News

About You Reports Increase in Profitability

1 Mins read

Shares in About You surged on Wednesday following the company’s announcement of improved profitability and its reaffirmation of its outlook for the year.

At 0800 GMT, shares had climbed 26% to EUR5.60.

During the first quarter of fiscal 2024, the German online fashion retailer reduced its net loss to 23.8 million euros ($26.2 million), compared to a loss of EUR44.4 million in the same period of the previous year.

Adjusted earnings before interest, taxes, depreciation, and amortization for the March to May period rose to EUR4.2 million, up from last year’s loss of EUR28.8 million. This growth can be attributed to the company’s diligent cost-cutting measures in marketing and administration, as stated by About You.

Co-Founder and Co-Chief Executive Tarek Mueller praised the company’s achievement, saying, “We managed to reach break-even ahead of plan in what continues to be a challenging market environment.”

Despite facing challenges such as elevated inventories in the fashion industry, subdued consumer sentiment due to cold weather in Europe, and a volatile macroeconomic environment, About You still recorded a 0.6% increase in revenue to EUR507.1 million.

Looking ahead, the company anticipates revenue growth ranging from 1% to 11% for this fiscal year and aims to achieve adjusted EBITDA break-even.

Related posts
News

Ukrainian drone attack kills one, injures another in Russian border region, says governor By Reuters

1 Mins read
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment…
News

Solana Holds Near $236 As Whale Staking Builds Pressure At Resistance (SOL-USD)

1 Mins read
Whales staked more than $1.5 billion in SOL, reducing circulating supply. Solana (SOL-USD) is trading around $235.87, consolidating after briefly touching $237…
News

A'Court dismisses appeal against citizens' right to public information

2 Mins read
The Court of Appeal sitting in Abuja has delivered two landmark judgments affirming citizens’ right to access public information, dismissing separate appeals…

Leave a Reply

Your email address will not be published. Required fields are marked *