(Alliance News) - TrenDevice Spa reported Friday that it closed the first quarter with revenues of EUR4.4 million from EUR4.2 million as of March 31, 2023, up 7.0 percent.

Ebitda in the period was EUR154,000 compared to EUR369,000 in the first quarter last year.

Alessandro Palmisano, CEO and co-founder of TrenDevice, commented, "The first quarter of 2024 ended on a growth note thanks to the expansion of the physical retail channel, with three openings finalized from the second quarter of 2023. Although the ramp-up phase of the new stores is still ongoing, we achieved a tangible benefit on revenues in the first three months of 2024."

"On the online channel, on the contrary, in the period analyzed, the company was under more competitive pressure than usual: this resulted in lower-than-expected margins, which, combined with lower extraordinary income from the "ReFive" project, led to a reduction in Ebitda."

"The development of TrenDevice's network of physical stores remains central and strategic in our business plan, in order to reduce the percentage of revenues from the web channel, which is characterized by greater competitive pressure: the opening of the first 8 physical stores provided us with supporting data about our customers' willingness to recognize a premium-price for physicality in the purchase of a refurbished product. By 2023, the percentage of revenue from physical retail channel has already exceeded 20 percent."

On Thursday, TrenDevice closed 0.8 percent in the red at EUR0.25 per share.

By Claudia Cavaliere, Alliance News reporter

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