DGAP-Adhoc: Westwing Group SE: Updated guidance for the FY 2022

2022. augusztus 10., szerda, 19:45





DGAP-Ad-hoc: Westwing Group SE / Key word(s): Change in Forecast


Westwing Group SE: Updated guidance for the FY 2022


10-Aug-2022 / 19:45 CET/CEST


Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.


The issuer is solely responsible for the content of this announcement.




Munich, August 10, 2022 // Westwing Group SE (“Westwing”, “the Company”) revised its outlook for the full year 2022.



Based on the Company’s recent trading with a third quarter to date 2022 Gross Merchandise Volume (GMV) decline of -10% vs prior year driven by worsening macroeconomic conditions, Westwing revised its outlook for the full year 2022.



While Westwing originally expected to return to a positive revenue growth rate in the second half of 2022 with improving consumer sentiment, the Company currently expects no short-term improvements given the overall macro environment with accelerating inflation in its key markets, the war in the Ukraine, and a resulting material reduction in consumer confidence. Hence, second half 2022 revenues are now expected to be below the second half of 2021. Consequently, Westwing expects revenues for the FY 2022 between EUR 410 million and EUR 450 million with a growth rate of -22% to -14% (previously: lower half of guided Revenue range between EUR 460 million and EUR 540 million with a growth rate of -12% to +3%).



Based on the adjusted growth expectations, additional margin investments to reduce inventory levels and already implemented cost reductions, Westwing now plans for an Adjusted EBITDA of EUR -15 million to EUR 0 million at an Adjusted EBITDA margin between -4% and 0% for FY 2022 (previously: Lower half of guided Adjusted EBITDA range between EUR -9 million and EUR +16 million at an Adjusted EBITDA margin between negative 2% and positive 3%).



While the Company remains very confident in the long-term Home and Living eCommerce market potential and Westwing’s strategy, it can at the moment, given the potential longer lasting macroeconomic challenges, not provide a reliable timeframe by when to achieve the communicated mid-term targets of EUR 1bn in revenues and more than EUR 100 million Adjusted EBITDA. For FY 2023 Westwing expects to return to being at least Free Cash Flow neutral.



Westwing will publish its half year financial results 2022 on August 11, 2022. Regarding the exact definition of the alternative performance measures GMV and Adjusted EBITDA, the company refers to the corresponding definitions in its Annual Report 2021, which has been published on the Company"s website.



 



Contact



email: ir@westwing.de



Westwing Group SE



Moosacher Straße 88



80809 München, Germany



 



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Language: English
Company: Westwing Group SE

Moosacher Straße 88

80809 Munich

Germany
Fax: +49 (89) 550 544 445
E-mail: ir@westwing.de
Internet: www.westwing.com
ISIN: DE000A2N4H07
WKN: A2N4H0
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1417987





 
End of Announcement DGAP News Service




1417987  10-Aug-2022 CET/CEST







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