Westwing, an online European furniture business, reported a 4% increase in Q2 2024 sales, reaching €106 million. This growth was driven by an 11% rise in average order value to €198 and a 2% increase in active customers. Despite steady sales, profitability remained unchanged with an adjusted EBITDA of €4 million, reflecting a margin of 3.7%, slightly down from 4.4% the previous year.
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Westwing continued to execute its 3-step strategy, focusing on reducing complexity and enhancing its premium brand positioning. The company expanded its operations by launching new platforms in Portugal and the Netherlands, marking its first market expansion since 2014.
Dr Andreas Hoerning, CEO of Westwing, commented: 'I am very proud of the progress we are making on our 3-step plan to unlock Westwing's full value potential. Not only did we complete the centralisation of our Italian and Spanish businesses, but we also expanded to Portugal as our first new country in 10 years. It is also the first country to run on our predominantly SaaS-based technology platform that comes with a new, gorgeous web design. This brings us another step closer to becoming Europe's leading premium one-stop destination in Home & Living.'
Looking ahead, Westwing maintains its financial guidance for 2024, projecting revenues between €415 million and €445 million with an adjusted EBITDA of €14 million to €24 million.
More information:
Westwing
www.westwing.com