EQS-News
GLOBAL FASHION GROUP REPORTS Q1 2024 RESULTS - Seite 2
Each region delivered Gross Margin expansion in Q1 leading to the 3.0ppt increase yoy for the Group to 44.0%. The Gross Margin improvements were driven by better Retail margins from healthier inventory profiles at the start of the year and continued growth in Marketplace and Platform Services across all regions. Adjusted EBITDA margin increased more moderately by 0.8ppts to (11.3)%. This difference in margin gains was primarily due to strategic marketing investments completed as planned in Q1 to stimulate customer expansion. There was also some impact from fixed cost deleverage which means our cost action savings did not fully offset the decline in volumes.
GFG’s ongoing focus on cost efficiency generated a cash flow benefit by delivering a €16m or 13% reduction in its total cost base on a constant currency basis.2 Improved payment terms negotiated in LATAM at the end of 2023 shifted some trade payables from Q4 to Q1, partially offsetting this benefit on a year-over-year comparison. On inventory, whilst investment increased in Q1 to prepare for the new season, overall inventory levels were down €52m or 29% year-over-year on a constant currency basis in line with the disciplined approach in place. Normalised Free Cash Flow for Q1 was €(60)m.
GFG closed Q1 with €320.8m Pro-Forma Cash and €135.5m Pro-Forma Net Cash.
GFG confirms its full year guidance for 2024. NMV is expected to decrease 5-15% on a constant currency basis, implying an NMV of €1.1-1.2 billion. Adjusted EBITDA is expected to be €(25)-(45) million. GFG will continue its focus on delivering profitability and cash flow improvements to progress building a financially sustainable business.
€m, unless stated otherwise | Q1 2023 | Q1 2024 |
Key Financial Metrics | ||
NMV | 293.3 | 238.8 |
% Constant Currency Growth | (7.1)% | (16.5)% |
Revenue | 193.6 | 152.7 |
% Constant Currency Growth | (10.3)% | (18.8)% |
Gross Profit | 79.4 | 67.2 |
% Margin of Revenue | 41.0% | 44.0% |
EBIT | (38.4) | (31.7) |
Adjusted EBITDA | (23.4) | (17.3) |
% Margin of Revenue | (12.1)% | (11.3)% |
Key Cash Metrics | ||
Pro-Forma Cash1 | 488.5 | 320.8 |
Pro-Forma Net Cash1 | 189.9 | 135.5 |
Normalised Free Cash Flow3 | (62.1) | (60.3) |
Cash Capital Expenditure | 7.3 | 6.5 |
Q1 2023 | Q1 2024 | |
Key Performance Indicators | ||
Active Customers (m) | 10.3 | 8.4 |
% Growth | (17.2)% | (18.5)% |
Number of Orders (m) | 5.0 | 4.1 |
% Growth | (18.8)% | (18.1)% |
Order Frequency (x) | 2.5 | 2.4 |
% Growth | 0.7% | (5.7)% |
Average Order Value (€) | 59.2 | 58.9 |
% Constant Currency Growth | 14.4% | 1.9% |
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