Earnings Release • Nov 11, 2024
Earnings Release
Open in ViewerOpens in native device viewer
SEPTEMBER 2024
SALES AND OPERATIONAL INITIATIVES
2024 MANAGEMENT GUIDANCE
| Consolidated Highlights | Turkiye Highlights | ||
|---|---|---|---|
| 3.067 TRY m Revenue (TRY 2.802m pre-IAS29) |
21% Revenue Growth (97% pre-IAS29) |
19% Retail Revenue Growth (94% pre-IAS29) |
40% Online Revenue Growth (133% pre-IAS29) |
| 682 TRY m EBITDA (TRY 822m pre-IAS29) |
22,2% EBITDA Margin (29,3% Pre-IAS29) |
121 sqm Average Store Size |
179 mono brand stores in 50 cities |
| 195 TRY m Net Profit (TRY 389m of Net Profit pre-IAS29) |
98 TRY m Net Debt (Excl. IFRS16 lease liabilities) |
11,5 million Visitors in stores in 9M 2024 (10.5 million in 9M 2023) |
1.151 TRY Average Ticket Size (Grew by 75% Y-o-Y pre-IAS29) |
$xx%$ Growth Rate
$\longrightarrow$ 2023A $\longrightarrow$ 2024A $\longrightarrow$ 2024B
As a % of Net Sales $xx.x%$
Growth Rate % хх%
LFL Growth Budget Variance
хх%
+'\$ ++' ++% ++. +\$+
10 new stores opened in 2024 so far. '/'01'#=>\$/83#9\$':;"#7< +*.
18 stores renovated with new concept and 3 stores replaced with larger areas in 2024 so far. !%&\$ !'(\$ !)#\$ !)%\$
| INTERNATIONAL FRANCHISE (FOS) | ||||
|---|---|---|---|---|
| Country / Region | Franchise Agreemen t |
# of Stores Sep 2024 |
5 Year Plan (2025-29) |
|
| 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 (*) | ! | - | 5 | |
| Other Countries (*) | ! | - | 3 | |
| Other Countries (*) | ! | - | 40+ | |
| INTERNATIONAL FOS | 9 | 90+ |
| INTERNATIONAL RETAIL (SOS) | ||||
|---|---|---|---|---|
| Country / Region | Franchise Agreemen t |
# of Stores Sep 2024 |
5 Year Plan (2025-29) |
|
| Romania | !"! | 7 | 17 | |
| Cyprus | !"! | 2 | 3 | |
| Other Countries | !"! | - | 5 | |
| INTERNATIONAL SOS | 9 | 25 | ||
| TOTAL INTERNATIONAL | 18 | 115+ |
(*) In addition to the regions where franchise agreements have been already made, negotiations for Gulf countries and Turkic Republics are in progress.
347(6;<4@(/A(:BC0 \$'\$&(D+> \$'\$-(D+> \$'\$-(D+?
xx% LFL Growth xx% Budget Variance !!" [Y[+B,"0)C !!" O.'/*)+(,&(#H*
UNDERWEAR
Bras, panties, camisoles and corsets
Pyjamas, nighties and morning gowns
13,0% BEACHWEAR
Bikinis, swimsuits, cover-ups, and beach accessories
2,7% HOSIERY
Pantyhoses, socks, tights
Bra accessories, silicone pads and garter bands
0,3% COSMETICS
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+ %) |
25+ % 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) |
0.50x – 0.60x | |
| CAPEX | 5%-6% of Consolidated Net Sales |
→ TR Retail and Online revenue increased by 66% and 71%during the period between 1st of October and 10th of November, compared to the same period in prior year.
(*) QTD 2024 results are based on the figures for the period between 1st of October and 10th of November.
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".
| $\Delta$ (%) | $\Delta$ (%) | |||||
|---|---|---|---|---|---|---|
| (9M 2024/ | (2024-03/ | |||||
| Thousands of TL | 9M 2023 | 9M 2024 | 2023-30! | 2024-30 | 9M 2023) | $2023 - Q3$ |
| Revenue | 2.529.594 | 3.066.881 | 1.054.134 | 1.273.290 | 21,2% | 20,8% |
| Cost of Sales (-) | (1.291.613) | (1.430.447) | (546.476) | (653.021) | 10,7% | 19,5% |
| Gross Profit | 1.237.981 | 1.636.434 | 507.657 | 620.269 | 32,2% | 22,2% |
| Gross Profit (%) | 48,9% | 53,4% | 48,2% | 48,7% | ||
| Operating Expenses (-) | (1.024.314) | (1.266.455) | (390.729) | (458.607) | 23,6% | 17,4% |
| Other Income/(Expense) from Main Operations, net | 68 | 24.130 | 14.040 | 35375,5% | 448299,4% | |
| Operating Profit | 213.735 | 394.110 | 116.931 | 175.702 | 84,4% | 50,3% |
| Operating Profit (%) | 8,4% | 12,9% | $11,1\%$ | 13,8% | ||
| Income/(Expense) from Investing Activities, net | 5.597 | 8.087 | 311 | 2.996 | 44,5% | 862,2% |
| Operating Profit Before Financial Expense | 219.331 | 402.196 | 117.243 | 178.698 | 83,4% | 52,4% |
| Financial Income/(Expense), net | (80.076) | (249.219) | (29.437) | (79.466) | 211,2% | 170,0% |
| Monetary gain/(loss) | 229.047 | 134.674 | 80.781 | 52.117 | $(41,2\%)$ | (35,5%) |
| Profit Before Tax from Continuing Operations | 368.303 | 287.651 | 168.586 | 151.349 | (21,9%) | $(10,2\%)$ |
| Taxes on Income | (113.065) | (63.261) | (37.345) | (25.259) | $(44,0\%)$ | $(32, 4\%)$ |
| Deferred Tax Income/(Expense) | (49.016) | (29.102) | (25.773) | (32.971) | (40,6% | 27,9% |
| Net Profit for the Year | 206.221 | 195.288 | 105.468 | 93.118 | (5,3%) | (11,7%) |
| Net Profit for the Year (%) | 8,2% | 6,4% | 10,0% | 7,3% | ||
| EBITDA | 503.096 | 682.043 | 216.478 | 272.042 | 35,6% | 25,7% |
| EBITDA (%) | 19,9% | 22,2% | 20,5% | 21,4% | ||
| Thousands of TL | 2023 | 9M 2024 Change (%) | |
|---|---|---|---|
| Current Assets | 1.092.470 | 1.402.569 | 28,4% |
| Non-current Assets | 897.409 | 877.596 | $(2,2\%)$ |
| Total Assets | 1.989.878 | 2.280.164 | 14,6% |
| Current Liabilities | 560.568 | 743.266 | 32,6% |
| Non-current Liabilities | 303.004 | 303.224 | 0,1% |
| Total Liabilities | 863.572 | 1.046.490 | 21,2% |
| Equity | 1.126.307 | 1.233.675 | 9,5% |
| Total Liabilities & Equity | 1.989.878 | 2.280.164 | 14,6% |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.