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Westwing delivers EUR 103m revenue with year-over-year growth of 5% in Q3 2021 on top of a high baseline from previous year

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DGAP-News: Westwing Group AG / Key word(s): Quarterly / Interim Statement
11.11.2021 / 08:00
The issuer is solely responsible for the content of this announcement.


Westwing delivers EUR 103m revenue with year-over-year growth of 5% in Q3 2021 on top of a high baseline from previous year

Munich, November 11, 2021. Westwing, the European leader in inspiration-based Home & Living eCommerce, announced its financial results for the third quarter of 2021 today.

Q3 2021 revenue of EUR 103m and revenue growth in line with expectations at 5% growth on top of a high baseline from previous year

Westwing reported growth in line with expectations on top of last year's extraordinary baseline. In the third quarter of 2021 revenues grew by 5% compared to the same quarter previous year to EUR 103 million (Q3 2020: EUR 99 million). The increase in revenue is especially supported by a 36% year-over-year increase in Active Customers, which stands at 1.7 million as per end of Q3 2021.

The International segment increased revenue by 5% to EUR 47 million (Q3 2020: EUR 44 million), while the DACH segment grew by 4% to EUR 56 million in the third quarter of 2021 (Q3 2020: EUR 54 million). In face of strong summer seasonality effects, the continued growth in both segments on top of a high base line from previous year is indicative of the lasting shift in Home & Living spending towards online channels.

Supply chain disruptions continue; sustained margin pressure expected to last through the remainder of 2021 and at least throughout first half of 2022

The global supply chain disruptions resulting in very high container sea freight costs had an impact on Westwing's profitability in Q3 2021. In addition to the significant increase in container sea freight costs, there was also a rise in inventory holding, warehouse handling and storage costs caused by supply chain disruptions with delivery peaks from suppliers and higher inventory buffers.

Westwing partially mitigated against the rise in costs through consumer price increases and ensured product availability through close collaboration with suppliers as well as significant investments into inventories. Westwing will continue to effectively manage these headwinds and perceives them to be temporary, short-term effects without long-term impact on the profitability profile of Westwing. Yet, the external challenges are expected to continue through the remainder of the year and at least throughout the first half of 2022, leading to a reduction in gross and contribution margins.

As planned, key growth investments into Marketing, Technology and the strategic share expansion of the Westwing Collection resulted in higher G&A as well as Marketing ratios in the third quarter of 2021 compared to previous year. This together with the supply chain disruptions resulted in an overall lower profitability compared to previous year. In Q3 2021 Westwing reported an Adj. EBITDA profitability of EUR -0.4 million at -0.3% Adj. EBITDA margin (Q3 2020: Adj. EBITDA EUR 11 million and Adj. EBITDA margin: 10.9%).

The ongoing supply chain disruptions also impacted, as expected, the cash flow results in Q3 2021. Structurally Westwing has a cash-efficient business model with a negative net working capital and low CAPEX ratios. However, to mitigate against stressed supply chains, Westwing undertook measures that tipped the net working capital temporarily positive. A rise in inventory was driven by investments into stock buffers for Q4 and irregular bulk merchandise deliveries from suppliers. As a result of those effects paired with normal summer seasonality, Q3 2021 Free Cash Flow amounts to EUR -21 million (Q3 2021: EUR 7 million). The net cash position remains strong at EUR 97 million per end of Q3 2021. Westwing expects these net working capital effects to be temporary and to return to a structurally negative net working capital position by the end of 2022.

Increase in high-margin Westwing Collection share to an all-time high of 38% of Group GMV in Q3 2021, on track towards the 50% strategic target share

The continued expansion of the Westwing Collection has been a notable success in the third quarter, the share of which stands at an all-time high of 38% Group GMV at the end of Q3 2021 (Q3 2020: 26%). This increase of 12%pts in Westwing Collection share compared to the previous year clearly shows the path towards the 50% strategic target share of Westwing Collection. Furthermore, at a time of supply volatility, Westwing has successfully mitigated against the risk of low availability through investments into Westwing Collection inventory for Q4 2021.

"The sustained growth across both Westwing's reporting segments on top of the strong baselines from last year is proof of the lasting shift in consumer behavior and spending in the Home & Living market," said Westwing founder and CEO Stefan Smalla. "We have been able to successfully counteract the volatility in the market to further deliver an exceptional shopping experience for our loyal customers. We are seeing strong seasonal ramp-up in preparation for our important fourth quarter, and look forward to further inspiring our customers and making their homes more beautiful."

Outlook 2021

Management confirms the revenue guidance for the full year 2021 and expects revenue in the guided range of EUR 510 million and EUR 550 million. Due to ongoing supply chain disruptions, there remains a risk of profitability guidance revision in the coming weeks and months. At present Adj. EBITDA profitability is expected at the lower end of the previously guided range of EUR 42 million to EUR 55 million, at a corresponding Adj. EBITDA margin of 8-10%.

Westwing's Q3 2021 earnings call will be broadcasted via live stream starting at 10:00 AM (CEST) on the Company's investor relations website: The recording of the live stream will be available thereafter at this site.

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


Q3 2021

Q3 2020


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Adj EBITDA (in EUR m)




Adj EBITDA margin (in % of revenue)



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Key performance indicators




Westwing Collection share (in %)



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GMV (in EUR m)




Number of orders (in k)




Average basket size (in EUR)




Active customers LTM (in k)




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Note: All figures are unaudited.

About Westwing
Westwing is the European leader in inspiration-based Home and Living eCommerce with EUR 433 million of revenue in 2020. 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 79% of orders 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.

11.11.2021 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




Westwing Group AG

Moosacher Straße 88

80809 Munich



+49 (89) 550 544 377


+49 (89) 550 544 445









Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange

EQS News ID:



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