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

Government Matching Contribution for Retirement Savings

2 Mins read
According to researchers, nearly 22 million Americans are set to benefit from a new government matching contribution initiative aimed at enhancing retirement…

Oil Market Update

1 Mins read
Oil Market Update On Tuesday, crude oil futures prices were lower, while refined product contracts were experiencing a second consecutive day of…

Carrier Global Sells Industrial Fire Business

1 Mins read
Carrier Global Sells Industrial Fire Business for $1.425 Billion Carrier Global has announced the sale of its industrial fire business to private-equity…

Leave a Reply

Your email address will not be published.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