Online German furniture retailer home24 has reported a growth in first quarter sales and profitability.
According to its latest trading update for Q1 2023, total sales rose 2.3% to €143.5m from €140.2m in 2022.
Adjusted EBITDA also improved significantly to a positive result of €3.3m, up from a loss of €6.1m against the same period last year.
Supported by its new majority shareholder, home24 will further expand its investment projects and market position as an independent company.
Marc Appelhoff, CEO of home24, commented: “Our strategy of supplementing strong private label brands around Butlers and Studio Copenhagen with a complementary marketplace offering is working well.
“This can be seen, among other things, in the number of orders, which is 7% higher than the previous year’s figure. The integration of the Butlers omni channels is also being driven forward. In addition to the existing joint stores, e.g. in Berlin and Hamburg, further locations are currently being redesigned.
“With the acquisition of the majority of shares, which was recently completed, the companies around the XXXLutz Group are seeking a corresponding position on the company’s Supervisory Board at the next regular Annual General Meeting. Furthermore, as announced, the intention is still to delist the home24 share from the stock exchange.”