EQS-News

In Q1 2024, Westwing continued to grow in a declining market and improved adjusted EBITDA margin further - Seite 2

Westwing’s positive adjusted EBITDA and a strong net working capital of EUR -18 million led to a free cash flow of EUR 4 million in Q1 2024 and a net cash balance of EUR 82 million at the end of March 2024. 

The good financial results in a still weak market environment prove the strength and potential of Westwing’s commercial model. The Company will continue the transformation to build a less complex platform that enables the business to scale with operating leverage going forward. In parallel, Westwing continues to strengthen its premium brand positioning. Besides ongoing investments into brand awareness in Germany, Westwing presented the design highlights of the Westwing Collection, e.g. the newly launched sofa ‘WOLKE’, as well as a collaboration with the prestigious fabric house Dedar Milano in an immersive exhibition during Milan Design Week in April.

Dr Andreas Hoerning, CEO of Westwing, commented: "Westwing’s continued strong performance compared to market is the result of our clear strategy and excellent execution and underscores the strength of our commercial model. On top, we were able to increase our adjusted EBITDA margin while investing further into our brand. We are clearly on track to become Europe’s leading premium one-stop destination in Home & Living."

Outlook 2024
Westwing confirms its outlook for FY 2024, published in March 2024. Due to the ongoing challenging market environment and expected topline losses from the complexity reduction in Italy and Spain, Management remains cautious and expects high uncertainty for the remainder of the year. The Company expects 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).

Webcast and Conference Call
Westwing's Q1 2024 earnings call will be broadcasted via live stream on 7 May 2024, starting at 10:00 AM (CEST) on the Company's investor relations website https://ir.westwing.com. The recording of the live stream will be available on the same site.

Westwing's Annual General Meeting is scheduled for 19 June 2024. 

For more information, please visit the Westwing Investor Relations website: https://ir.westwing.com