EQS-Adhoc
Global Fashion Group S.A.: GLOBAL FASHION GROUP REPORTS PRELIMINARY RESULTS WITH FULL YEAR 2023 NMV DECLINE BETTER THAN GUIDANCE AND Q4 ADJUSTED EBITDA AROUND BREAKEVEN
- Preliminary results for 2023: NMV decline of 14% (better than guidance)
- Q4 adjusted EBITDA expected to be around breakeven
- Pro forma cash expected to be €397 million at year-end
EQS-Ad-hoc: Global Fashion Group S.A. / Key word(s): Miscellaneous
Luxembourg, 25 January 2024 – Global Fashion Group S.A. (“GFG”), the leading online fashion and lifestyle destination in LATAM, SEA and ANZ, reports preliminary results for the full year
2023 with a 14% year-on-year decrease in Net Merchandise Value (“NMV”) on a constant currency basis to c.€1.3 billion. This is above GFG’s latest guidance of a 16-18% decrease, primarily
due to better than expected performance in Q4 peak trading events. In Q4, NMV decreased 14% for the Group, 12% in LATAM, 18% in SEA and 13% in ANZ. |
Adjusted EBITDA for Q4 2023 is expected to be around breakeven, whilst Adjusted EBITDA margin for full year 2023 is expected to be in the upper end of GFG’s guidance range of (9)-(7)%. Based on preliminary figures, all other 2023 guidance metrics published on 26 October 2023 are expected to be met, including c.€0.8 billion in Revenue and c.€30 million in Capex.
Supported by a strong, positive Normalised Free Cash Flow in Q4, GFG expects to end the year with €397 million in pro forma cash and €206 million in net pro forma cash. The net position excludes the convertible bond liability and third-party borrowings.
All figures reported herein are preliminary and unaudited. The final numbers for Q4 and full year 2023 may deviate from what is presented in this release. GFG will publish its Q4 and full year results as scheduled on 6 March 2024.
Person making the notification: Claire Higgins, Group Senior Legal Counsel.
FURTHER INFORMATION
KPI and financial definitions, including alternative performance measures, such as Adjusted EBITDA are available in the 2022 Annual Financial Report and in the Q3 2023 Results.