EQS-News

BIKE24 starts into 2024 with significantly improved profitability

EQS-News: BIKE24 Holding AG / Key word(s): Quarter Results/Quarterly / Interim Statement BIKE24 starts into 2024 with significantly improved profitability 02.05.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. BIKE24 starts into 2024 with significantly improved profitability

• Sales of EUR 49.3 million in the first quarter (-11% compared to Q1 2023), adjusted EBITDA at EUR -1.5 million (Q1 2023: EUR -2.6 million) 
• Gross profit increased by 4% despite lower sales (gross margin: 25.1% compared to 21.6% in Q1 2023)
• Growth in the localized markets Belgium, the Netherlands and Luxembourg remains strong with average sales growth of 95%
• Return to growth with improved profitability expected for the second half of 2024
• Forecast for the full year confirmed: Sales growth of between 1% and 5% and adjusted EBITDA margin of 0.7% to 4.2%

Dresden, May 2, 2024. BIKE24 started into a challenging year 2024 as expected. In a persistently uncertain economic environment, the bike e-commerce platform recorded a 11% sales decline in the first quarter to EUR 49.3 million after EUR 55.3 million in the previous year quarter. This was due to a significant reduction in promotional activities compared to the previous year, which in turn had a positive impact on profitability. Management is therefore confirming its forecast for the full year 2024 with sales growth of between 1% and 5% and an adjusted EBITDA margin of 0.7% to 4.2%.

"In the current macroeconomic environment, we have made a satisfactory start into 2024. We have reduced promotional activities and were thus able to significantly improve our profitability in most product segments. We are also seeing increasing end-market prices again, particularly for parts, accessories and clothing," reports Andrés Martin-Birner, co-founder and CEO of BIKE24.

Cautious consumer sentiment impacts overall sales and earnings

In the first three months of 2024, BIKE24 generated sales of EUR 49.3 million. The 11% year-on-year decline (Q1 2023: EUR 55.3 million) is primarily due to the continued subdued consumer sentiment. The DACH region remained the largest market with a 65% sales share of EUR 32.0 million (Q1 2023: EUR 35.2 million).