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Westwing reports very strong Q3 2020 results based on a continued accelerated shift towards eCommerce; 66% revenue growth and 11% Adj EBITDA margin

DGAP-News: Westwing Group AG / Key word(s): 9 Month figures
10.11.2020 / 08:00
The issuer is solely responsible for the content of this announcement.

Westwing reports very strong Q3 2020 results based on a continued accelerated shift towards eCommerce; 66% revenue growth and 11% Adj EBITDA margin

  • Growth in the third quarter 2020 continued on very high levels, further indicating an accelerated eCommerce shift
  • Elevated growth again driven by both, existing customers with higher engagement and repurchase behaviour and a very strong new customer acquisition
  • Strong Q3 financial results: Revenue growth of 66%, Adj EBITDA margin of 10.9%, and EUR 7m Free Cash Flow during the seasonally weaker summer quarter
  • Amid an escalating COVID-19 situation in Europe, health & safety remain Westwing's number one priority

Munich, November 10, 2020 // Westwing, the leader in inspiration-based Home and Living eCommerce in Europe, today announced the results for the third quarter of 2020.

Based on an accelerated Home and Living eCommerce adaption, Westwing continued to realize strong growth rates in the third quarter 2020 with GMV growing 59% year-over-year. The International Segment was growing at even slightly higher growth rates of 67% GMV growth year-over-year, further strengthening the progress made across the whole country portfolio. On the customer side, growth was driven by all cohorts as existing customers showed continued higher engagement and repurchase rates, while new customer acquisition remained very strong with 68% more new customers compared to the third quarter 2019. As a result, the number of Active Customers having made at least one order in the last twelve months ending September 2020 increased to 1.3m, growing by 39% year-over-year.

Driven by this growth momentum, Westwing realized very strong financial results in the third quarter of 2020. Revenue grew by 66% year-over-year to EUR 99m and the Adj EBITDA margin improved by 18%pts to 10.9% (Q3 2019 -7.1%). The improvement in profitability was driven by continued high gross margins and efficient fulfillment operations, resulting in very strong contribution margins. In addition, significant operating leverage on general & administrative costs was generated based on the recent topline development. This strong Adj EBITDA profitability has been achieved while marketing investments were at 7.8% of revenues in the third quarter 2020 (Q2 2020 5.4%). As a result of the improved profitability, Free Cash Flow was positive at EUR 7m during the seasonally weak summer quarter (Q3 2019: EUR -5m), bringing the Free Cash Flow for the first nine months in 2020 to EUR 23m
(9M 2019: EUR -30m). Subsequently, the last twelve-months Free Cash Flow margin stands at 9% and the net cash position increased to EUR 92m as of September 30, 2020 (December 31, 2019: EUR 73m).

Amid an escalating COVID-19 situation in Europe, health and safety of its customers, teams, and partners remain Westwing's number one priority. Warehouses operate at highest hygiene standards and effective distancing measures to ensure a safe delivery to customers and provide a safe work environment for Westwing's frontline workers. Furthermore, Westwing continues to proactively manage the COVID-19 related risks on the supply side and in its operations, such as minimizing the risk of a forced warehouse closure due to a COVID-19 outbreak, or mitigating risks of capacity restrictions from freight carriers due to the general online shift.

"We are extremely proud of the strong performance and results the whole Westwing team continues to deliver in these unprecedented times.", says Westwing CEO and Founder Stefan Smalla. "Our current focus is and continues to be the health and safety of our customers, employees, and partners. At the same time, we take all necessary steps and investments, in line with our long-term profitable growth strategy, to remain in a strong position during this time of accelerated home & living ecommerce adaption."

The outlook for the remainder of 2020 remains positive, as fourth quarter-to-date GMV growth rates accelerated compared to the third quarter. This strong start into the fourth quarter has led to a guidance increase on October 19, 2020 to EUR 415-440m revenue (55-65% growth compared to FY 2019) and EUR 37-48m Adj EBITDA (9-11% Adj EBITDA margin) for FY 2020.

For further information, please visit Westwing's investor relations website at:

  Q3 2020 Q3 2019 Change
Results of operations      
Revenue (in EUR m) 99 59 +66%
Adj EBITDA (in EUR m) 11 -4 +15
Adj EBITDA margin (in % of revenue) 10.9% -7.1% +18 pp
Key performance indicators      
Own & Private Label share (in %) 26% 27% -1 pp
GMV (in EUR m) 113 71 +59%
Number of orders (in k) 874 539 +62%
Average basket size (in EUR) 129 132 -2%
Active customers LTM (in k) 1,284 926 +39%
Average orders per active customer LTM 2.7 2.6 +4%
Average GMV per active customer LTM (in EUR) 330 326 +1%
Mobile visit share (in %) 80% 77% +3 pp

Note: All figures are unaudited.

About Westwing
Westwing is the leader in inspiration-based Home and Living eCommerce in Europe with EUR 267m of revenue in 2019. Through its 'shoppable magazine', Westwing inspires its loyal home enthusiast customers with a curated product selection and combines that with gorgeous content. With unparalleled loyalty, Westwing is generating more than 80% of sales from repeat customers. Westwing's mission is: To inspire and make every home a beautiful home. The company was founded in 2011 and is headquartered in Munich. Westwing went public on the Frankfurt Stock Exchange in October 2018 and is active in eleven European countries.

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

10.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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