Elumeo SE Revises 2024 Forecast Amid Economic Challenges

Elumeo SE, a leading European gemstone jewelry retailer, has revised its 2024 financial forecast due to subdued September business performance. The company anticipates a revenue decline between -4% and -1% for the year, with a gross profit margin adjusted to 47%-49%. Despite higher raw material costs, elumeo's cost-reduction efforts lead to saving over EUR 2.3 million in 2024.

The adjustment follows a surprising consumer confidence slump in Germany, reported by GfK, impacting September's sales. Elumeo's management remains optimistic, citing effective cost management strategies.

Notably, elumeo's Internationalization 2.0 initiative shows promising results with a significant revenue boost following its multi-language platform's June launch in Spain, Italy, and France. This initiative reduces costs and potentially accelerates the company's break-even timeline.