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 08.08.2024 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. Westwing continued to grow in Q2 2024 while delivering on its 3-step plan to unlock the Company’s full value potential

 

• In Q2 2024, GMV grew by 5% and revenue by 4% year-over-year.
• Adjusted EBITDA amounted to EUR 4 million at 3.7% adjusted EBITDA margin (-0.7pp year-over-year) with improved contribution margin and continued investments into brand awareness.
• The Westwing Collection share increased by 7 percentage points year-over-year to 53% of Group GMV in Q2 2024.
• Westwing made good progress on its 3-step plan to unlock the Company's full value potential and announced further measures to reduce complexity and strengthen its premium brand positioning.
• Westwing confirms the financial guidance for 2024 with revenue of EUR 415 million to EUR 445 million at -3% to +4% year-over-year growth and an adjusted EBITDA of EUR 14 million to EUR 24 million (+3% to +5% adjusted EBITDA margin).

 

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%.