THE PLATFORM GROUP AG
DGAP-News: fashionette AG / Key word(s): Quarterly / Interim Statement
fashionette delivers strong Q1 results and confirms FY2021 guidance with expected net revenue growth of +49% to +58%
2021-06-17 / 07:30
The issuer is solely responsible for the content of this announcement.
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fashionette delivers strong Q1 results and confirms FY2021 guidance with expected net revenue growth of +49% to +58%
. Accelerated net revenue growth of +32% year-on-year in Q1 2021
. Continuing increase of orders from new customers by +72% year-on-year
. Confirmed guidance for financial year 2021 with net revenue expected to grow +49% to +58% to approx. EUR 141
million to EUR 150 million and adjusted EBITDA target of approx. EUR 5.0 million to EUR 6.9 million
Dusseldorf, 17 June 2021. fashionette AG (ISIN DE000A2QEFA1 / GSIN A2QEFA) a leading European data-driven online
platform for premium and luxury fashion accessories, reports strong Q1 results and confirms its guidance for the full
year 2021.
Including the acquisition of Brandfield, which is planned to close on 1 July 2021, fashionette expects its consolidated
net revenue to grow approx. +49% to +58% to approx. EUR 141 million to EUR 150 million in the financial year 2021. The
adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is expected to reach approx. EUR 5.0
million to EUR 6.9 million, reflecting the higher investments especially in marketing. On a proforma basis, assuming
the consolidation of Brandfield for the full year 2021, this consequently translates into expected net revenue growth
of approx. +69% to +79% to approx. EUR 160 million to EUR 170 million and an adjusted EBITDA of approx. EUR 6.0 million
to EUR 8.1 million.
In Q1 2021, fashionette's net revenue increased by +32% year-on-year to EUR 23.4 million driven by the strong growth of
+28% in its core market Germany, Austria, and Switzerland (DACH) and the increasing share of its non-DACH countries
with a year-on-year growth of +66%.
The continued investments in marketing drove +72% more orders from new customers and total order growth of +49%
year-on-year, leading to a new record of 389 thousand active customers (+60% year-on-year). With a customer acquisition
cost of EUR 58.30 in Q1 2021, fashionette continues to turn its data-driven investments into profitable growth
confirmed by the customer lifetime value of EUR 69.70 (gross profit minus distribution costs) for the 2019 cohort
already after only 180 days.
The planned inventory build-up in view of the expected growth, led to a negative cash flow from operating activities in
Q1 2021, which was partially offset by a reduction in trade receivables. Financing expenses comprised mainly factoring
interest while fashionette's investments continue to focus on the development of its data and IT platform.
Chief Executive Officer Daniel Raab says: "With the strong start into 2021 we are fully on track to achieve all our
operational and strategic goals. This is not only demonstrated by the dynamic Q1 growth, but also by the continuing
momentum at the beginning of Q2. In April and May, we were able to convert more new customers than in any month of 2020
other than in the holiday season in November and December. With the expected further increasing online penetration in
the premium and luxury goods market, we will continue to invest in customer acquisition and further develop our
data-driven online platform to grow faster than the market."
NON-FINANCIAL PERFORMANCE INDICATORS (unaudited) 3M 2021 3M 2020 ?
Site Visits (in thousands) 10,754 7,861 36.8%
Mobile Visit Share (share in %) 83.4% 80.9% 2.5 PP
Number of Orders (in thousands) 164 110 48.7%
Average Order Value (in EUR) 252 292 -13.7%
Active Customers (in thousands, LTM) 389 244 59.5%
New Customers (in thousands) 61 36 71.8%
CONDENSED INCOME STATEMENT (unaudited)
in EUR k 3M 2021 3M 2020 ?
Total revenue 41,361 32,140 28.7%
Credits -17,912 -14,351 24.8%
Net revenue 23,449 17,790 31.8%
Cost of materials/ Cost of merchandise purchased -14,502 -11,000 31.8%
Gross profit 8,947 6,790 31.8%
Gross profit margin 38.2% 38.2% 0.0 PP
Distribution expenses -2,969 -2,083 42.5%
Marketing expenses -3,560 -1,666 113.6%
Personnel expenses -1,961 -1,583 23.9%
Other operating expenses -952 -660 44.2%
Other operating income 235 223 5.7%
EBITDA (reported) -260 1,021 n/a
EBITDA margin (reported) -1.1% 5.7% -6.8 PP
EBITDA (adjusted^*) -151 1,086 n/a
EBITDA margin (adjusted^*) -0.6% 6.1% -6.7 PP
^* The adjustments reflect extraordinary costs, for example, costs related to the acquisition of Brandfield and share-based compensation expenses.
CONDENSED BALANCE SHEET (unaudited) in EUR k Mar 2021 Dec 2020 ? Fixed assets 15,847 16,253 -2.5% Current assets 59,668 62,112 -3.9% Prepaid expenses 981 713 37.6% ASSETS 76,496 79,078 -3.3% Equity 64,884 66,369 -2.2% Provisions 998 1,074 -7.1% Liabilities 10,614 11,635 -8.8% EQUITY AND LIABILITIES 76,496 79,078 -3.3% CONDENSED CASH FLOW STATEMENT (unaudited) in EUR k 3M 2021 3M 2020 ? Cash flow from operating activities -8,586 -3,326 158.1% Cash flow from investing activities -191 -144 32.7% Cash flow from financing activities -331 -393 -16.0% Cash and cash equivalents at end of period 22,718 -10,136 n/a
Please note:
Q1 2021 figures are unaudited. Adjusted EBITDA is excluding extraordinary costs and share-based compensation expenses. Rounding differences may occur. About fashionette:
fashionette is a leading European data-driven online platform for premium and luxury fashion accessories including handbags, shoes, sunglasses, watches and jewelry. Since its foundation in 2008, fashionette has established a market-leading brand recognition for premium and luxury handbags in its core market of Germany. The focus of fashionette is to make personalized online shopping of premium and luxury fashion accessories available to every woman in Europe. For additional information about fashionette, please visit fashionette's websites at corporate.fashionette.com (Corporate Website) and www.fashionette.com (webshop). fashionette AG
Investor Relations Susan Hoffmeister ir@fashionette.com T: +49 (0)211 17607828 Lierenfelder Strasse 45 | 40231 Dusseldorf | Germany corporate.fashionette.com -----------------------------------------------------------------------------------------------------------------------
2021-06-17 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: 1208343
End of News DGAP News Service
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June 17, 2021 01:31 ET (05:31 GMT)
