Westwing Registers Steady Growth in Q2 2024

Westwing Group SE reported sustained growth in the second quarter of 2024. The company's Gross Merchandise Volume (GMV) increased by 5%, with revenues up by 4% year-over-year, totaling EUR 106 million. This growth was driven by an 11% increase in average spend per order and a 2% rise in active customers.

Despite a challenging market, Westwing's adjusted EBITDA for Q2 2024 remained constant at EUR 4 million. The company noted a 2 percentage-point rise in contribution margin to 31%, attributed to the increased share of the high-margin Westwing Collection. However, pressures from 3rd party market prices and container costs offset some benefits.

Westwing's 3-step plan to enhance value showed good progress. Key initiatives included launching a new SaaS-based platform in Portugal and the Netherlands, and reducing complexity by centralizing operations in Italy and Spain. Nevertheless, the company remains cautious, confirming 2024 revenue guidance between EUR 415 million and EUR 445 million, and adjusted EBITDA between EUR 14 million and EUR 24 million.