About You closed the 2021/2022 financial year with significant sales growth and is now confident about the future.
For the current financial year, the Hamburg online retailer expects sales growth of up to 35 percent, About You announced on Tuesday. “In the 2021/2022 financial year, we consistently advanced our growth initiatives,” said Co-CEO Tarek Müller. “We are therefore well equipped to withstand the volatile market dynamics.”
In the fiscal year that ended in February, the company achieved sales growth of 48.5 percent. Earnings increased from EUR 1.17 billion in the previous year to EUR 1.73 billion. The loss before interest, taxes, depreciation and amortization (EBITDA) adjusted for special effects rose to minus 66.9 million euros due to investments, but was still slightly above the forecast. In the previous year, this was still minus 35.5 million euros. Overall, the loss was 124.4 million euros. It has more than doubled compared to the previous year. In the 2020/2021 financial year, the loss was 59.9 million euros.
About You is planning new logistics centers in France and Poland
In the domestic market of Germany, Austria and Switzerland (DACH), About You increased sales by 27.3 percent year-on-year from EUR 660 million to EUR 839.9 million. In the rest of Europe, the online retailer even achieved a sales increase of 65.6 percent compared to the previous year. Earnings in this region thus rose from EUR 463.5 million to EUR 767.7 million.
Due to growing demand, About You opened a second logistics center in Slovakia in the past financial year. The network is to be further expanded by 2023 and one logistics location each will be opened in Poland and France.
The About range grew to more than 500,000 items by the end of February with new brands such as Weekday, Monki and Furla. The number of active customers also increased by 34.8 percent to 11.4 million.
About You expects sales growth of up to 35 percent
About You is optimistic about the current financial year and anticipates sales growth of 25 to 35 percent compared to the previous year. The online retailer expects the adjusted Ebitda to be between minus 70 and minus 50 million euros. According to Müller, About You is confident that it will break even by the 2023/2024 financial year.
“After a good start to the 2022/2023 financial year, we are driving our sustainable growth with further investments in About You’s commerce and B2B businesses,” said the co-founder. “At the same time, we want to further improve our profitability. We are confident about our outlook for the current fiscal year…”