GLOBAL FASHION GROUP RAISES 2024 FULL-YEAR GUIDANCE BASED ON STRONG PROFIT IMPROVEMENTS IN THE THIRD QUARTER
Key word(s): Preliminary
Results/Results Forecast
16-Oct-2024 / 19:27 CET/CEST
Luxembourg, 16 October 2024 - Global Fashion Group S.A. ("GFG") raises its
full-year 2024 guidance as it expects to exceed the Adjusted EBITDA guidance
set in March. This positive outlook is primarily driven by operational
efficiency efforts which have improved overall performance amid better
consumer demand trends. The expansion of Gross Margin, combined with ongoing
cost discipline, has resulted in a significant increase in Adjusted EBITDA
margin for the third quarter.
For the full-year 2024, GFG now expects a year-over-year ("yoy") decrease in
Net Merchandise Value ("NMV") between 8% and 12% on a constant currency
basis, narrowing from the previous range of a 5% to 15% decrease yoy. This
implies an NMV range of EUR1,100 to EUR1,160 million, which also reflects
current exchange rate impacts, compared to the previous range of EUR1,100 to
EUR1,200 million. For Adjusted EBITDA, GFG expects a range of EUR(16) to EUR(28)
million which is an improvement from the prior range of EUR(25) to EUR(45)
million.
Based on preliminary third quarter 2024 results, GFG generated EUR264 million
in NMV, decreasing 4% yoy. This represents a notable slowdown in the rate of
decline compared to prior quarters. Regionally, NMV decreased by 1% in
LATAM, 12% in SEA and 1% in ANZ yoy. GFG delivered EUR174 million in Revenue,
decreasing 3% yoy. Both NMV and Revenue growth rates are based on constant
currency.
GFG's third quarter Adjusted EBITDA margin of (5)% increased significantly
by 5 percentage points yoy to reach EUR(8) million. GFG closed the quarter
with EUR189 million Pro-Forma Cash and EUR128 million Pro-Forma Net Cash after
adjusting for outstanding convertible bond debt and small third-party loans.
All figures reported herein are preliminary and unaudited. The final numbers
for Q3 2024 may deviate from what is presented in this release. GFG will
publish its Q3 results as scheduled on 14 November 2024.
#GFG(A2PLUG)0,305 +1,8%
Global Fashion Group
0,305 €
08:00:56+0,01 €
+1,84 %Hoch: 0,313 €
Tief: 0,258 €
- Symbol:
- GFG
- WKN:
- A2PLUG
- ISIN:
- LU2010095458
Key word(s): Preliminary
Results/Results Forecast
16-Oct-2024 / 19:27 CET/CEST
Luxembourg, 16 October 2024 - Global Fashion Group S.A. ("GFG") raises its
full-year 2024 guidance as it expects to exceed the Adjusted EBITDA guidance
set in March. This positive outlook is primarily driven by operational
efficiency efforts which have improved overall performance amid better
consumer demand trends. The expansion of Gross Margin, combined with ongoing
cost discipline, has resulted in a significant increase in Adjusted EBITDA
margin for the third quarter.
For the full-year 2024, GFG now expects a year-over-year ("yoy") decrease in
Net Merchandise Value ("NMV") between 8% and 12% on a constant currency
basis, narrowing from the previous range of a 5% to 15% decrease yoy. This
implies an NMV range of EUR1,100 to EUR1,160 million, which also reflects
current exchange rate impacts, compared to the previous range of EUR1,100 to
EUR1,200 million. For Adjusted EBITDA, GFG expects a range of EUR(16) to EUR(28)
million which is an improvement from the prior range of EUR(25) to EUR(45)
million.
Based on preliminary third quarter 2024 results, GFG generated EUR264 million
in NMV, decreasing 4% yoy. This represents a notable slowdown in the rate of
decline compared to prior quarters. Regionally, NMV decreased by 1% in
LATAM, 12% in SEA and 1% in ANZ yoy. GFG delivered EUR174 million in Revenue,
decreasing 3% yoy. Both NMV and Revenue growth rates are based on constant
currency.
GFG's third quarter Adjusted EBITDA margin of (5)% increased significantly
by 5 percentage points yoy to reach EUR(8) million. GFG closed the quarter
with EUR189 million Pro-Forma Cash and EUR128 million Pro-Forma Net Cash after
adjusting for outstanding convertible bond debt and small third-party loans.
All figures reported herein are preliminary and unaudited. The final numbers
for Q3 2024 may deviate from what is presented in this release. GFG will
publish its Q3 results as scheduled on 14 November 2024.