Earnings Release • Aug 23, 2024
Earnings Release
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H1 2024
| Consolidated Highlights | Turkiye Highlights | ||
|---|---|---|---|
| 1.647 TRY m Revenue (TRY 1.562m pre-IAS29) |
22% Revenue Growth (107% pre-IAS29) |
21% Retail Revenue Growth (106% pre-IAS29) |
32% Online Revenue Growth (126% pre-IAS29) |
| 376 TRY m EBITDA (TRY 441m pre-IAS29) |
22,9% EBITDA Margin (28,2% Pre-IAS29) |
120 sqm Average Store Size |
175 mono brand stores in 49 cities |
| 94 TRY m Net Profit (TRY 174m of Net Profit pre-IAS29) |
89 TRY m Net Debt (Excl. IFRS16 lease liabilities) |
6,5 million Visitors in stores in H1 2024 (5.9 million in H1 2023) |
1.134 TRY Average Ticket Size (Grew by 91% Y-o-Y pre-IAS29) |
1.563
Gross Profit (Million TRY)
Growth Rate
xx%
(*) In H1 2024, the concepts of 18 existing stores have been renovated while it was 12 in total during the full year of 2023. Potential turnover of these 18 stores during the period when they were closed is calculated as approximately TRY 20m. Relevant turnover loss is expected to be compensated in the rest of 2024.
59.8%
Gross Profit Margin (%)
2023 H1A 2024 H1A 2024 H1B
Dec 2023 Jun 2024
xx.x% Sales Rate
(*) International Retail includes net sales to international franchisees as well as retail revenue in Romania and Cyprus.
xx% Growth Rate %
1.134
7,3
1.027
24
2022-2024 H1 # of Tourist Invoices
Tourist / Net Sales Ratio 2022 - 2024 (%)
xx%
In the first 6 months of 2024, there was a 33% decrease in the number of invoices issued to tourists compared to the same period in 2023. If the last year's tourist turnover rates had remained constant in 2024, +49 M TL additional turnover would have been achieved.
18 stores renovated with new concept in 2024 so far
| Country / Region | Franchise Agreement |
# of Stores 2024 H1 |
5 Year Plan (2023-27) |
|---|---|---|---|
| Azerbaijan | ✓ | 2 | 10 |
| Qatar | ✓ | 1 | 4 |
| Algeria | ✓ | 1 | 4 |
| Jordan | ✓ | 1 | 5 |
| Turkmenistan | ✓ | 1 | 3 |
| Iraq | ✓ | 2 | 10 |
| Moldova | ✓ | 1 | 3 |
| Mongolia | ✓ | - | 3 |
| Other Countries (*) | ≈ | - | 40+ |
| INTERNATIONAL FOS | 9 | 80+ |
| Country / Region | Franchise Agreement |
# of Stores 2024 H1 |
5 Year Plan (2023-27) |
|---|---|---|---|
| Romania | SOS | 7 | 17 |
| Cyprus | SOS | 2 | 3 |
| Other Countries | SOS | - | 5 |
| INTERNATIONAL SOS | 9 | 25 | |
| TOTAL INTERNATIONAL | 18 | 105+ |
INTERNATIONAL RETAIL (SOS)
Net Sales (m TRY) 2023 H1A 2024 H1A 2024 H1B
HOMEWEAR
UNDERWEAR
Bras, panties, camisoles and corsets
Pyjamas, nighties and morning gowns
9,5% BEACHWEAR
Bikinis, swimsuits, cover-ups, and beach accessories
3,6% HOSIERY
Pantyhoses, socks, tights
Bra accessories, silicone pads and garter bands
0,3%
Bodymist, soap, cologne
Suwen is a brand that supports women's employment and women's power. 90% of its employees are women, and 55% of them are managers.
In order to support the success of women's volleyball in Turkey, we are also the official sponsor of the Sultans of the Net between 2023 and 2026.
| EXCLUDING IAS 29 | INCLUDING IAS 29 | |
|---|---|---|
| Consolidated Net Sales |
TRY 4.0 Billion (± 3%) (90+ %) |
30+ % Growth (± 5%) (2023 Growth Rate: 42%) |
| EBITDA Margin | 30.8% - 31.5% | 50-100 Bps Improvement (2023 EBITDA Margin: 21.8%) |
| Net Cash / (Debt) (Excl. IFRS16 Lease Liabilities) |
Net Cash Position | Net Cash Position |
| Net Debt / EBITDA (Incl. IFRS16 Lease Liabilities) |
0.10x – 0.20x | |
| CAPEX | 6%-7% of Consolidated Net Sales |
→ TR Retail and Online revenue increased by 85% and 143%during the period between 1st of July and 18th of August, compared to the same period in prior year.
(*) QTD 2024 results are based on the figures for the period between 1st of July and 18th of August.
NET PROFIT (IAS 29 IMPACT) 174 54 90 (214) (8) (3) 94 Net Profit (pre-IAS29) CAPEX and Right of Use Inventories Equity Change in Deffered Tax Other Net Profit (based on …
EUWE.
CUMEA
Turkey's fastest-growing wamen's lingerie retail brand, Suwen, won the silver award in the Felis Curious category at the magnificent ceremony held on Thursday, November 10, 2022, at the Zorlu Performance Arts Center.
Suwen, which portrays bold and powerful women by expanding their freedom in their advertising film, won the Bronze Award in the Fresh Advertisers category at the magnificent ceremony held on Thursday, June 30th, at the Hilton Istanbul, Bomonti.
| ٠ 2022 |
|---|
All Bolluk, the General Manager of Suwen, Turkey's fastest-growing wamen's lingerie retail brand. was selected as Turkey's Most Admired CEO and was awarded the Golden Leader Award.
We have the received the Stars of Human Resources award at the New Era of HR summit organized by Secretcv.
At the "Turkey's Most Effective Supply Chain Professionals" award ceremony, organized for the eighth time this year in partnership with Slimstock and the Logistics Association (LODER), Suwen become Turkey's Most Effective Supply Chain Professional and received 2 awards in the 2022 Supply Chain Most Technological Project category.
We won 2 Bronze awards in the Fresh Advertisers & Apparel and Accessories categories at the Brandverse Awards with our "Suwen Mode at Home" homewear advertising campaign!
At the Human Resources Summit sponsored by Kariyer.net, the Respect for People Awards were given to companies that responded to candidate applications one hundred percent, employed the most, and received the most applications. As part of the Suwen family, we earned this award among over 30,000 employers.
We embarked on a success story where our system and the data changed the course of our best-selling product. At the VXI. Turkey Communication Center Awards held on December 14th, we won the "Most Worthy Brand Award" in the category of "Best Use of Data".
| Δ (%) | Δ (%) | |||||
|---|---|---|---|---|---|---|
| (2024-H1/ | (2024-Q2/ | |||||
| Thousands of TL | 2023-H1 | 2024-H1 | 2023-Q2 | 2024-Q2 | 2023-H1) | 2023-Q2) |
| Revenue | 1.354.633 | 1.646.712 | 801.965 | 977.021 | 21,6% | 21,8% |
| Cost of Sales (-) | (684.117) | (713.762) | (372.693) | (395.544) | 4,3% | 6,1% |
| Gross Profit | 670.516 | 932.950 | 429.272 | 581.477 | 39,1% | 35,5% |
| Gross Profit (%) | 49,5% | 56,7% | 53,5% | 59,5% | ||
| Operating Expenses (-) | (581.700) | (741.692) | (307.136) | (391.290) | 27,5% | 27,4% |
| Other Income/(Expense) from Main Operations, net | 60 | 9.264 | 7.723 | (1.689) | 15450,0% | (121,9%) |
| Operating Profit | 88.876 | 200.522 | 129.859 | 188.498 | 125,6% | 45,2% |
| Operating Profit (%) | 6,6% | 12,2% | 16,2% | 19,3% | ||
| Income/(Expense) from Investing Activities, net | 4.853 | 4.674 | 795 | 2.072 | (3,7%) | 160,5% |
| Operating Profit Before Financial Expense | 93.729 | 205.196 | 130.655 | 190.570 | 118,9% | 45,9% |
| Financial Income/(Expense), net | (46.492) | (155.852) | (25.578) | (96.966) | 235,2% | 279,1% |
| Monetary gain/(loss) | 136.125 | 75.797 | 6.871 | 520 | (44,3%) | (92,4%) |
| Profit Before Tax from Continuing Operations | 183.361 | 125.141 | 111.948 | 94.123 | (31,8%) | (15,9%) |
| Taxes on Income | (69.519) | (34.890) | (63.933) | (31.837) | (49,8%) | (50,2%) |
| Deferred Tax Income/(Expense) | (21.340) | 3.552 | 15.746 | 13.377 | (116,6%) | (15,0%) |
| Net Profit for the Year | 92.502 | 93.803 | 63.760 | 75.663 | 1,4% | 18,7% |
| Net Profit for the Year (%) | 6,8% | 5,7% | 8,0% | 7,7% | ||
| EBITDA | 263.147 | 376.425 | 211.224 | 287.565 | 43,0% | 36,1% |
| EBITDA (%) | 19,4% | 22,9% | 26,3% | 29,4% | ||
| Thousands of TL | 2023 2024-H1 Change (%) | ||
|---|---|---|---|
| Current Assets | 1.003.006 | 1.353.366 | 34,9% |
| Non-current Assets | 823.919 | 841.154 | 2,1% |
| Total Assets | 1.826.925 | 2.194.520 | 20,1% |
| Current Liabilities | 514.662 | 864.712 | 68,0% |
| Non-current Liabilities | 278.191 | 270.299 | $(2,8\%)$ |
| Total Liabilities | 792.853 | 1.135.011 | 43,2% |
| Equity | 1.034.072 | 1.059.509 | 2,5% |
| Total Liabilities & Equity | 1.826.925 | 2.194.520 | 20,1% |
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