16.01.2023 Westwing Group SE  DE000A2N4H07

EQS-News: Westwing Group SE Trading Update: FY 2022 financial guidance confirmed; positive Adjusted EBITDA and Free Cash Flow in the fourth quarter of 2022


EQS-News: Westwing Group SE / Key word(s): Preliminary Results
Westwing Group SE Trading Update: FY 2022 financial guidance confirmed; positive Adjusted EBITDA and Free Cash Flow in the fourth quarter of 2022

16.01.2023 / 18:18 CET/CEST
The issuer is solely responsible for the content of this announcement.

Westwing Group SE Trading Update: FY 2022 financial guidance confirmed; positive Adjusted EBITDA and Free Cash Flow in the fourth quarter of 2022

  • Westwing reports a GMV of EUR 481m for the FY 2022, a decline of 18% compared to FY 2021 and a strong positive compound annual growth rate of +16% in GMV compared to pre-pandemic FY 2019, confirming the midpoint of FY 2022 revenue guidance
  • Management expects Adjusted EBITDA in the upper half of the FY 2022 guidance of EUR -15m to 0m
  • In the fourth quarter, Westwing realized a GMV of EUR 142m and expects to achieve a positive Adjusted EBITDA and positive Free Cash Flow 
  • The share of our high-margin Westwing Collection grew by 7 percentage points to 41% of Group GMV in FY 2022

Munich, January 16, 2023 // Westwing, the leader in inspiration-based Home & Living eCommerce in Europe, announces preliminary and unaudited trading information for the fourth quarter and the full year 2022.

Based on preliminary unaudited results, Westwing delivered EUR 142m in Gross Merchandise Value (GMV) in the fourth quarter of 2022 (Q4 2021: EUR 166m). The fourth quarter of 2022 continued to be adversely affected by a challenging macro environment and low consumer demand for Home & Living. Management does not expect a recovery of unfavorable consumer demand in the first half of 2023. Based on the results of the fourth quarter, Westwing realized a FY 2022 GMV of EUR 481m (FY 2021: EUR 586m), a 18% decline year-over-year. Revenue development for FY 2022 is expected to be in line with GMV development. Accordingly, revenue is expected around the midpoint of the guided range of EUR 410m to 450m for FY 2022. Yet, despite the macro-economic challenges in FY 2022, Westwing’s performance remained strong compared to pre-pandemic levels with a positive compound annual growth rate of +16% in GMV compared to FY 2019. 

In terms of profitability, Westwing expects a positive Adjusted EBITDA and positive Free Cash Flow in its seasonally strongest fourth quarter 2022. This leads to the Company’s expectation to report Adjusted EBITDA for FY 2022 in the upper half of its guidance (FY 2022 Adjusted EBITDA guidance:
EUR -15 to EUR 0m). Westwing's clear priority remains returning to Adjusted EBITDA profitability and positive Free Cash Flow on a full-year basis in FY 2023. In order to achieve this, the Company has implemented significant cost reductions across general and administrative expenses, marketing, and capital expenditures over the past months, while continuously improving net working capital.

In accordance with the strategic priority of positioning Westwing Collection at the core of the next growth phase, Westwing Collection has reached an all-time high share of 44% of overall Group GMV in the fourth quarter of 2022 (Q4 2021: 37%). For FY 2022, Westwing Collection also reached an all-time high of 41% of overall Group GMV (FY 2021: 34%), a +7 percentage point increase compared to the previous year. This supports the Company’s strategic progress of rapidly building up the Westwing Collection to a target of 50% share of overall Group GMV through further assortment expansion as well as higher visibility across all channels.

Westwing will publish its Annual Report for FY 2022 including the outlook for FY 2023 on March 30, 2023.

For further information, please visit Westwing's investor relations website at: ir.westwing.com

Performance indicators Q4 2022 Q4 2021 Delta
22 vs. 21
FY 2022 FY 2021 Delta
22 vs. 21
Westwing Collection share (in %) 44% 37% +7 pts 41% 34% +7 pts
GMV (in EUR m) 142 166 -14% 481 586 -18%
Number of orders (in k) 951 1,262 -25% 3,128 4,368 -28%
Average basket size (in EUR) 149 131 +14% 154 134 +15%
Active customers LTM (in k) 1,320 1,705 -23% 1,320 1,705 -23%
Average orders per active customer LTM 2.4 2.6 -8% 2.4 2.6 -8%
Average GMV per active customer LTM (in EUR) 364 343 +6% 364 343 +6%
Mobile visit share 80% 80% +0 pts 80% 80% +0 pts

Note: All figures are unaudited.

About Westwing

Westwing is the leader in inspiration-based Home & Living eCommerce in Europe with EUR 522m of revenue in 2021. 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 fulfillment centers, inaccurate personnel and capacity forecasts for fulfillment centers, 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

16.01.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Westwing Group SE
Moosacher Straße 88
80809 Munich
Fax: +49 (89) 550 544 445
E-mail: [email protected]
Internet: www.westwing.com
ISIN: DE000A2N4H07
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1536333

End of News EQS News Service

1536333  16.01.2023 CET/CEST


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 265,84 253,90 267,30 432,90 522,50 430,80 433,00
EBITDA1,2 -4,90 -12,30 -25,70 42,00 34,10 -9,40 18,40
EBITDA-Marge3 -1,84 -4,84 -9,61 9,70 6,53 -2,18
EBIT1,4 -21,34 -19,50 -34,20 31,40 21,10 -27,40 -0,50
EBIT-Marge5 -8,03 -7,68 -12,80 7,25 4,04 -6,36 -0,12
Jahresüberschuss1 -31,55 -2,30 -39,00 29,80 12,00 -32,40 -0,50
Netto-Marge6 -11,87 -0,91 -14,59 6,88 2,30 -7,52 -0,12
Cashflow1,7 -7,76 -9,50 -13,30 47,80 29,80 -10,20 0,00
Ergebnis je Aktie8 -1,46 -0,15 -1,85 1,38 0,55 -1,51 -0,04
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

Westwing Group
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A2N4H0 7,850 - 164,10
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
46,18 32,13 1,44 -8,80
1,98 - 0,38 -14,89
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,00 0,00 0,00 19.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
07.05.2024 08.08.2024 07.11.2024 28.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-3,74% -7,43% -11,20% -3,86%
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E-Commerce , A2N4H0 , WEW , XETR:WEW