The online retailer About You has lowered its forecast for the current financial year due to falling consumer spending and the economic slowdown. Sales growth in 2022/2023 should be 10 to 20 percent to 1.905 to 2.078 billion euros, the group announced on Tuesday after the stock exchange closed in Hamburg. So far, About You had promised much stronger growth of 25 to 35 percent.
The adjusted loss before interest, taxes, depreciation and amortization (Ebitda) is likely to be 120 to 140 million euros and thus significantly above the previously announced 50 to 70 million euros. The margin will be between minus 7.3 and minus 5.8 percent.
Despite the ongoing challenges, About You confirmed the goal of achieving breakeven based on adjusted Ebitda at group level in the 2023/2024 financial year – i.e. no longer in the red. The share initially came under more pressure on the Tradegate trading platform, and most recently lost half a percent there in a Xetra comparison.
For the second quarter of the fiscal year, the Executive Board expects sales to increase by 4.9 to 12.5 percent year-on-year to between EUR 415 and 445 million, and an adjusted EBITDA of minus EUR 55 to minus 40 million. This corresponds to a margin of minus 13.3 to minus 9.0 percent. The expected acceleration in sales growth compared to the previous quarter did not occur, it was said to be the reason. On the contrary, growth slowed down moderately in the course of the quarter. The turnover is thus below the original expectations of the board of directors. (dpa)