Last night, Spartoo reported better-than-expected annual results for 2023, despite a market context deemed particularly difficult, causing its share price to jump 22% on Tuesday on the Paris stock exchange.

The online fashion retailer reported a return to positive adjusted Ebitda last year, and an improvement in net income.

Despite a sharp rise in costs (transport, minimum wage, raw materials,..), adjusted Ebitda reached 1.9 million euros, compared with a loss of 1.2 million euros in 2022.

In a press release, Boris Saragaglia, the company's co-founder and CEO, refers to a particularly difficult context, especially for online retailers and, more generally, for the clothing and retail sectors, which are suffering from the impact of the sharp drop in purchasing power.

Sales volume thus fell by 4.5% to 200.2 million euros last year, compared with 209.6 million euros in 2022.

For 2024, the Group's ambition is to continue to adapt to changes in demand in order to generate positive free cash flow.

Last year, its operating cash flow returned to positive territory, coming in at two million euros, compared with -20.6 million euros a year earlier.

While welcoming 2023 results slightly ahead of expectations, Oddo BHF's analysts are concerned that visibility for 2024 is "still limited", and are renewing their "neutral" opinion, with a target of 0.6 euros.

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