Investor Relations

Westwing profitably growing in the first nine months of 2018

DGAP-News: Westwing Group AG / Key word(s): 9 Month figures
20.11.2018 / 07:32

The issuer is solely responsible for the content of this announcement.


  • Revenue increased by 19.6% year on year to EUR 175.2 million in the first nine months of 2018
  • Profitable at 0.7% Adj EBITDA margin in the first nine months of 2018
  • DACH segment with substantial revenue growth of 42.8% in the first nine months of 2018
  • Roll-out of complete business model progressing well: Share of Private Label sales increased by 7 percentage points year on year to 18% of Group GMV in the third quarter of 2018
  • Full year guidance confirmed: Revenue growth between 15-20% and Adj EBITDA margin of 1-2%


Munich, November 20, 2018.
 Westwing continued its growth path in the third quarter of 2018. Revenue increased by 19.6% in the first nine months and by 15.0% in the third quarter of 2018 despite unusually warm weather in Europe affecting eCommerce in general. This positive development was led by the DACH segment, showing significant growth of 42.8% in the first nine months and 33.2% in the third quarter of 2018.

Based on its loyalty-driven business model Westwing further expanded its active customer base by 14.8% to 921 thousand active customers, at the same time increasing the number of total orders and share of wallet with its customers. In addition, in line with Westwing's strategy, the share of Private Label products increased strongly by 7 percentage points year on year to 18% of the Group's gross merchandise value (GMV) in the third quarter of 2018.

Stefan Smalla, Founder & CEO of Westwing, said: "We continue to drive profitable growth fuelled by our customer loyalty. In our DACH market and going forward increasingly in our international markets, we are inspiring our customers with our full offering across daily themes and permanent assortment, both supported by our own label and private label business. We plan to make our offering even more exciting and invest into technology and organic marketing, so we improve the overall experience for our customers."

Westwing is profitable at 0.7% Adj EBITDA margin in the first nine months of 2018 (first nine months of 2017: -5.0% Adj EBITDA margin). Strong unit economics, a highly efficient marketing model and a lean cost base paired with operating leverage supported the improvement of the Adj EBITDA margin.

Westwing will continue to invest into further growth and the roll-out of its complete business model across its markets. The company confirms its outlook for the full year of 2018 and expects revenue growth between 15% and 20% and an Adj EBITDA margin of 1-2%.

For more information, please visit our corporate website at: www.westwing.com.

KEY FIGURES 9M 2018 9M 2017 CHANGE Q3
2018
Q3
2017
CHANGE
KEY PERFORMANCE INDICATORS            
Private Label share (in %) 15% 9% 6pp 18% 11% 7pp
GMV (in EUR m) 202 171 18.0 % 63 56 10.9%
Number of orders (in k) 1,673 1,498 11.7% 507 496 2.1%
Average basket size (in EUR) 121 114 5.6% 124 114 8.6%
Active customers (in k) 921 802 14.8%      
Average orders per active customer in the preceding 12 months 2.6 2.6 -1.6%      
Average GMV per active customer in the preceding 12 months (in EUR) 307 297 3.5%      
Mobile visit share (in %) 73% 69% 4pp 74% 71% 3pp
RESULTS OF OPERATIONS
           
Revenue (in EUR m) 175.2 146.4 19.6% 54.7 47.6 15.0%
Adj EBITDA (in EUR m) 1 1.2 -7.3 8.5 -1.6 -2.3 0.7
Adj EBITDA margin (in % of revenue) 0.7% -5.0% 5.7pp -2.9% -4.9% 2.0pp

1
 We calculate "Adj EBITDA" by adjusting EBITDA for (i) share-based compensation expenses, (ii) IPO costs recognized in profit or loss (for periods after January 1, 2018) and (iii) central costs allocated to discontinued operations.


About Westwing
Westwing is the leading brand and platform in Home and Living eCommerce in Europe with EUR 248m of revenue in the last 12 months. Through its 'shoppable magazine', Westwing inspires its loyal, mostly female customers with a curated product selection and combines that with gorgeous content. With unparalleled loyalty, Westwing is generating 85% of sales from customers who visit the company's sites and apps on average 100 times per year. Westwing's mission is: To inspire and make every home a beautiful home. The company was founded in 2011 and is headquartered in Munich. It went public on the Frankfurt Stock Exchange in October 2018. It is active in eleven European countries.

Corporate Communications
Christian Falkowski
presse@westwing.de
+49 69 92187464

Investor Relations
Vidhi von Liel
ir@westwing.de
+49 89 550544 377


20.11.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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