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Showroomprive.com:Q1 2020 net revenues: EUR 118.2m Measured decline - sensitive rebound of activity in April

Showroomprive.com 
Showroomprive.com:Q1 2020 net revenues: EUR 118.2m Measured decline - 
sensitive rebound of activity in April 
 
07-May-2020 / 18:00 CET/CEST 
Dissemination of a French Regulatory News, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Q1 2020 net revenues: EUR 118.2m 
MEASURED DECLINE - SENSITIVE REBOUND OF ACTIVITY IN APRIL 
 
La Plaine Saint Denis, 7 May 2020 - Showroomprivé, a leading European online 
   retailer specialising in fashion for the Digital Woman, has published its 
           net revenues for the first quarter of 2020, ended 31 March. 
 
Net revenues for the first quarter came to EUR 118.2 million, 
down 19.8% year-on-year, in line with the trend observed towards 
the end of 2019. Business continued to be impacted by: 
 
· Strategic decisions aimed at focusing the offering 
on the most profitable offers: increased selectivity, 
gradual model shift from firm to conditional 
purchases, and an increase in drop shipping; 
 
· Continued reduction in marketing expenditure 
compared to Q1 2019; 
 
· The decrease in physical wholesale volumes 
following the unsold inventory rundown at the end of 
2019 and the decrease in firm purchases; 
 
· The extension of delivery and return times linked 
to the health crisis period. 
 
 However, revenues are in line with the Group's roadmap 
      thanks to the commitment of a loyal customer base 
                representing more than 90% of revenues. 
 
 The Group recorded a return to revenue growth in April 
    2020, which remains to be confirmed over the coming 
  months, driven by the current surge in e-commerce and 
the initial effects of the expansion of the sales team. 
        This is reflected in the signing of new brands, 
                       enabling a renewal of the offer. 
 
         Showroomprivé co-founders and co-CEOs Thierry Petit and David Dayan 
commented on these results: "The decline in revenues at the beginning of the 
  year is primarily due to strategic decisions to maintain a strong focus on 
  our most profitable offerings. This change was expected and we're on track 
 with our roadmap. The shift in our model, the expansion of our offering and 
   the strengthening of our sales team is expected to help improve the trend 
           over the coming quarters. 
 
 Besides, we have seen an encouraging upturn in business since the beginning 
     of April, reflecting a considerable increase compared to April 2019. Of 
      course, this trend will need to be confirmed over the coming months as 
   lockdown measures are lifted. This strengthens our resolve to continue to 
  work intensively on optimising our structure. Simultaneously, an agreement 
 signed with our banking partners at the end of April has secured our future 
      financing. We're therefore embarking on the next stages of the Group's 
           turnaround strategy with confidence. 
 
 We believe Showroomprivé is fully equipped to take advantage of its leading 
      position in the e-commerce sector, backed by some 10 million members." 
 
Q1 2020 HIGHLIGHTS 
 
                                    Q1 2019    Q1 2020    Change 
Net revenues (in millions)*           147.3      118.2    -19.8% 
Total Internet revenues (in           144.0      117.2    -18.6% 
millions)* 
 
buyers (in millions)**                  1.4        1.2    -15.8% 
Of which loyal buyers                 89.7%      90.3%  +0.6 pts 
Revenue per buyer (EUR )              92.9       88.7     -4.5% 
Number of orders (in millions)          3.3        2.6    -18.8% 
Average Number of orders**              2.3        2.2     -3.5% 
Average Basket size (EUR )**          40.5       40.1     -1.0% 
 
                                 31/12/2019 30/03/2020    Change 
Cumulative buyers*** (in                9.8        9.9     +1.4% 
millions) 
* IFRS 
** Excluding Beauteprivee 
*** "Cumulative buyers" are all buyers who made at least one 
purchase on the Group's platform since it was launched 
 
           Revenue analysis 
 
  Group net revenues amounted to EUR 118.2 million for the first quarter of 
    2020, down 19.8%. Adjusting for the last sales in Germany as part of the 
       strategy adopted in 2018 to close down business operations in certain 
           countries, net revenues were down 18.5%. 
 
  However, this decrease in revenues is in line with the Group's roadmap and 
    the trends recorded towards the end of 2019. Business is naturally still 
     impacted by strategic decisions rolled out last year. The volume of the 
     offering decreased due to the policy of increased selectivity, with the 
      discontinuation of unprofitable lines. This had an inevitable knock-on 
     effect on the number of orders. In addition, the reduction in marketing 
  expenditure geared towards acquiring new customers has impacted the number 
           of new buyers. 
 
       In details, Total Internet revenues, which represent the Group's core 
     business (98% of total revenues) fell 18.6% to EUR 117.2 million, down 
           17.4% excluding the impact of the aforementioned closures. 
 
     Worldwide revenues were down 22.6%. Excluding the impact of the Polish, 
    German and multi-currency site closures, revenues were down 14.8%. Saldi 
      Privati posted a decline for the quarter due to greater selectivity of 
  product offerings protecting the profitability of international activities 
           and the impact of lockdown in Italy. 
 
    Other revenues, including physical non-Internet sales amounted to EUR 1 
  million, compared to EUR 3.2 million in the first quarter of 2019, due to 
 the decrease in the Group's unsold inventories, following massive clearance 
     operations during the previous financial year and the reduction in firm 
           purchases. 
 
  Customers maintained their commitment to Showroomprivé during the quarter, 
  with a relatively stable average basket and number of orders per customer, 
    reflecting the resilience of the brand and the power of the online sales 
platform. Similarly, the contribution of loyal customers now represents over 
           90% of Group revenues. 
 
  During this period, the Group has continued the shift from a firm purchase 
        model (down 4.5 percentage points to 14% of revenues) to conditional 
          purchases and drop shipping (up 10.5 percentage points to 20.9% of 
           revenues). 
 
           Outlook 
 
       Since the beginning of the health crisis and associated restrictions, 
 Showroomprivé has continued to do business while implementing the necessary 
      protective measures to safeguard the health of its employees and their 
 families. The Group is constantly adapting its procedures and staff in line 
    with business levels, implementing short time working arrangements where 
           required. 
 
All activities (including Internet and media) were impacted in the first two 
   weeks of lockdown, particularly in light of the disruptions and necessary 
 adjustments to the supply chain. The Group's business remains intrinsically 
linked with delivery and supply capabilities in countries where it operates. 
Deadlines for returns have been extended, enabling Showroomprivé shoppers to 
   fully benefit from their terms of purchase, an arrangement that will make 
   returns management more complex throughout the first half and even in the 
           second semester if the state of health emergency is extended 
 
However, since April 2020 the Group has noted a significant upturn in sales, 
    posting considerable growth compared to April 2019 and outperforming the 
  roadmap. The Group is benefiting from a favourable context for e-commerce, 
 while also starting to reap the benefits of measures designed to strengthen 
  relations with brands, illustrated by the signing of new partnerships with 
  major groups offering a broad range of brand names. This encouraging trend 
 will need to be confirmed over the coming weeks and months. Only the travel 
    and leisure businesses remain practically stopped, given the exceptional 
           circumstances affecting these sectors. 
 
           The level of activity coupled with the business plan in line with 
      expectation as well as the full effect of the rationalization measures 
   initiated in 2019 allow the Group to confirm once again its ambition of a 
           gradual trajectory to improve its EBITDA margin. 
 
       The Group also reminds readers that on 30 April 2020 it announced the 
         signing of an agreement with its banking partners [1], securing and 
    strengthening its short- and medium-term financial structure. Under this 
     agreement, currently under approval, Group debt now consists of EUR 62 
   million of term loans repayable on maturity in 2026 and a EUR 35 million 
       loan with a 90% state guarantee (PGE), maturing by 2026. An EUR 8-10 
  million capital increase will also be carried out, subject to the approval 
  by the company's General Shareholders' Meeting - scheduled for June 8 - of 
    the delegations necessary for this purpose, as well as a decision by the 
 french Autorité des Marchés Financiers (AMF) to waive the mandatory deposit 
   requirement of a public offer likely to result from the implementation of 
           the guarantee commitment of the founding shareholders. 
 
           Next release 
 
           Results for the first semester of 2020: end of July 2020 
 
ABOUT showroomprive.com 
 
 Showroomprivé.com is a European player in event-driven online sales that is 
       innovative and specialized in fashion. Showroomprivé proposes a daily 
 selection of more than 2,000 partner brands over its mobile applications or 
  its Internet site in France and in six other countries. Since its creation 
           in 2006, the company has undergone quick growth. 
 
   Listed on the Euronext Paris market (code: SRP), Showroomprivé achieved a 
gross business volume with all taxes included of more than 822 million euros 
  in 2019, and net revenue of 616 million euros. The Group employs more than 
           950 people. 
 
           For more information: https://www.showroomprivegroup.com [2] 
 
WARNING 
 
      Certain information included in this press release does not constitute 
      historical data, but forward-looking statements. These forward-looking 
  statements are subject to risks and uncertainties, particularly related to 
the current health context. These risks and uncertainties appear in addition 
        to those described and identified in Chapter 3 "Risk factors" of the 
         Universal registration document filed with the Autorité des Marchés 
      Financiers (AMF) on April 30, 2020, available on the Company's website 
(www.showroomprivegroup.com) and on AMF's website (www.amf-france.org). This 
  press release only includes summary information and does not purport to be 
           exhaustive 
 
           Contacts 
 
Showroomprivé                                   ACTUS finance & 
                                                  communication 
François de Castelnau, Directeur           Grégoire Saint-Marc, 
financier                               Relations Investisseurs 
investor.relations@showroomprive.net     showroomprive@actus.fr 
                                              +33 1 53 67 36 94 
 
Priscilla Le Minter, Communication             Alexandra Prisa, 
                                               Relations Presse 
priscilla.leminter@showroomprive.net            aprisa@actus.fr 
+33 1 76 21 50 16                             +33 1 53 67 36 90 
 
Regulatory filing PDF file 
 
Document title: Q1 2020 net revenues: EUR 118.2m Measured decline - 
sensitive rebound of activity in April 
Document: https://eqs-cockpit.com/c/fncls.ssp?u=EWVDEMWCRT [3] 
 
Language:     English 
Company:      Showroomprive.com 
              1, rue des Blés - ZAC Montjoie 
              93210 La Plaine Saint-Denis 
              France 
Internet:     showroomprive.com 
ISIN:         FR0013006558 
AMF Category: Inside information / Other releases 
EQS News ID:  1038959 
 
End of Announcement EQS News Service 
 
1038959 07-May-2020 CET/CEST 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=5ab74f731bc80e003f6afe0d4f6c790d&application_id=1038959&site_id=vwd&application_name=news 
2: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=1575f39a1fd817ff679ca5f06609a822&application_id=1038959&site_id=vwd&application_name=news 
3: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=3ae46fe294ee366ee079bce0557d1a13&application_id=1038959&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

May 07, 2020 12:00 ET (16:00 GMT)

© 2020 Dow Jones News
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