Online EU furniture retailer posts Q3 revenue growth

Online European furniture business Westwing has reported a growth in third quarter sales and continued profitability.

According to its latest trading update, Q3 2023 sales amounted to €92.9m, up 4.6% from €88.3m. Westwing reported the fourth profitable quarter in a row with Adjusted EBITDA at €2.4m and 2.5% Adjusted EBITDA margin in the third quarter 2023, up from a loss of €4.5m versus the previous year.

“While the number of orders decreased by 2% to 0.6 million, the average basket size increased strongly by 8% to €177,” the company said.

“The number of active customers who made at least one order in the last 12 months declined by 11% to 1.3 million. However, the number of active customers has increased again for the first time since the third quarter of 2021.

Westwing added that both the DACH and International segments showed a revenue growth, up by 3.7% to €51.5m and 7.2% to €41.4m respectively.

Looking ahead, Westwing expects to achieve an Adjusted EBITDA of €13m for the full year, with the fourth quarter forecast to be “better”, while full year sales are expected to reach between €390m to €440m.

Furthermore, the company added that it has launched a “transformative project” to move Westwing in 2024 from its proprietary e-commerce technology platform to a software-as-a-service platform.

“This will make Westwing more flexible and even more efficient, and also improve the customer experience,” the business said.

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