Fashionette forecasts improved profitability in FY23

Fashionette AG reported unaudited net revenue of 164.8 million euros and adjusted EBITDA of 0.4 million euros for the year 2022 down from figures published in an ad hoc announcement in February 2023 of net revenue of 165.8 million euros and adjusted EBITDA of 0.5 million euros.

Preliminary net revenue in FY 2022 increased by 23 percent on a consolidated basis and 7 percent on a pro forma basis.

As a result of the initiated efficiency and cost reduction programme, the company’s executive board expects a significant improvement in profitability and forecasts an adjusted EBITDA between 2 million euros and 3 million euros for FY 2023.

The company said in a release that the growth is based in particular on the 10 percent increase in the number of customers on a pro forma basis to 1.08 million in 2022. The number of orders also rose by 10 percent on a pro forma basis to 1.54 million. The average order value of 174 euros in 2022 was slightly below the previous year's 176 euros.

In FY 2022 gross merchandise volume (GMV) grew 9.6 percent to 346.5 million euros. With Brandfield, the Fashionette group strengthened its international positioning.

In the DACH region, the company generated net revenue of 107.1 million euros in FY 2022, up 10 percent. In the Benelux & Other region, net revenue increased to 57.9 million euros due to consolidation of Brandfield.

The preliminary group result after tax decreased to negative 6.3 million euros compared to negative 1.7 million euros in FY 2021.

Fashionette AG plans to continue its growth course in FY 2023 and forecasts a net revenue growth between 5 percent and 8 percent. In addition, the company expects to be able to increase the number of new customers by 3 percent to 6 percent and average order value from 176 euros in 2022 to 200 euros in FY 2023. The company expects to achieve a gross merchandise volume (GMV) of 370.6 million euros.