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Westwing Group AG: Preliminary indications for Q1 2020 results; elevated GMV growth last 30 days

Westwing Group AG / Key word(s): Preliminary Results/Development of Sales
Westwing Group AG: Preliminary indications for Q1 2020 results; elevated GMV growth last 30 days

16-Apr-2020 / 16:45 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Westwing Group AG: Preliminary indications for Q1 2020 results; elevated GMV growth last 30 days

Munich, April 16, 2020 // Westwing Group AG ("Westwing") releases preliminary and unaudited information related to Q1 2020 results and recent growth rates.

Based on preliminary indications, Westwing experienced a positive start into FY 2020 with revenue growth of c. 10% in Q1 2020. Adjusted EBITDA margin for Q1 2020 is expected to be between -1% and -2%, a significant improvement compared to previous year (Q1 2019: Adjusted EBITDA margin -6.3%).

Growth accelerated within the last 30 days when GMV grew by c. 50% year-over-year. April month-to-date GMV is even stronger indicating high volatility and short-term elevated demand across all customer cohorts. While this growth may positively impact Q2 2020 results with respect to growth and profitability due to operating leverage, Westwing would at this stage not extrapolate the elevated growth rate for the remainder of the year.

From today's perspective, Westwing considers the uncertainties and the impact created by the COVID-19 pandemic on the full year results as not reliably quantifiable. Therefore, the Company is not amending its previously provided guidance for the full year 2020.

Westwing will publish its figures for Q1 2020 on May 12, 2020.

Gross Merchandise Volume (GMV) is defined as: Value of all valid customer orders placed in a given period (i.e. excluding cancelation, but including returns), excluding VAT.

Lorenz Erik Wittjen
General Counsel

Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties. You should not rely on these forward-looking statements as predictions of future events and the Company undertakes no obligation to update or revise these statements. The Company's actual results may differ materially and adversely from any forward-looking statements discussed in this press release due to a number of factors, including without limitation, risks from macroeconomic developments, external fraud, inefficient processes at fulfilment centres, inaccurate personnel and capacity forecasts for fulfilment centres, hazardous material / conditions in production with regard to private labels, lack of innovation capabilities, inadequate data security, lack of market knowledge, risk of strike and changes in competition levels

16-Apr-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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