EQS-News: Westwing continued to grow in Q2 2024 while delivering on its 3-step plan to unlock the Company’s full value potential
EQS-News: Westwing Group SE
/ Key word(s): Half Year Results
Westwing continued to grow in Q2 2024 while delivering on its 3-step plan to unlock the Company’s full value potential
Munich, 8 August 2024 // Westwing Group SE (“Westwing” or “the Company”), Europe‘s #1 in Beautiful Living e-commerce, announces its results for the second quarter of 2024. Westwing continued to grow in a challenging market, with Q2 2024 Gross Merchandise Volume (GMV) up 5% and revenue up 4% year-over-year. Revenue amounted to EUR 106 million. Growth was driven by a significant increase in average spend per order of 11% year-over-year to EUR 198 in Q2 2024 (Q2 2023: EUR 178) as well as a 2% growth in active customers compared to the previous year’s second quarter. With regards to profitability, Westwing reported EUR 4 million adjusted EBITDA in Q2 2024 (Q2 2023: EUR 4 million), corresponding to an adjusted EBITDA margin of 3.7% (Q2 2023: 4.4%). The result was driven by continued expansion of the high margin Westwing Collection, efficiency gains in fulfilment, and sustained investments into brand awareness. The strategically important Westwing Collection reached an all-time high of 53% share of overall Group GMV in Q2 2024, an increase of 7 percentage points compared to previous year’s second quarter. The benefits thereof were partially offset by pressure on 3rd party market prices and higher container costs. Overall, the contribution margin increased by 2 percentage points year-over-year to 31%. Westwing’s net working capital increased by EUR 8 million quarter-over-quarter driven by payment-related timing effects from Q1 and seasonal inventory increase but remained negative at EUR -11 million at the end of the quarter. Q2 2024 free cash flow amounted to EUR -7 million and net cash stood at EUR 72 million at the end of the quarter (end of Q2 2023: EUR 69 million). Westwing is making good progress on its 3-step plan to unlock the Company’s full value potential. The focus continues to lie on complexity reduction, premium brand positioning, OneWestwing commercial model, and Westwing Collection share increase.
Westwing also continues to make progress on sustainability. In the second quarter of 2024, the Company increased the share of Westwing Collection products featuring a WE CARE label to 60% and grew the share of EU Westwing Collection suppliers that have been evaluated on social aspects to 82%. Westwing continues to work towards achieving its carbon reduction targets, which were validated by the Science Based Targets initiative (SBTi). Dr Andreas Hoerning, CEO of Westwing, commented: "I am very proud of the progress we are making on our 3-step plan to unlock Westwing’s full value potential. Not only did we complete the centralisation of our Italian and Spanish businesses, but we also expanded to Portugal as our first new country in 10 years. It is also the first country to run on our predominantly SaaS-based technology platform that comes with a new, gorgeous web design. This brings us another step closer to becoming Europe’s leading premium one-stop destination in Home & Living."
Outlook 2024 Despite a successful first half of 2024 with 5% GMV growth, the outlook for the rest of the year remains cautious. Besides low consumer spending, management expects negative topline impact from the announced complexity reduction and premiumisation measures in the second half of 2024. Westwing confirms its guidance for the full year 2024 as published in March 2024. Revenue is expected to be between EUR 415 million and EUR 445 million with a year-over-year growth rate of -3% to +4%. Adjusted EBITDA is expected to be between EUR 14 million and EUR 24 million at an adjusted EBITDA margin in the range of +3% to +5%.
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For more information, please visit the Westwing Investor Relations website: https://ir.westwing.com
About Westwing Westwing, Europe’s #1 in Beautiful Living e-commerce, is now present in 12 European countries and has achieved a GMV (Gross Merchandise Volume) of EUR 481 million in 2023. As Europe’s premium one-stop destination for Design Lovers we offer a unique brand experience with a carefully curated assortment of our Westwing Collection and 3rd party design brands. The integrated platform combines Shop, Club-Sales, (offline) Stores, the B2B Service (Westwing Business) and our Westwing Design Service. Our team consists of more than 1,700 professionals working together on our shared purpose to “Excite people to create homes that unlock the full beauty of life”. Founded in 2011, Westwing is headquartered in Munich and went public on the Frankfurt Stock Exchange in October 2018.
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 these statements due to a number of factors. These include, without limitation, risks from macroeconomic developments, external fraud, inefficient processes at fulfilment centres, inaccurate personnel and capacity forecasts for fulfilment centres, hazardous materials/production conditions with regard to private labels, insufficient innovation capabilities, inadequate data security, insufficient market knowledge, strike risks and changes in competition levels.
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08.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
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: | 1963443 |
End of News | EQS News Service |
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1963443 08.08.2024 CET/CEST
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Die wichtigsten Finanzdaten auf einen Blick | ||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
Umsatzerlöse1 | 253,90 | 267,30 | 432,90 | 522,50 | 430,80 | 428,60 | 440,00 | |
EBITDA1,2 | -12,30 | -25,70 | 42,00 | 34,10 | -9,40 | 11,40 | 15,00 | |
EBITDA-Marge3 | -4,84 | -9,62 | 9,70 | 6,53 | -2,18 | 2,66 | 3,41 | |
EBIT1,4 | -19,50 | -34,20 | 31,40 | 21,10 | -27,40 | -8,40 | -2,00 | |
EBIT-Marge5 | -7,68 | -12,80 | 7,25 | 4,04 | -6,36 | -1,96 | -0,46 | |
Jahresüberschuss1 | -2,30 | -39,00 | 29,80 | 12,00 | -32,40 | -12,40 | -3,50 | |
Netto-Marge6 | -0,91 | -14,59 | 6,88 | 2,30 | -7,52 | -2,89 | -0,80 | |
Cashflow1,7 | -9,50 | -13,30 | 47,80 | 29,80 | -10,20 | 33,30 | 0,00 | |
Ergebnis je Aktie8 | -0,15 | -1,85 | 1,38 | 0,55 | -1,51 | -0,61 | -0,17 | |
Dividende8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de
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WKN | ISIN | Rechtsform | Börsenwert | IPO | Einschätzung | Plus Code |
A2N4H0 | DE000A2N4H07 | SE | 150,51 Mio € | 09.10.2018 | - | 8FWH5GPV+QM |
KGV 2025e | KGV 10Y-Ø | BGFL-Ratio | Shiller-KGV | KBV | KCV | KUV |
55,38 | 32,13 | 1,72 | -9,13 | 1,85 | 4,52 | 0,35 |
Dividende '2022 in € |
Dividende '2023 in € |
Dividende '2024e in € |
Div.-Rendite '2024e in % |
0,00 | 0,00 | 0,00 | 0,00% |
Hauptversammlung | Q1-Zahlen | Q2-Zahlen | Q3-Zahlen | Bilanz-PK |
17.06.2025 | 08.05.2025 | 07.08.2025 | 07.11.2024 | 27.03.2025 |
Abstand 60-Tage-Linie | Abstand 200-Tage-Linie | Performance YtD | Kursveränderung 52 Wochen | IPO |
-5,18% | -7,68% | -18,55% | -17,34% | -72,31% |
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