Boozt delivers strong ending to the year and expects 5-15% growth and improved profitability for 2024
February 08, 2024 at 02:03 am EST
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Boozt AB's Q4 report, January 1 - December 31 2023 Fourth quarter financial highlights
Net revenue of SEK 2,993 million (compared with SEK 2,438 million in Q4 2022) and net revenue growth of 23% or 20% in local currency
Net revenue growth of 21% for Boozt.com and 33% for Booztlet.com
Gross margin was 37.5% (38.3%)
Adjusted EBIT was SEK 230 million (170) corresponding to an adjusted EBIT margin of 7.7% (7.0)
Earnings per share before dilution was SEK 2.10 (1.83)
Free cash flow was SEK 834 million (730)
Repurchase of own shares of SEK 31 million (0)
Cash and cash equivalents of SEK 1,463 million (1,777).
Full year financial highlights
Net revenue of SEK 7,755 million (6,743) and net revenue growth of 15% or 11% in local currency
Net revenue growth of 15% for Boozt.com and 15% for Booztlet.com
Gross margin was 39.2% (39.5)
Adjusted EBIT was SEK 400 million (286) corresponding to an adjusted EBIT margin of 5.2% (4.2)
Earnings per share before dilution was SEK 3.43 (2.76)
Free cash flow was SEK 6 million (90)
Repurchase of own shares of SEK 89 million (0)
Net revenue growth of 15% and adjusted EBIT of SEK 400 million compared with the latest guidance of 13-15% and SEK 370-390 million, respectively.
Outlook for 2024
Boozt expects net revenue growth for 2024 to be in the range of 5-15%
The adjusted EBIT margin for the year is expected to be in the range of 5.2-6.0%
CAPEX is expected to be in the range of SEK 150-250 million.
Co-founder & CEO Hermann Haraldsson says: “2023 was another challenging year, but after a slightly disappointing first half of the year, we managed to change gear in the second half and reap the benefits of our Nordic department store. The acceleration in growth was among other things supported by a planned increase in our inventory to strengthen our product offering as well as our updated strategy for Booztlet expanding the assortment on the platform. Q4 continued the robust momentum we saw in Q3 and we actually improved growth on both Boozt and Booztlet. Our profitability benefitted from the increased topline and we recorded the highest quarterly adjusted EBIT margin to date in the quarter.”
SEK million unless otherwise indicated
Oct 1 - Dec 31, 2023
Oct 1 - Dec 31, 2022
Change
Jan 1 - Dec 31, 2023
Jan 1 - Dec 31, 2022
Change
GROUP
Net revenue
2,993
2,438
22.8%
7,755
6,743
15.0%
Gross profit
1,122
933
20.2%
3,038
2,667
13.9%
EBIT
183
158
16.0%
299
253
18.3%
Adjusted EBIT
230
170
35.2%
400
286
40.1%
Earnings for the period
143
123
16.2%
233
186
25.4%
Free cash flow
834
730
14.2%
6
90
-93.3%
Net revenue growth (%)
22.8%
23.9%
-1.1 pp
15.0%
16.0%
-1.0 pp
Gross margin (%)
37.5%
38.3%
-0.8 pp
39.2%
39.5%
-0.4 pp
EBIT margin (%)
6.1%
6.5%
-0.4 pp
3.9%
3.8%
0.1 pp
Adjusted EBIT margin (%)
7.7%
7.0%
0.7 pp
5.2%
4.2%
0.9 pp
Outlook for 2024
Outlook as of February 8, 2024
Reported 2023
Net revenue growth
5-15%
15%
Adjusted EBIT margin
5.2-6.0%
5.2%
Telephone conference / audiocast Boozt’s Group CEO, Hermann Haraldsson, and Group CFO, Sandra Gadd, will present the Q4 report at a telephone conference / audiocast at 09.30 CET Thursday, February 8, 2024. The presentation will be held in English and will be followed by a Q&A session. If you wish to participate via webcast please use this link. Via the webcast you are able to ask written questions. If you wish to participate via teleconference please register on this link. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
For presentation material, please visit Boozt’s website.
Boozt AB is a Sweden-based company engaged in the provision of e-commerce solutions for the apparel industry. The Company offers customized e-commerce software and services that create e-commerce platforms, namely Boozt.com and its mono-brand stores, that are fully hosted and managed. Its software includes Propilot, a Web shop management administration system that enables changes to Web shop content; Podium, a front end module which ensures optimized user experience for users on mobile devices; Fastlane, a warehouse management system (WMS) that runs fulfillment processes in warehouses and integrates them with distribution partners; CS Eye, a customer overview service; and Brand Portal, a business intelligence (BI) service suite. Its services include the development of an initial strategy, building an online shop, fulfilling orders, handling returns, running ongoing campaigns and acquiring and retaining customers.
BOOZT AB 
