The e-commerce group Global Fashion Group SA (GFG) apparently closed the 2023 financial year with slightly lower losses than was recently feared.
On Thursday, the parent company of trading platforms Dafiti, Zalora and The Iconic said, citing preliminary figures, that net merchandise volume (NMV) last year amounted to around 1.3 billion euros. This corresponded to a currency-adjusted decline of 14 percent compared to 2022. Management had previously expected a decline of 16 to 18 percent.
The company said business in the fourth quarter was slightly better than expected. In the months October to December, the NMV shrank by 14 percent. The market regions of Latin America (-12 percent), Southeast Asia (-18 percent) and Australia and New Zealand (-13 percent) all suffered losses.
According to the group, the EBITDA margin adjusted for special effects in the recently ended financial year was “at the upper end” of the forecast range of -7 to -9 percent. All other targets for 2023 were also achieved. The online retailer plans to present its final annual results on March 6th.