EQS-News: BIKE24 Holding AG / Key word(s): Quarter Results/9 Month figures
BIKE24: Strong international business and full-bike sales ensure revenue growth of around 13% in the third quarter
Dresden, November 10, 2022. In the third quarter 2022, BIKE24 recorded a strong growth momentum in a challenging environment. Revenues of the European e-commerce platform grew by 12.9% to EUR 72.6 million. This development was again driven by the localized markets Spain, France and Italy, which grew by an average of 209% in the third quarter and generated around 11% of total revenues (Q3 2021: 4%). Easing supply chain challenges led to a jump of 64% in full-bike sales in the third quarter.
"We have once again succeeded in responding to current challenges with high agility and further expanding our customer base in a challenging environment," says Andrés Martin-Birner, founder and CEO of BIKE24. "Regarding the implementation of our expansion strategy, we have made progress in all areas in recent months, which is now reflected in the significant growth in our localized markets and the full-bike categories."
BIKE24 generated revenues of EUR 201.4 million in the first nine months of 2022. Compared to the same period of the previous year, this corresponds to an increase of 5.1% (9M 2021: EUR 191.7 million; Q3 2022: +12.9% to EUR 72.6 million). Revenues of EUR 18.5 million (9M 2021: EUR 7.8 million) were generated in the localized markets Spain, France and Italy, an increase of 139% (Q3: +209% to EUR 8.1 million).
The gross margin decreased by 4.8pp to 27.5% in the nine-month period, partly because of unusual high comparables in the previous year and increased promotional activities during this quarter (Q3: 24.8% after 30.6%).
Personnel expenses increased by 19.7% to EUR 20.0 million (9M 2021: EUR 16.7 million), due to already communicated investments in the second management level in the second half of 2021 as well as one-off expenses for additional temporary staff to compensate for the high level of sick leave in the first half of 2022. In the third quarter, personnel expenses amounted to EUR 6.8 million after EUR 5.8 million, an increase of 18.3%.
Other operating expenses decreased slightly by -0.8% from EUR 26.6 million to EUR 26.4 million in the reporting period (Q3: +18.2% from EUR 8.2 million to EUR 9.7 million). In the previous year, other operating expenses included transaction costs related to the IPO of Bike24 Holding AG. These non-recurring costs were almost completely offset by increased marketing and selling expenses.
Adjusted for extraordinary expenses of EUR 2.3 million (Q3: 885 thousand), which mainly relate to expenses for the share option program, earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) amounted to EUR 11.5 million compared to EUR 26.1 million in the same period last year (Q3: EUR 2.4 million after EUR 7.1 million). This corresponds to an adjusted EBITDA margin of 5.7% for the nine-month period (Q3: 3.3%).
Timm Armbrust, CFO of BIKE24 comments: "We are satisfied with the results generated in the third quarter and proud to have continued growing so significantly in a difficult economic environment. Nevertheless, we have started to initiate cost-control measures in various areas over the past weeks in order to be prepared for the upcoming challenging market environment and ongoing depressed consumer sentiment."
The set-up of the Southern European logistics center in the Barcelona area is almost complete, and first orders are expected to be shipped in the current year as part of a pilot. The webshop localization for the Netherlands, Belgium, and Luxembourg, which is expected to be implemented in the first half of the next year, is progressing according to plan.
For the financial year 2022, management confirms the guidance adjusted in July with sales growth of -5% to +5% and an adjusted EBITDA margin of between 3% and 6%.
The full quarterly report including the consolidated financial statements can be found here:
BIKE24's Q3 2022 earnings call for analysts and investors will take place today at 3pm CET. The link below will take you to the live webcast:
Dial-in details will be available after registration.
BIKE24 is one of continental Europe's leading e-commerce bike platforms. The online retailer with a focus on the premium segment is the central contact point for the fast-growing community of cycling enthusiasts and thus promotes green mobility. Founded in Dresden in 2002 by CEO Andrés Martin-Birner, Falk Herrmann and Lars Witt, responsible for Legal & Own Brands, the company has quickly developed into one of continental Europe's leading cycling companies as well as a globally active online retailer in this fast-growing market. The web shop offers customers 77,000 products from more than 800 brands. This gives BIKE24 the widest range of branded products in the sector in continental Europe. The online bike platform is already present with five local web shops in Germany (bike24.de), Austria (bike24.at), Spain (bike24.es), France (bike24.fr) and Italy (bike24.it) in continental Europe. In addition, the international shop (bike24.com) serves customers all over the world.
10.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
BIKE24 Holding AG
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