- Good resilience in GMV, at €101.6 million, with revenue
almost stable at €72.9 million
- Adjusted EBITDA close to breakeven, up +€2.8 million vs. H1
2022
- Operating cash-flow improved by €7 million vs. H1 2022
thanks to optimized management of marketing investments and
inventories
- Reinforced financial strength by raising over €8 million in
debt in 2023
- 12% growth in brands owned by the Group compared with H1
2022
- 37% growth in stores and corners vs. H1 2022
- 10.6% growth in third-party services and acquisition of more
than 20 new customers
- Enhanced product offering with 1.7 million items online
thanks to the marketplace
- Expanded eco-designed offering with over 9,000
references
Regulatory News:
Spartoo (ISIN code: FR00140043Y1 - mnemonic: ALSPT)
(Paris:ALSPT), one of the leading online retailers for fashion
items in Europe, today announced its Half-Year Results for the
period ended June 30, 2023, as approved by the Board of Directors
on September 28, 2023.
Boris Saragaglia, co-founder, Chairman and Chief Executive
Officer of Spartoo, stated: " In a context of high inflation
and significant slowdown in demand affecting all players in the
consumer sector, the dedication and commitment of Spartoo's teams
enabled us to improve our operating cash-flow over the half-year.
The optimization of our marketing investments combined with the
reduction of inventory in value on our B2C Online activities
enabled us to limit the decline in revenue while significantly
improving our EBITDA and operating cash-flow. Our own brands, our
points of sales and our third-party services also achieved
double-digit growth over the half-year, underlining the economic
relevance of our multi-channel model. Our strategy, focused on
customer service excellence and balanced development between our
own brands and international ones, between online and offline
complementarity, and on a strong international presence, ensures
our tangible resilience in the current environment. We aim to
achieve positive free cash flow in full-year 2023, despite a
difficult back-to-school period.”
As of June 30, 2023, GMV1 stood at €101.6 million, compared with
€104.3 million in the first half of 2022 (-2.6%).
BtoC activity, online & offline: expansion of retail
network, good performance of brands owned by the Group and
inventory reduction
Spartoo continued to expand its marketplace offering of
footwear, ready-to-wear, bags and accessories in the first half of
2023, and now records more than 1.7 million unique references in
Europe.
The average basket is up €5 (+6%), reflecting the effect of
inflation on average product selling prices. To accelerate
inventory reduction, the level of customer discounts over the
period was set 3 points above that of the first half of 2022.
Spartoo continued to expand its retail network, with 11 new
points of sales openings during the period, including 2 stores, the
other points of sales being corners and affiliates. As of June 30,
2023, Spartoo recorded 42 points of sales, including 20 corners in
department stores.
Revenue linked to the Group's own brands are up +12% compared to
the first half of 2022, driven by both the organic growth of its
wholesale customers and the acceleration of their
digitalization.
The Group's inventory, down 2.8% in terms of quantity,
stabilized in terms of value, standing at a lower level of -€0.5
million compared with December 31, 2022. This trend is in line with
the Group's target of reducing inventory by the end of 2023, while
preserving its quality, as evidenced by the low rate of
depreciation (7.1% as of June 30, 2023). In particular, the
inventory optimization policy enabled a reduction in the level of
inventory dedicated to online activity: -4.1% in value and -7.7% in
quantity compared with December 31, 2022.
Third-party services boosted by new customers
acquisition
The transport agent activity recorded the acquisition of more
than 20 new e-traders in the first half of 2023, up 10.6% on the
first half of 2022.
Financial results: sustained improvement in EBITDA and net
profit
The gross margin came to €28.9 million over the period, or 39.7%
of revenue, compared with 41.4% in the first half of 2022.
Despite a sharp rise in costs (transport, minimum wage, raw
materials, etc.), the Group's adjusted EBITDA improved
significantly and came close to breakeven, at -€0.3 million,
compared with a loss of €3.1 million in the first half of 2022.
This trend reflects particularly the proactive marketing investment
allocation policy based on their profitability, with the cost of
acquiring new customers down sharply by 38% to €11.0 compared with
€18.0 in the first half of 2022.
Consolidated net loss came to -€2.0 million, compared with -€4.6
million in 2022.
As of June 30, 2023, Spartoo reported cash of €7.6 million.
Key performance indicators :
Online activities / KPIs
30/06/2023
30/06/2022
Var
Active customer base (000)
1,722
1,858
-7%
Cost of acquiring new customers
€11.0
€18.0
-38%
Average basket net of return
€87
€82
+6%
% of GMV from brands owned by the
Group
10.2%
9.8%
+0.4 pts
Customer recommendation score (/100)
>90%
>90%
-
Consolidated financial results (French GAAP)
Simplified income statement (in €
millions)
30/06/2023
30/06/2022
Gross Merchandise Value (GMV)
101.6
104.3
B2C
91.1
94.8
Third-party services
10.5
9.5
France
62.1
63.2
International
39.5
41.1
Revenue excluding VAT
72.9
73.9
Gross margin
28.9
30.6
in %
39.7%
41.4%
Adjusted EBITDA
-0.3
-3.1
in %
-0.4%
-4.2%
EBIT
-1.8
-4.6
in %
-2.5%
-6.2%
Consolidated net profit/loss
-2.0
-4.6
-2.7%
-6.2%
Earnings per share in €
-0.11
-0.25
Number of shares as of June 30, 2023:
18,228,088
Cash-flow statement (in €
millions)
30/06/2023
30/06/2022
Cash-flow from operations (*)
(0.6)
(3.5)
Operating cash-flow (*)
(0.5)
(7.4)
Cash-flow from investing activities
(0.7)
(0.8)
Available cash
7.6
26.0
Net debt
16.2
(0.6)
(*) excluding significant non-recurring
items
Operating cash-flow for the year was close to breakeven at €-0.5
million, including an impact of +€0.1 million from changes in
working capital, reflecting the initial effects of the proactive
policy to optimize cash-flows. Inventory changes had a cash impact
of +€0.1 million.
As of June 30, 2023, the Group's cash position stood at €7.6
million, compared with €9.4 million as of December 31, 2022.
Spartoo also benefited from an agreement with its banking partners
(BNP Paribas, Caisse d'Épargne, Banque Populaire, Crédit Agricole),
enabling it to raise €8 million in debt over 2023 (€3 million
released in the first half of the year and €5 million released
during the second half).
Net debt stood at €16.2 million, compared with €14.7 million as
of December 31, 2022, and €0.6 million a year earlier.
Change in results over last 12 months
(€m)
From 01/07/2022 to 30/06/2023
Gross Merchandise Value (GMV)
206.9
Revenue excluding VAT
148.1
Adjusted EBITDA
1.6
The Group's commercial and financial results over the last 12
months also reflect its resilience, with EBITDA coming in at €1.6m,
while GMV including VAT and revenue excluding VAT came in at
€206.9m and €148.1m respectively.
To receive future SPARTOO press releases, write to us at
newcap@spartoo.com !
About Spartoo
With 10,000 brands and more than 1.7 million items, Spartoo
offers one of the widest selections of fashion items (footwear,
ready-to-wear, bags) in more than 30 countries in Europe, thanks to
its team of more than 400 employees of nearly 30 different
nationalities. In 2022, the Group generated a GMV (Gross
Merchandise Value) of €209.6 million, 40% of which was generated
internationally. With an integrated logistics platform and
after-sales service, Spartoo stands out for its customer-centric
approach, as evidenced by a very high customer satisfaction rate.
The strategy is based on the strong synergies between the online
sales model and the advantages of physical stores, which support
loyalty and brand awareness. Capitalizing on its e-commerce
know-how, Spartoo has also developed a complete range of services
for professionals.
Visit the Group's websites: www.spartoo.com
www.spartoo-finance.com
-------------------
1Business volume = Gross Merchandise Value (GMV): total
sales of products including VAT and services, net of returns.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231002450599/en/
Spartoo 04 58 00 16 84 investors@spartoo.com
NewCap Louis-Victor Delouvrier Nicolas Fossiez Investor
Relations newcap@spartoo.com 01 44 71 94 94
NewCap Nicolas Mérigeau Gaëlle Fromaigeat Media Relations
newcap@spartoo.com 01 44 71 98 52
Spartoo (EU:ALSPT)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Spartoo (EU:ALSPT)
Historical Stock Chart
Von Mai 2023 bis Mai 2024