GLOBAL FASHION GROUP S.A. #1
FASHION &
LIFESTYLE DESTINATION IN LATAM, SEA & ANZ
Q1 2024 RESULTS
PRESENTATION
30 April 2024
CONTINUED TO DELIVER MARGIN GAINS DESPITE DEMAND PRESSURE
€239m
NMV
(16.5)% yoy1
8.4m
ACTIVE CUSTOMERS
(18.5)% yoy
44.0%
GROSS PROFIT MARGIN
+3.0ppt yoy
4.1m
ORDERS
(18.1)% yoy
(11.3)%
ADJ. EBITDA MARGIN
+0.8ppt yoy
2.4
ORDER FREQUENCY
(5.7)% yoy
(1) Constant currency growth rate.
2 Q1 2024 RESULTS PRESENTATION
NAVIGATING CHALLENGES IN CUSTOMER ACQUISITION AND RETENTION
ACTIVE CUSTOMERS | |
(M) | |
(18.5)% | |
10.3 | |
8.4 | |
Q1/23 | Q1/24 |
ORDER FREQUENCY | |
(X) | |
(5.7)% | |
2.5 | 2.4 |
Q1/23 | Q1/24 |
Note: Active Customers and Order Frequency are rolling 12-month KPIs.
3 Q1 2024 RESULTS PRESENTATION
VOLUME TREND DRIVEN BY REDUCED TRAFFIC AND CONVERSIONS
NMV1
(€M)
293
Retail | Marketplace |
(16.5)%
ORDERS
(M)
(18.1)%
AVERAGE ORDER VALUE1
(€)
+1.9%
37%
239
41%
5.0 |
4.1 |
59.2
58.9
Q1/23Q1/24
Q1/23 | Q1/24 |
Q1/23Q1/24
- Growth rate is in constant currency. Bars are a graphical representation of values on a constant currency basis.
4 Q1 2024 RESULTS PRESENTATION
STRATEGIC MARKETING INVESTMENTS AND COST DELEVERAGE OFFSET GROSS MARGIN GAINS TO ADJ. EBITDA
REVENUE1
(€M) | |
(18.8)% | |
194 | |
153 | |
Q1/23 | Q1/24 |
GROSS PROFIT / MARGIN
(€M)
+3.0ppt
79 | |
67 | |
41.0% | 44.0% |
Q1/23 | Q1/24 |
ADJUSTED EBITDA / MARGIN
(€M) | |
Q1/23 | Q1/24 |
(12.1)% | (11.3)% |
(17) | |
(23) | |
+0.8ppt |
- Growth rate is in constant currency. Bars are a graphical representation of values on a constant currency basis.
5 Q1 2024 RESULTS PRESENTATION
HEALTHY INVENTORY PROFILE AND SCALING PLATFORM DROVE MARGIN EXPANSION IN ALL REGIONS
Q1/24 NMV (€M)
96.3 | ||
70.8 | 71.7 | |
(18.1)% | (15.0)% | (16.4)% | ||
LATAM | SEA | ANZ |
Q1/24 REVENUE (€M)
66.2
43.044.5
(18.8)% | (18.7)% | (18.9)% | ||
LATAM | SEA | ANZ |
Q1/24 ACTIVE CUSTOMERS (M)
4.2 | ||||||
2.3 | ||||||
(23.4)% | (15.8)% | |||||
LATAM | SEA |
Q1/24 GROSS MARGIN
42.7%44.6%
+1.9ppt | +5.0ppt | |||||
LATAM | SEA |
- NMV and Revenue changes are on a constant currency basis.
6 Q1 2024 RESULTS PRESENTATION
COST ACTION BENEFITS TO ADJ. EBITDA OFFSET BY FLOW THROUGH OF WORKING CAPITAL OPTIMISATION EFFORTS
(€M) | Q1/23 | Q1/24 | |
Adj. EBITDA | |||
(23) | (17) | ||
FUNDING | Cash Lease Costs | (5) | (5) |
OPERATIONS | Working Capital | (24) | (28) |
TOTAL | (52) | (50) | |
Tech Capex | (5) | (5) | |
CAPEX | PP&E Capex | (2) | (1) |
TOTAL | (7) | (6) | |
Other NFCF | (3) | (3) | |
PRO-FORMA CASH BALANCE
(€M)
397
(60)
€206m
PRO-FORMA
NET CASH
321
(16)
€136m321
PRO-FORMA
NET CASH
NORMALISED FREE CASH FLOW1 ("NFCF") | (62) | (60) |
PF Cash | NFCF | Other1 | PF Cash |
Dec-23 | Mar-24 |
Note: Figures may not sum exactly to totals shown due to rounding.
- Normalised Free Cash Flow ("NFCF") represents operating cash flows excluding discontinued operations, exceptional items, changes in factoring principal, interest and tax on investment income and convertible bond interest. The excluded cash flows are represented as Other.
7 Q1 2024 RESULTS PRESENTATION
FY 2024 GUIDANCE CONFIRMED
NMV | ADJ. EBITDA |
(5)-(15)% yoy1 | €(25)-(45)m |
Implies €1.1-1.2bn
- NMV growth rate is on a constant currency basis at 31 December 2023 closing exchange rates.
8 Q1 2024 RESULTS PRESENTATION
FINANCIAL PRIORITIES
- Continued platform transition and inventory efficiency focus
- Cost reduction from 2023 actions and incremental savings planned
- Capex and leases no more than in 2023
- Working capital cash inflow, significantly less than in 2023
Q&A
9 Q1 2024 RESULTS PRESENTATION
APPENDIX
10 Q1 2024 RESULTS PRESENTATION
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Disclaimer
Global Fashion Group SA published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 06:23:10 UTC.
