- Prachi Singh |
First half net revenues at Showroomprivé were stable at 302.7 million euros (354 million dollars), with second quarter growth of 19 percent offsetting the 20 percent decline in the first quarter. The company said in a statement that since April 2020, the group enjoyed a strong business recovery which continued post-lockdown, partly driven by the consumer shift towards e-commerce. The company added that first half gross margin increased by 23.7 million euros (27.7 million dollars) to 112.4 million euros (131.5 million dollars), while the group returned to positive EBITDA at 7 million euros (8.1 million dollars), versus EBITDA losses of 23.2 million euros in the first half of 2019 and 8.3 million euros in the second half of 2019, thereby confirming the trend towards a gradual improvement in profitability.
Commenting on the results, Showroomprivé co-founders and co-CEOs Thierry Petit and David Dayan, said: “Our first-half results have exceeded our initial expectations. We were able to step up our recovery in the second quarter thanks to a healthy combination of internal and external factors. Another highlight was of course the return to positive EBITDA in the first half, confirming the trend towards a gradual improvement in profitability.”
The company further said that online sales in France amounted to 255.1 million euros (298.5 million dollars), up 2.5 percent, driven by the core online sales business in Q2 2020 and by the development of growth drivers such as SRP media. However, the health crisis curbed revenues from other non-core businesses by around 6 million euros (7 million dollars). International revenues fell 7.4 percent to 45.4 million (53 million dollars), mainly resulting from a decrease in Saldi Privati revenues. Other non-strategic revenues, including non-internet sales, were down 47.2 percent year-on-year.