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ER - fashionette delivers strong Q1 results and confirms FY2021 guidance with expected net revenue growth of +49% to +58%

Company: fashionette AG Date: 2021-06-17 Language: English Register to download
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 News Details

Corporate | 17 June 2021 07:30

#   

fashionette delivers strong Q1 results and confirms FY2021 guidance with expected net revenue growth of +49% to +58%

DGAP-News: fashionette AG / Key word(s): Quarterly / Interim Statement  

17.06.2021 / 07:30  

The issuer is solely responsible for the content of this announcement.  

**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](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=7474157ba829a248e9d51c7fe8005ebb&application_id=1208343&site_id=news_data&application_name=news) / 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** |     | **Δ** |
|     |     |     |     |     |     |     |
| 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** |     | **Δ** |
|     |     |     |     |     |     |     |
| 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** |     | **Δ** |
|     |     |     |     |     |     |     |
| 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** |     | **Δ** |
|     |     |     |     |     |     |     |
| 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](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=0afb820735f3429c8ebd9032be18c850&application_id=1208343&site_id=news_data&application_name=news) (Corporate Website) and [www.fashionette.com](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=4e892ea2f727ee38ac053fb81b451955&application_id=1208343&site_id=news_data&application_name=news) (webshop).  

  

**fashionette AG**

Investor Relations  

Susan Hoffmeister  

[ir@fashionette.com](mailto:ir@fashionette.com)  

T: +49 (0)211 17607828  

Lierenfelder Strasse 45 | 40231 Dusseldorf | Germany  

[corporate.fashionette.com](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=0afb820735f3429c8ebd9032be18c850&application_id=1208343&site_id=news_data&application_name=news)

  

- - -

17.06.2021 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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