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German furniture retailer delivers successful Q3 despite sales slip

Online German furniture retailer home24 has reported a successful third quarter with a positive operating result and stable revenue compared to the previous year.

According to its latest trading update for Q3, total sales amounted to €136m, down 2% from €138.6m.

In Europe, home24 generated revenue of €105m, down from €108m, while Latin America contributed €31m. In the first nine months of the fiscal year, revenue totalled €428.1m, down 8% from €463.7m. Europe accounted for €341.4m, suffering a 10% decline.

Adjusted EBITDA developed positively in Q3, up €1.9m compared to a loss of €2.8m. Key drivers for this were the disciplined marketing measures and further efficiency improvements initiated earlier in the year.

“It is a reaffirming success that we have posted a positive operating result in the third quarter, with the strong expected revenues in the fourth quarter still ahead of us,” says CEO Marc Appelhoff. “We are prevailing against the industry trend and are enhancing our competitive position, despite the difficult economic environment. This is a great achievement by all colleagues at home24, whom we would like to thank explicitly for their performance in this challenging year.”

home24 confirms the outlook for the full year, with expected constant currency revenue growth of -7% to +3% (specified at the half-year) as well as adjusted EBITDA margin of +1% to +5%.

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