ABOUT YOU HOLDING SE QUARTERLY STATEMENT Q1 2024/2025
2__INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 3__FURTHER INFORMATION |
EUR 58.5 | EUR 46.0 million |
(Q1 2023/2024: EUR 54.8) | |
Average order value LTM | |
Free cash flow (Q1 2023/2024: EUR 10.8 million) |
2.9% | 3.1x |
Group adjusted EBITDA margin | Average order frequency LTM |
(Q1 2023/2024: 0.8%) | (Q1 2023/2024: 3.1x) |
EUR 518.3
Group revenue (Q1 2023/2024: EUR 507.1 million)
Note: All metrics on this page refer to Q1 2024/2025 ended on May 31, 2024.
Quarterly Statement Q1 2024/2025
million | EUR 179.7 |
Average GMV per customer LTM | |
(Q1 2023/2024: EUR 169.2) | |
43.2% | |
Group gross margin (as % of revenue) | 2 |
(Q1 2023/2024: 39.5%) |
ABOUT YOU AT A GLANCE1
- Note: Explanations of the key performance indicators can be found in the glossary. The following applies to the Quarterly Statement: Percentages and figures may be subject to rounding differences
- Permanent employees expressed as full-time equivalents (as of the reporting date)
2__INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 3__FURTHER INFORMATION |
Group Key Performance Indicators
Q1 2024/2025 | Q1 2023/2024 | |
User sessions per month (LTM in million) | 118.9 | 138.6 |
Mobile sessions (LTM in % of user sessions) | 91.0 | 88.0 |
Active customers (LTM in million) | 12.3 | 12.8 |
Number of orders (LTM in million) | 37.7 | 39.6 |
Average order frequency (LTM) | 3.1 | 3.1 |
Average order value (LTM in EUR incl. VAT) | 58.5 | 54.8 |
Average GMV per customer (LTM in EUR incl. VAT) | 179.7 | 169.2 |
Group results of operations | ||
Revenue (in EUR million) | 518.3 | 507.1 |
Gross margin (as % of revenue) | 43.2 | 39.5 |
EBITDA (in EUR million) | 9.1 | (2.8) |
EBITDA (as % of revenue) | 1.8 | (0.5) |
Adjusted EBITDA (in EUR million) | 15.0 | 4.2 |
Adjusted EBITDA (as % of revenue) | 2.9 | 0.8 |
Group cash flow and financial position | ||
Equity ratio (as % of total assets) | 22.7 | 29.2 |
Cash flow from operating activities (in EUR million) | 59.3 | 26.0 |
Cash flow from investing activities (in EUR million) | (13.3) | (15.2) |
Free cash flow (in EUR million) | 46.0 | 10.8 |
Cash flow from financing activities (in EUR million) | (15.1) | (12.0) |
Cash and cash equivalents (in EUR million) | 194.8 | 203.7 |
Net working capital (in EUR million) | (63.0) | 30.8 |
CAPEX (capital expenditure) (in EUR million) | 13.9 | 15.2 |
Other key figures | ||
Employees (as of the reporting date)2 | 1,256 | 1,257 |
Undiluted earnings per share (in EUR) | (0.05) | (0.14) |
Diluted earnings per share (in EUR) | (0.05) | (0.14) |
Quarterly Statement Q1 2024/2025 | 3 |
2__INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 3__FURTHER INFORMATION |
TABLE OF CONTENTS
1 | INTERIM MANAGEMENT REPORT | 5 | |
1.3 | Cash Flows | 11 | |
1.4 | Financial Position | 12 | |
1.5 | Outlook | 13 |
2 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 14 |
2.1 | Consolidated Income Statement | 15 |
2.2 | Consolidated Balance Sheet | 16 |
2.3 | Consolidated Statement of Cash Flows | 17 |
3 | FURTHER INFORMATION | 18 |
3.1 | Glossary | 19 |
3.2 | Financial Calendar | 21 |
3.3 | Imprint, Contact, and Disclaimer | 21 |
Quarterly Statement Q1 2024/2025 | 4 |
1__INTERIM MANAGEMENT REPORT | 2__INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 3__FURTHER INFORMATION |
Quarterly Statement Q1 2024/2025 | 5 |
1__INTERIM MANAGEMENT REPORT | 2__INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 3__FURTHER INFORMATION |
1. INTERIM MANAGEMENT REPORT
1.1 GROUP RESULTS OF OPERATION
The most important key performance indicators of ABOUT YOU Holding SE ("ABOUT YOU" or "Company") and its fully consolidated subsidiaries (together with ABOUT YOU referred to as "ABOUT YOU Group") are revenue and adjusted EBITDA (as % of revenue). Adjusted EBITDA is not a recognized financial measure under IFRS. ABOUT YOU believes that the adjustments to EBITDA allow for a comparison of performance on a consistent basis excluding special items. Adjusted EBITDA is defined as EBITDA not including expenses for equity-settledshare-based compensation, restructuring costs, and non-operatingone-off items. The adjusted EBITDA margin is calculated as the ratio of adjusted EBITDA to revenue.
To improve the control of individual cost items and to increase comparability with competitors, ABOUT YOU uses Alternative Performance Measures ("APMs"). Here, ABOUT YOU works with four cost APMs: costs of sales, fulfillment costs, marketing costs, and administrative expenses, as well as their respective cost-to-revenue ratios.
These APMs break down the Group's costs according to whether and where these costs were incurred for revenue generation. This makes it easier to distinguish costs with highly variable components from costs with high fixed-cost components. The Group results of operations can thus be managed more concretely in the growth phase.
Condensed Consolidated Income Statement based on APM
as % | as % | |||
in EUR million | Q1 2024/2025 | of revenue | Q1 2023/2024 | of revenue |
Revenue | 518.3 | 100.0% | 507.1 | 100.0% |
Growth rate | 2.2% | - | 0.6% | - |
Costs of sales | 294.3 | 56.8% | 307.0 | 60.5% |
Gross profit | 224.0 | 43.2% | 200.1 | 39.5% |
Fulfillment costs | 125.4 | 24.2% | 120.5 | 23.8% |
Marketing costs | 60.4 | 11.7% | 51.3 | 10.1% |
Administrative expenses | 23.2 | 4.5% | 24.2 | 4.8% |
Adjusted EBITDA | 15.0 | 2.9% | 4.2 | 0.8% |
Quarterly Statement Q1 2024/2025 | 6 |
1__INTERIM MANAGEMENT REPORT | 2__INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 3__FURTHER INFORMATION |
1.1.1 REVENUE DEVELOPMENT
In Q1 2024/2025, Group revenue increased by 2.2% to EUR 518.3 million (Q1 2023/2024: EUR 507.1 million).
The increase in revenue was driven by an improvement in consumer sentiment in key European markets from depressed levels, as well as a reduced discount intensity due to an improved inventory situation.
In a challenging market environment, the number of LTM active customers decreased by 4.4% to 12.3 million as of May 31, 2024 (12.8 million as of May 31, 2023). This decrease was primarily driven by the shortening of the timeframe for achieving the break-even target for newly acquired customers and measures introduced to increase the profitability of existing customers.
The average order frequency per active customer decreased by 0.5% to 3.1 (Q1 2023/2024 LTM: 3.1). The decline in order frequency can be attributed mainly to the challenging market conditions as well as unit economics measures introduced to increase the profitability of existing customers. The lower order frequency and the decrease in the number of active customers resulted in a reduction of the number of orders by 4.9% to 37.7 million orders in Q1 2024/2025 (Q1 2023/2024: 39.6 million).
The average order value (LTM) increased by 6.7% to EUR 58.5 (Q1 2023/2024 LTM: EUR 54.8) due to the positive effects of measures to improve unit economics as well as higher gross selling prices and lower discount levels.
In Q1 2024/2025 LTM, the uptick in the average order value overcompensated for the slight decline in the average order frequency driving the average GMV per customer to increase by 6.2% to EUR 179.7 (Q1 2023/2024 LTM: EUR 169.2).
1.1.2 ALTERNATIVE PERFORMANCE MEASURES (APM)
Development of Gross Profit
Costs of sales decreased by 4.1% to EUR 294.3 million in Q1 2024/2025 (Q1 2023/2024: EUR 307.0 million). Gross profit increased by 11.9% to EUR 224.0 million in Q1 2024/2025 (Q1 2023/2024: EUR 200.1 million). As a result, the gross profit margin rose by 380 basis points to 43.2% in Q1 2024/2025 (Q1 2023/2024: 39.5%). Positive revenue mix effects with an increasing share of high- margin tech revenues, an improved inventory position, and a lower promotional intensity in the fashion industry versus the prior year quarter were the main drivers for the gross margin increase.
Development of Fulfillment Costs
In Q1 2024/2025, fulfillment costs increased by 4.1% to EUR 125.4 million (Q1 2023/2024: EUR 120.5 million). The cost-to-revenue ratio increased by 40 basis points YoY to 24.2% (Q1 2023/2024: 23.8%). The increase was primarily attributable to one-time costs in relation to automation projects in the logistics network as well as revenue mix effects such as a lower share of drop shipped orders.
Development of Marketing Costs
Marketing costs increased by 17.8% to EUR 60.4 million in Q1 2024/2025 (Q1 2023/2024: EUR 51.3 million). This resulted in a rise of the marketing costs-to- revenue ratio in the current quarter by
160 basis points to 11.7% (Q1 2023/2024:
10.1%). The uptick was planned and partly driven by the execution of the ten-year anniversary campaign of ABOUT YOU in line with the strategic decision to increase marketing to drive brand awareness and growth.
Quarterly Statement Q1 2024/2025 | 7 |
1__INTERIM MANAGEMENT REPORT | 2__INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 3__FURTHER INFORMATION |
Development of Administrative Expenses
In Q1 2024/2025, administrative expenses decreased by 4.2% to EUR 23.2 million (Q1 2023/2024: EUR 24.2 million). As a result, the cost-to-revenue ratio declined by 30 basis points to 4.5% (Q1 2023/2024: 4.8%). The decline is due to further operational efficiency measures and strict operating cost control.
Development and Reconciliation of Adjusted
EBITDA
Adjustments
in EUR million | Q1 2024/2025 | Q1 2023/2024 |
Adjusted EBITDA | 15.0 | 4.2 |
Equity-settledshare-based | ||
compensation | (5.5) | (5.3) |
Non-operatingone-time effects | (0.4) | (1.6) |
EBITDA | 9.1 | (2.8) |
In Q1 2024/2025, adjusted EBITDA amounted to EUR 15.0 million (Q1 2023/2024: EUR 4.2 million), corresponding to an adjust ed EBITDA margin of 2.9% (Q1 2023/2024: 0.8%).
In the first quarter of the current financial year, a total of EUR 5.9 million was adjusted (Q1 2023/2024: EUR 6.9 million). EUR 5.5 million is explained by expenses for equity-settledshare-based compensation (Q1 2023/2024: EUR 5.3 million). Further, EUR 0.4 million of the adjustments related to organizational measures in the context of the separation of the SCAYLE Tech and SCAYLE Payments entities, as well as severance payments and other costs related to organizational development measures in the Group (Q1 2023/2024: EUR 1.6 million). These costs have been eliminated in the calculation of adjusted EBITDA.
Quarterly Statement Q1 2024/2025 | 8 |
1__INTERIM MANAGEMENT REPORT | 2__INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 3__FURTHER INFORMATION |
- Own work capitalized includes internal personnel costs and all other cost items eligible for capitalization
Nature of Expenses: Reconciliation of the Consolidated Income Statement to APM
Q1 2024/2025 | |||||||
in EUR million | NoE/APM | Cost of sales | Fulfillment costs | Marketing costs | Admin. expenses | Adjusted EBITDA | |
Revenue | 518.3 | (294.3) | (125.4) | (60.4) | (23.2) | 15.0 | |
Cost of materials | (290.7) | (290.7) | 0.0 | 0.0 | 0.0 | 0.0 | |
Personnel expenses | (25.0) | (3.0) | (2.6) | (8.1) | (11.3) | 0.0 | |
Other operating | |||||||
expenses | (196.4) | (1.3) | (127.0) | (55.0) | (13.0) | 0.0 | |
Other operating | |||||||
income | 0.5 | 0.0 | 0.1 | 0.0 | 0.4 | 0.0 | |
Own work capitalized1 | 8.4 | 0.8 | 4.0 | 2.7 | 0.8 | 0.0 | |
Adjusted EBITDA | 15.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Q1 2023/2024 | |||||||
in EUR million | NoE/APM | Cost of sales | Fulfillment costs | Marketing costs | Admin. expenses | Adjusted EBITDA | |
Revenue | 507.1 | (307.0) | (120.5) | (51.3) | (24.2) | 4.2 | |
Cost of materials | (302.2) | (302.2) | 0.0 | 0.0 | 0.0 | 0.0 | |
Personnel expenses | (24.6) | (3.1) | (2.7) | (8.9) | (9.9) | 0.0 | |
Other operating | (186.1) | (3.1) | (122.1) | (45.1) | (15.9) | 0.0 | |
expenses | |||||||
Other operating | 0.9 | 0.0 | 0.5 | 0.0 | 0.4 | 0.0 | |
income | |||||||
Own work capitalized1 | 9.1 | 1.4 | 3.8 | 2.7 | 1.2 | 0.0 | |
Adjusted EBITDA | 4.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Quarterly Statement Q1 2024/2025 | 9 |
1__INTERIM MANAGEMENT REPORT | 2__INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 3__FURTHER INFORMATION |
1.2 SEGMENT RESULTS OF OPERATION
Revenue of the segments and the reconciliation are shown in the table below:
in EUR million | Q1 2024/2025 | Q1 2023/2024 |
ABOUT YOU | ||
DACH | 252.7 | 248.8 |
Growth Rate | 1.6% | 4.1% |
ABOUT YOU | ||
RoE | 234.1 | 228.8 |
Growth Rate | 2.3% | (0.3%) |
TME | 46.8 | 48.3 |
Growth Rate | (3.1)% | (3.5%) |
Reconciliation | (15.2) | (18.7) |
Group Revenue | 518.3 | 507.1 |
Growth Rate | 2.2% | 0.6% |
Adjusted EBITDA of the segments as well as reconciliation and adjustments are shown in the following table:
in EUR million | Q1 2024/2025 | Q1 2023/2024 |
ABOUT YOU | ||
DACH | 8.4 | 13.0 |
Margin | 3.3% | 5.2% |
ABOUT YOU | ||
RoE | (7.8) | (12.1) |
Margin | (3.3)% | (5.3)% |
TME | 11.5 | 8.8 |
Margin | 24.5% | 18.2% |
Reconciliation | 3.0 | (5.5) |
Adjusted | ||
EBITDA | 15.0 | 4.2 |
Margin | 2.9% | 0.8% |
Adjustments | 5.9 | 6.9 |
EBITDA | 9.1 | (2.8) |
Margin | 1.8% | (0.5)% |
The segment data is determined based on the accounting and valuation methods applied in the consolidated financial statements. However, in the segments data revenues of the ABOUT YOU online store are not accrued at the point when the service is rendered, but when the order was placed. This is an important distinction in the internal reporting and management of the segments DACH and RoE, to be able to clearly track the effectiveness of the various marketing and assortment measures on customer ordering behavior in the stores. Likewise, returns are reposted to the corresponding order time. This is essential to track the effectiveness of measures at a net level (after returns).
The reconciliation of adjusted EBITDA and IFRS consolidated revenue is explained both by the presentation of revenue at the time of the order, which can be positive or negative depending on the reporting date, and on the elimination of intra-Group transactions.
ABOUT YOU DACH
The ABOUT YOU DACH segment saw a revenue growth of 1.6% to EUR 252.7 million in Q1 2024/2025 (Q1 2023/2024: EUR 248.8 million). The revenue increase was driven by the German market where consumer sentiment continued to improve and discount levels declined versus the prior year quarter.
The DACH segment achieved an adjusted EBITDA of EUR 8.4 million in Q1 2024/2025 (Q1 2023/2024: EUR 13.0 million), corresponding to an adjusted EBITDA margin of 3.3% (Q1 2023/2024: 5.2%). The decrease in the EBITDA margin was the result of higher marketing investments, partly related to the ten-year anniversary campaign, to further increase brand awareness and drive growth. This overcompensated the positive effects from a higher gross margin due to a lower level of discounting.
ABOUT YOU Rest of Europe or RoE
Revenue in the RoE segment rose by 2.3% to EUR 234.1 million in Q1 2024/2025 (Q1 2023/2024: EUR 228.8 million). Revenue growth was supported by higher marketing investments in key markets.
The segment reported a lower adjusted EBITDA loss of EUR -7.8 million (Q1 2023/2024: EUR -12.1 million). This resulted in an increase in the adjusted EBITDA margin to -3.3% in Q1 2024/2025 (Q1 2023/2024: -5.3%). The improvement in the EBITDA margin was driven by the non-recurrence of one-time costs related to the rollout of the European distribution network and measures introduced to improve unit economics.
Tech, Media, Enabling or TME
In Q1 2024/2025, revenue in the TME segment decreased by 3.1% to EUR 46.8 million (Q1 2023/2024: EUR 48.3 million).
Quarterly Statement Q1 2024/2025 | 10 |
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ABOUT YOU Holding SE published this content on 10 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 July 2024 05:34:03 UTC.
