Westwing Reports Growth and Enhanced Profitability in Q1 2024 Despite Market Decline

In the first quarter of 2024, Westwing Group SE showcased a revenue increase of 6% year-over-year, reaching EUR 109 million. This growth occurred despite the broader market downturn. The number of active customers also rose for the first time since the pandemic, marking a 2% growth from the previous year.

The company reported a rise in its adjusted EBITDA to EUR 6 million, with the adjusted EBITDA margin improving to 5.8%. These financial gains were supported by an expansion in the high-margin Westwing Collection, which now accounts for 51% of the Group's Gross Merchandise Volume (GMV).

Westwing's strategy appears to be paying off with an increase in profitability and robust net working capital leading to a free cash flow of EUR 4 million. The company ended March 2024 with a net cash position of EUR 82 million. Despite ongoing economic challenges, Westwing confirmed its full-year outlook for 2024, predicting revenue of EUR 415 to EUR 445 million and an adjusted EBITDA margin between 3% and 5%.