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Westwing reports first quarter 2022 results

DGAP-News: Westwing Group SE / Key word(s): Quarter Results Westwing reports first quarter 2022 results 11.05.2022 / 08:00 The issuer is solely responsible for the content of this announcement.

Westwing reports first quarter 2022 results

• Westwing delivered revenue of EUR 111m in the first quarter of 2022 at -20% growth year-over-year against an extraordinary baseline from last year in a challenging demand environment with low consumer sentiment
• Adj. EBITDA for the Group amounted to EUR -1.7m at -1.5% Adj. EBITDA margin driven by lower topline alongside strategic investments into future growth
• High-margin Westwing Collection share stood at 37% of Group GMV, an increment of +6%pts vs. previous year
• Westwing confirms the outlook for 2022 at the lower half of the full year guidance in terms of revenue (EUR 460m to 540m at -12% to +3% yoy growth) and Adj. EBITDA (EUR -9m to +16m at -2% to +3% Adj. EBITDA margin)

Munich, May 11, 2022 // Westwing, the leader in inspiration-based Home & Living eCommerce in Europe, announced its results for the first quarter of 2022.

Westwing’s Group revenue amounted to EUR 111m (Q1 2021: EUR 138m) in the first quarter of 2022, a negative growth rate of -20% year-over-year against an extraordinarily strong baseline from previous year (Q1 2021 year-over-year growth: 105%). Revenue for the period was impacted by a weak demand environment with a low consumer sentiment, driven by inflationary pressures and macro uncertainty. On a segment level, the DACH segment generated revenue of EUR 61m, while the International segment generated EUR 50m.

The total number of Active Customers at the end of the first quarter of 2022 amounted to 1.6m, which was down by 7% year-over-year. Similar to the lower topline levels, Active Customer development was also heavily impacted by the currently low demand in Home & Living. New customer acquisition was down vs. the extraordinarily strong previous year, yet still significantly above pre-COVID levels.