Westwing is the leading brand and platform in Home and Living eCommerce in Europe with EUR 248m of revenue in the last 12 months. Through its 'shoppable magazine', Westwing inspires its loyal, mostly female customers with a curated product selection and combines that with gorgeous content. With unparalleled loyalty, Westwing is generating 85% of sales from customers who visit the company's sites and apps on average 100 times per year. Westwing's mission is: To inspire and make every home a beautiful home. The company was founded in 2011 and is headquartered in Munich. It went public on the Frankfurt Stock Exchange in October 2018. It is active in eleven European countries.

Corporate Communications

Christian Falkowski

presse@westwing.de

+49 69 92187464

Investor Relations

Vidhi von Liel

ir@westwing.de

+49 89 550544 377

 

 

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 we undertake no obligation to update or revise these statements. Our 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



20.11.2018 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 AG
Moosacher Straße 88
80809 Munich
Germany
Phone: +49 89 550 544 153
Internet: www.westwing.de
ISIN: DE000A2N4H07
WKN: A2N4H0
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange

 
End of News DGAP News Service

748337  20.11.2018 

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