EQS-News

In Q1 2024, Westwing continued to grow in a declining market and improved adjusted EBITDA margin further

EQS-News: Westwing Group SE / Key word(s): Quarter Results In Q1 2024, Westwing continued to grow in a declining market and improved adjusted EBITDA margin further 07.05.2024 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. In Q1 2024, Westwing continued to grow in a declining market and improved adjusted EBITDA margin further

• In Q1 2024, revenue grew 6% year-over-year to EUR 109 million in a declining market.
• The number of active customers increased year-over-year for the first time since the end of the pandemic (+2% year-over-year).
• The contribution margin increased to 32% (+4pp year-over-year). 
• Adjusted EBITDA amounted to EUR 6 million at an adjusted EBITDA margin of 5.8% (+0.9pp year-over-year).
• Westwing’s adjusted EBITDA profitability and a strong net working capital of EUR -18 million resulted in a free cash flow of EUR 4 million in Q1 and a net cash position of EUR 82 million at the end of March 2024.
• The Westwing Collection share increased by 5 percentage points year-over-year to 51% of Group GMV.

Munich, 7 May 2024 // Westwing Group SE (“Westwing” or “the Company”), Europe‘s #1 in Beautiful Living e-commerce, announces its results for the first quarter of 2024.

Westwing continued its growth trajectory in the first quarter of 2024 with both Gross Merchandise Volume (GMV) and revenue up by 6% year-over-year. Revenue amounted to EUR 109 million. Growth was also driven by a growing number of active customers, which - for the first time since the end of the pandemic - saw a positive year-over-year growth of 2%.

With regards to profitability, Westwing reported EUR 6 million of adjusted EBITDA in the first quarter of 2024 (Q1 2023: EUR 5 million), corresponding to an adjusted EBITDA margin of 5.8%. The improvement in adjusted EBITDA profitability was supported by the continued expansion of the high margin Westwing Collection and improvements in fulfilment costs. The Westwing Collection reached an all-time high of 51% of overall Group GMV in the first quarter of 2024, an increase of 5 percentage points compared to previous year’s Q1. The contribution margin increased by 4 percentage points year-over-year to 31.8%.