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fashionette AG reports strong net revenue growth of +41.6% year-on-year in Q3 2021 with first time consolidation of Brandfield

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DGAP-News: fashionette AG / Key word(s): 9 Month figures/Quarterly / Interim Statement
16.11.2021 / 07:00
The issuer is solely responsible for the content of this announcement.

fashionette AG reports strong net revenue growth of +41.6% year-on-year in Q3 2021 with first time consolidation of Brandfield

All stated figures refer to guidance view, thus include Brandfield figures from July 1 2021, onwards unless stated otherwise.

Dusseldorf, 16 November 2021. fashionette AG (ISIN DE000A2QEFA1 / GSIN A2QEFA), a leading European data-driven e-commerce group for premium and luxury fashion accessories today announced financial results for the third quarter of 2021.

Financial Commentary


Daniel Raab, CEO of fashionette AG: "Q3 was an important quarter for us, given the integration of Brandfield and the migration to our new logistics service provider. Regarding Brandfield, we are very happy with the progress of the integration and proud of the team for delivering strong Q3 results. The teams have already started to leverage Brandfield's own brand expertise by building a dedicated own brand strategy for both platforms, which provides a significant opportunity for our group. The migration to the new logistics service provider was concluded on September 28th, with the restatement of the shipping promise to approximately two working days to the same level prior to the logistics migration. With the improved customer experience, we can confirm a strong re-acceleration of fashionette's growth starting at the end of September but mainly in October and the first days of November, which came in above our expectations."

Condensed Income Statement (unaudited)

in EUR k

 

9M 2021

 

9M 2020

 

Δ

 

Q3 2021

 

Q3 2020

 

Δ

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

136,812.1

 

107,678.2

 

+27.1%

 

50,993.8

 

36,985.2

 

+37.9%

Credits

 

-56,158.3

 

-46,111.1

 

+21.8%

 

-19,233.1

 

-14,553.6

 

+32.2%

Net revenue

 

80,653.8

 

61,567.1

 

+31.0%

 

31,760.7

 

22,431.6

 

+41.6%

Cost of materials/ Cost of merchandise purchased

 

-49,710.2

 

-38,039.9

 

+30.7%

 

-19,196.3

 

-14,170.9

 

+35.5%

Gross profit

 

30,943.6

 

23,527.2

 

+31.5%

 

12,564.4

 

8,260.7

 

+52.1%

Gross profit margin

 

38.4%

 

38.2%

 

0.2PP

 

39.6%

 

36.8%

 

2.7PP

Distribution expenses

 

-10,590.8

 

-7,007.7

 

+51.1%

 

-4,497.4

 

-2,500.9

 

+79.8%

Marketing expenses

 

-11,561.3

 

-5,487.7

 

> +100%

 

-4,747.8

 

-1,969.0

 

> +100%

Personnel expenses

 

-6,843.0

 

-5,197.1

 

+31.7%

 

-2,733.2

 

-1,783.7

 

+53.2%

Other operating expenses

 

-3,632.6

 

-2,147.5

 

+69.2%

 

-1,643.9

 

-769.3

 

> +100%

Other operating income

 

755.3

 

601.7

 

+25.5%

 

177.8

 

212.9

 

-16.5%

EBITDA (reported)

 

-928.7

 

4,289.0

 

> -100%

 

-880.2

 

1,450.8

 

> -100%

EBITDA margin (reported)

 

-1.2%

 

7.0%

 

-8.1PP

 

-2.8%

 

6.5%

 

-9.2PP

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA (adjusted)

 

-69.5

 

4,496.3

 

> -100%

 

-285.5

 

1,512.9

 

> -100%

EBITDA margin (adjusted)

 

-0.1%

 

7.3%

 

-7.4PP

 

-0.9%

 

6.7%

 

-7.6PP


Condensed Balance Sheet (unaudited)

in EUR k

 

30 Sep. 21

 

31 Dec. 20

 

Δ

 

 

 

 

 

 

 

Fixed assets

 

31,901.7

 

16,253.2

 

+96.3%

Current assets

 

55,858.6

 

62,112.1

 

-10.1%

Prepaid expenses

 

956.1

 

712.7

 

+34.1%

Deferred tax assets

 

88.8

 

0.0

 

 

ASSETS

 

88,805.1

 

79,078.0

 

+12.3%

Equity

 

62,571.9

 

66,369.0

 

-5.7%

Provisions

 

2,062.2

 

1,074.0

 

+92.0%

Liabilities

 

24,171.0

 

11,635.0

 

> +100%

EQUITY AND LIABILITIES

 

88,805.1

 

79,078.0

 

+12.3%

 

Condensed Cash Flow Statement (unaudited)

in EUR k

 

9M 2021

 

9M 2020

 

Δ

 

Q3 2021

 

Q3 2020

 

Δ

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operating activities

 

-19,576.9

 

1,887.1

 

> -100%

 

-10,373.1

 

-2,403.2

 

> +100%

Cash flow from investing activities

 

-17,181.6

 

-482.2

 

> +100%

 

-16,542.4

 

-164.9

 

> +100%

Cash flow from financing activities

 

-957.7

 

-1,117.6

 

-14.3%

 

-309.4

 

-427.8

 

-27.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

-5,261.9

 

-6,007.5

 

12.4%

 

-5,261.9

 

-6,007.5

 

12.4%

 

Business Highlights

*Active customers defined as the number of customers placing at least one not cancelled order in the last twelve months on one of the Group's websites or third-party marketplaces in the measurement period, irrespective of returns.


Non-Financial Performance Indicators (unaudited)
The numbers for Q3 2020 are restated to include Brandfield

 

 

 

Q3 2021

 

Q3 2020

 

Δ

 

 

 

 

 

Pro Forma

 

 

Number of orders (in thousands)

 

 

283

 

226

 

25.4 %

Average order value (in EUR)

 

 

179

 

196

 

-8.3 %

Active customers (in thousands, LTM)

 

 

917

 

302*

 

> +100%

New customers (in thousands)

 

 

147

 

119

 

23.5 %

* Only fashionette

Other commercial highlights


Guidance

The management confirms its guidance for the financial year 2021. Including the acquisition of Brandfield as of 1 July 2021, fashionette AG expects its consolidated net revenue to grow by approximately +40% to +51% to approximately EUR 133 million to EUR 143 million in the financial year 2021. The adjusted EBITDA is expected to reach approximately EUR 3.3 million to EUR 4.3 million.

Main announcements since August 31, 2021

Sourcing policy (28 October 2021) - fashionette AG introduces new sourcing policy for suppliers and establishes sourcing commitment to endorse animal and species welfare


Beauty Launch (3 November 2021) - Online platform fashionette.com adds more than 100 premium and luxury brands to its assortment as part of its beauty launch

WEBCAST


A webcast for analysts, institutional investors and press will be held at 10:00am (CET) on Tuesday, November 16, 2021. To register please email ir@fashionette.com. The slides (PDF) will be available ahead of the webcast. A replay of the audiocast will also be available at ir.fashionette.com.

 

Please note:

Figures are unaudited. Adjusted EBITDA is excluding extraordinary costs and share-based compensation expenses. Rounding differences may occur.

Detailed information:

To not miss any publications or news about fashionette AG, please register here for all Investor Relations mailings.

About fashionette AG:

fashionette AG is a leading European data-driven e-commerce group for premium and luxury fashion accessories. With its online platforms fashionette.com and brandfield.com, the fashionette-group offers not only inspiration, but a curated assortment of premium and luxury handbags, shoes, small leather goods, sunglasses, watches, jewelry and beauty products from more than 300 brands, including own brands. Reinforcing more than ten years of fashion accessory experience, fashionette AG developed a compelling proprietary IT and data platform using cutting-edge technology and artificial intelligence to make personalized online shopping of premium and luxury fashion accessories available to all women in Europe. For more information about fashionette AG, please visit corporate.fashionette.com or the online platforms www.fashionette.com and www.brandfield.com.

fashionette AG

Investor Relations
Irina Zhurba
ir@fashionette.com
Lierenfelder Strasse 45 | 40231 Dusseldorf | Germany
corporate.fashionette.com

Public Relations
Gizem Celik
presse@fashionette.de
Lierenfelder Strasse 45 | 40231 Dusseldorf | Germany
corporate.fashionette.com


16.11.2021 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.
Archive at www.dgap.de

Language:

English

Company:

fashionette AG

Lierenfelder Straße 45

40231 Düsseldorf

Germany

E-mail:

ir@fashionette.com

Internet:

corporate.fashionette.com

ISIN:

DE000A2QEFA1

WKN:

A2QEFA

Listed:

Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1249213


 

End of News

DGAP News Service

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