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Boozt AB’s Interim Report for January – June 2017 – continued strong momentum

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Second quarter  

  • Net revenue increased by 39.0% to SEK 496.1 million (357.1).
  • Gross margin increased by 39.6% to SEK 220.1 million (157.7) representing a gross margin of 44.4% (44.2%).
  • Operating profit/loss (EBIT) totalled SEK -82.9 million (8.6) and was affected negatively by SEK 93.8 million (2.0) from items affecting comparability, including costs related to the listing of the company’s shares and share based payments to employees.
  • Adjusted EBIT amounted to SEK 10.9 million (10.6) with an adjusted EBIT margin of 2.2% (3.0%).
  • Net profit for the period totalled SEK -68.3 million (8.5).
  • Cash flow from operations was SEK 17.4 million (82.9).

The first six months 

  • Net revenue increased by 48.7% to SEK 917.3 million (616.8).
  • Gross margin increased by 50.3% to SEK 407.2 million (270.9) representing a gross margin of 44.4% (43.9%).
  • Operating profit/loss (EBIT) totalled SEK -109.1 million (-8.5) million and was affected negatively by SEK 117.4 million (4.0) from items affecting comparability, including costs related to the listing of the company’s shares and share based payments to employees.
  • Adjusted EBIT amounted to SEK 8.3 million (-4.5) with an adjusted EBIT margin of 0.9% (-0.7%).
  • Net profit for the period totalled SEK -86.2 million (-8.7).
  • Cash flow from operations was SEK -80.9 million (24.1).


Key highlights  

  • Boozt.com net revenue increased by 45.1% to SEK 481.9 million (332.0) during the second quarter, and by 54.9% to SEK 879.2 million (567.5) for the first six months.
  • Adjusted EBIT margin for Boozt.com amounted to 2.5% in the second quarter, compared to 1.8% in the second quarter last year. The adjusted EBIT margin for the first six months was 0.7%, compared to -2.5% for the first six months last year.
  • The number of active customers on Boozt.com during the first six months amounted to 916,000, which represents an increase of 31.8%, compared with the first half of 2016.
  • The warehouse move was successfully executed with only minor disturbances for our customers. Customer satisfaction scores remained at the same high level during, and after, the move.
  • The company executed a successful IPO on Nasdaq Stockholm. The first day of trading was May 31, 2017.
  • During the second quarter, the company launched beauty and cosmetics as a new product category on Boozt.com.


Comments by Boozt’s Group CEO Hermann Haraldsson:

“The first half of the year marked the most exciting times of our young company yet. We started by moving a little less than 2 million items as well as our photo studio from our old warehouse to our new automated fulfilment centre in Ängelholm, equipped with an automated storage and retrieval system comprising of 130 robots operating on top of an eight-meter high grid containing 130,000 bins. The move was very well executed and completed ahead of time with only minor disturbances to the customer experience.

Having finalised the warehouse move; the next big step was to prepare and execute the listing of the company on Nasdaq Stockholm, which took place on May 31. The listing was well received by investors, as we managed to attract more than 3,600 investors from the Nordic countries as well as the UK, continental Europe and the US.

Finally, the last major event was the launch of our physical cosmetics store Beauty by Boozt in Roskilde, Denmark at the end of March followed by the on-line launch of our beauty and cosmetics category on Boozt.com in the beginning of June.

Even though the second quarter was characterised by many extraordinary events, we managed to keep the momentum. Our net revenue was SEK 496.1 million, representing a growth of 39.0%. This was the first quarter without any ECCO mono brand store sales, affecting the “other” segment negatively. The other two segments Boozt.com and Booztlet.com realised a revenue growth of 45.1% respectively 31.4%.

We are especially pleased to see that the profitability in our main segment Boozt.com increased during the quarter. The adjusted EBIT for Boozt.com increased from SEK 5.8 million to SEK 12.0 million, thus increasing the adjusted EBIT margin to 2.5% compared to 1.8% in second quarter 2016.   

For the first half of the year our net revenue was SEK 917.3 million representing a growth of 48.7%. Boozt.com grew 54.9% and Booztlet.com grew 58.0% during the first half of the year.

The growth during the first half of the year can be attributed to a solid new customer intake as well as an increasing number of customers returning. The number of active customers on Boozt.com at the end of the first half of the year had increased by 31.8% compared to the first half of 2016.

We want to be the leading fashion e-commerce destination in the Nordic region by providing an outstanding customer experience. We took some major steps in that direction during the last 6 months, preparing us to continue to take more than our fair share of a fast-growing online market.”  

 
Telephone conference / audiocast

Boozt’s Group CEO, Hermann Haraldsson, and Group CFO, Allan Junge-Jensen, will present the Interim Report at a telephone conference / audiocast at 09.30 CET on Thursday, August 24, 2017. The presentation will be held in English and will be followed by a Q&A session. Questions can be asked via the telephone conference or in written form via the audiocast. 

The presentation material will be available at Boozt’s website.   


For additional information, please contact:

Boozt AB (publ)
Hermann Haraldsson / Group CEO / Phone: +45 20 94 03 95 / Email: heha@boozt.com
Allan Junge-Jensen / Group CFO / Phone: +45 41 19 70 60 / Email: ajj@boozt.com
Johan Holmqvist / Head of IR & Corporate Communications / Phone: +46 708 37 66 77 / Email: jnh@boozt.com  


This information is information that Boozt AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 8:00 CET on August 24, 2017.



About Boozt
Boozt is a leading, fast-growing and profitable Nordic technology company selling fashion online. The Group generated net sales amounting to SEK 1.4 billion in 2016. Boozt offers its customers a curated and contemporary selection of fashion brands, relevant to a variety of lifestyles, mainly through its multi-brand web store Boozt.com. The company is focused on using cutting-edge, in-house developed technology to curate the best possible customer experience. With an active customer base of over 915,000 and counting, Boozt.com attracts more than six million visits per month. Besides Boozt.com, the company also runs the web store Booztlet.com and retail stores Booztlet and Beauty by Boozt in Denmark. For more information, please visit www.booztfashion.com. 

Tags:

Interim report Q2 Hermann Haraldsson Boozt Johan Holmqvist Boozt AB Q2 2017 Allan Junge-Jensen Q217

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