Global Fashion Group S.A.: GLOBAL FASHION GROUP REPORTS PRELIMINARY Q2 RESULTS AND UPDATES ITS OUTLOOK FOR FULL YEAR 2023
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EQS-Ad-hoc: Global Fashion Group S.A. / Key word(s): Miscellaneous GLOBAL FASHION GROUP SA: GLOBAL FASHION GROUP REPORTS PRELIMINARY Q2 RESULTS AND UPDATES ITS OUTLOOK FOR FULL YEAR 2023 Luxembourg, 26 July 2023 - Global Fashion Group S.A. (“GFG”), the leading online fashion and lifestyle destination in LATAM, SEA and ANZ, announces its preliminary financial results for the second quarter of 2023 and adjusts its outlook for the full year 2023. Based on preliminary results, GFG expects Q2 2023 approximate figures of (15)% NMV growth, (19)% Revenue growth, both on a constant currency basis, (7)% Adjusted EBITDA margin and €467m pro-forma cash. NMV has declined in all regions – approximately (19)% in LATAM, (17)% in SEA and (9)% in ANZ. The Company’s previous outlook for the full year 2023 expected a continuation of the lower demand trends that we saw in Q4 2022 into H1 2023, and the potential for a recovery from this in H2 2023. Q2 2023 sales and volumes were lower than anticipated, particularly in ANZ, therefore the opportunity to perform more strongly in H2 2023 no longer appears probable. As a result, GFG now expects its financial performance for full year 2023 to be impacted by greater discounting in our markets, clearing of higher than planned levels of aged inventory and ongoing fixed cost deleverage from lower volumes despite cost actions. GFG now expects full year 2023 NMV growth of (15)-(10)% on a constant currency basis, c.€1.3-1.4 billion in NMV, c.€0.9 billion of revenue, an Adjusted EBITDA margin of (8)% to (6)% and Capex investment of c.€30 million. In GFG’s outlook published on 15 March 2023, the Company guided to NMV growth of (5)-0%, c.€1.5-1.6 billion in NMV, and c.€1.0 billion of Revenue, an Adjusted EBITDA margin of (3)-(1)% and c.€35 million in Capex. All figures reported herein are preliminary and unaudited. GFG will publish its second quarter results as scheduled on 10 August 2023. Person making the notification: Claire Higgins, Group Senior Legal Counsel.
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Forward-looking Information This announcement contains forward-looking statements. Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in this announcement, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this announcement or the underlying assumptions. About Global Fashion Group Global Fashion Group is the leading fashion and lifestyle destination in LATAM, SEA and ANZ. From our people to our customers and partners, we exist to empower everyone to express their true selves through fashion. Our three ecommerce platforms: Dafiti, ZALORA and THE ICONIC connect an assortment of international, local and own brands to over 800 million consumers from diverse cultures and lifestyles. GFG’s platforms provide seamless and inspiring customer experiences from discovery to delivery, powered by art & science that is infused with unparalleled local knowledge. Our vision is to be the #1 fashion & lifestyle destination in LATAM, SEA and ANZ, and we are committed to doing this responsibly by being people and planet positive across everything we do. (ISIN: LU2010095458)
For more information visit: www.global-fashion-group.com
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26-Jul-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | Global Fashion Group S.A. |
| 5, Heienhaff | |
| L-1736 Senningerberg | |
| Luxemburg | |
| E-mail: | investorrelations@global-fashion-group.com |
| Internet: | https://global-fashion-group.com |
| ISIN: | LU2010095458 |
| WKN: | A2PLUG |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Tradegate Exchange; Luxembourg Stock Exchange |
| EQS News ID: | 1689247 |
| End of Announcement | EQS News Service |
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1689247 26-Jul-2023 CET/CEST
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