ABOUT YOU Holding SE
- WKN: A3CNK4
- ISIN: DE000A3CNK42
- Land: Deutschland
Nachricht vom 24.05.2022 | 06:58
ABOUT YOU Holding SE: ABOUT YOU releases strong full-year results and expects significant growth in FY 2022/2023
DGAP-News: ABOUT YOU Holding SE / Key word(s): Annual Report
ABOUT YOU Holding SE (“ABOUT YOU” or “Company”), one of Europe’s fastest-growing online fashion platforms of scale, today reported significant year-on-year revenue and customer growth for FY 2021/2022, which ended on 28 February 2022, and announced its guidance for FY 2022/2023. Defying volatility in global markets, ABOUT YOU’s progress on strategic priorities and adaptability to macro-economic conditions underlie the strength of its digital business model. The Company expects continued growth and an improved adjusted EBITDA in FY 2022/2023.
Tarek Müller, Co-Founder and Co-CEO of ABOUT YOU, says: “Fuelled by our relentless focus on growth initiatives in FY 2021/2022, we are well-prepared to further withstand the unsettled market dynamics. Already off to a strong start in FY 2022/2023, continued investments in ABOUT YOU’s Commerce and B2B businesses will help us on our path towards sustained growth and improved profitability. We are confident about our outlook for the current financial year and can reaffirm our mid-term ambition to hit break-even at Group level in FY 2023/2024.”
The Group unlocked substantial top-line growth of 48.5% year-on-year to EUR 1,731.6 million in FY 2021/2022 (FY 2020/2021: EUR 1,166.5 million), despite the challenging macro-environment slowing down global growth forecasts. In FY 2022/2023, the Company will continue to invest in its four strategic growth levers with the objectives to improve the customer experience and optimise the assortment in ABOUT YOU’s online shop, expand the Company’s international footprint, and scale its B2B business.
With newly added brands, such as Weekday, Monki, and Furla, ABOUT YOU’s product assortment has significantly grown to more than 500,000 items from over 3,500 brands as of 28 February 2022, strengthening its sales performance and customer gain. Active customers increased by 34.8% year-on-year to 11.4 million from 8.4 million a year earlier. In the past twelve months, the average order frequency rose to 2.9 (5.2% year-on-year, FY 2020/2021: 2.7) and average order value reached EUR 57.8 (1.2% year-on-year, FY 2020/2021: EUR 57.1).
The Company expanded its international footprint and heavily invested in the Southern European and Nordic markets, as well as its European distribution network in FY 2021/2022. In Southern Europe and the Nordics alone, where ABOUT YOU has started its operations in Greece, Portugal, and Norway, it acquired more than 1.5 million active customers and generated over EUR 100 million in revenues this year. To cater the growing demand, ABOUT YOU opened a second distribution hub in Slovakia in 2021, planning to further extend its logistics network with two more hubs in Poland and France by 2023. Via its Global Shipping Platform, ABOUT YOU offers worldwide shipping to c. 100 countries within and outside of Europe since December 2021.
As the growth investments have accelerated the marketing cost-to-revenue ratio, the negative adjusted EBITDA margin fell to -3.9%, equivalent to EUR -66.9 million (FY 2020/2021: -3.0% or EUR -35.5 million).
Both Commerce segments, ABOUT YOU DACH and RoE, have delivered healthy revenue growth of 27.3% year-on-year to EUR 839.9 million in Germany, Austria, and Switzerland (FY 2020/2021: EUR 660.0 million) and 65.6% year-on-year to EUR 767.7 million in the rest of Europe (FY 2020/2021: EUR 463.5 million). In DACH, the Company reported continued profitability with an all-time high adjusted EBITDA margin of 9.5% in the financial year’s fourth quarter. For FY 2021/2022, DACH has increased the adjusted EBITDA margin to 6.6% or EUR 55.5 million (FY 2020/2021: 5.6% or EUR 36.8 million), while ABOUT YOU RoE reduced its adjusted EBITDA margin to -18.9% equivalent to EUR -145.1 million (FY 2020/2021: -18.0% or EUR -83.3 million).
The B2B business, TME, reported increased sales and profitability fuelled by SCAYLE’s launch in November 2021. The Company’s proprietary software-as-a-service solution, SCAYLE Commerce Technology, directed towards corporate clients’ independent direct-to-consumer platforms increasingly expands its go-to-market approach. It has won renowned clients, such as Marc O'Polo, Tom Tailor, and Depot in FY 2021/2022, contributing to the triple-digit growth of 100.4% year-on-year to EUR 167.4 million (FY 2020/2021: EUR 83.5 million). Amounting to EUR 29.0 million, the high-level adjusted EBITDA margin improved to 17.3% (FY 2020/2021: 12.0% or EUR 10.1 million).
Based on the solid start of FY 2022/2023, ABOUT YOU is confident to achieve sustainable growth and an improved profitability in the new financial year. For FY 2022/2023, ABOUT YOU expects to generate a guided Group revenue growth range of 25 to 35% year-on-year (EUR 2,165 to 2,338 million) and adjusted EBITDA of EUR -70 to -50 million (margin -3.2 to -2.1%). ABOUT YOU predicts a total Capex of EUR 60 to 80 million and net working capital is expected to remain neutral in this financial year.
The Annual Report FY 2021/2022 is available on ABOUT YOU’s Investor Relations Website. ABOUT YOU will publish its ESG Report 2021/2022 on the Corporate Website on 31 May 2022. The Quarterly Statement for Q1 2022/2023 is scheduled for 7 July 2022.
Please refer to ABOUT YOU’s Annual Report FY 2021/2022 for definitions.
Sinah Brending | Financial Communications
Investor Relations Contact
Certain statements contained in this release may constitute “forward-looking statements” that involve a number of risks and uncertainties. Forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “plan”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “project”, “goal” or “target” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are based on assumptions, forecasts, estimates, projections, opinions or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. No representation is made or will be made by ABOUT YOU Holding SE that any forward-looking statement will be achieved or will prove to be correct. The actual future business, financial position, results of operations and prospects may differ materially from those projected or forecast in the forward-looking statements. Neither ABOUT YOU Holding SE nor any of their respective affiliates assume any obligation to update, and do not expect to publicly update, or publicly revise, any forward-looking statements or other information contained in this release, whether as a result of new information, future events or otherwise, except as otherwise required by law.
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