Boozt AB’s Q1 quarterly report, January 1 – March 31 2018
Organic growth of 31% (constant currency 27%) in the first quarter of 2018 driven by 33% growth in Boozt.com and 105% in Booztlet.com. Adjusted EBIT margin decreased 0.1 percentage point to -0.7%. The revenue growth outlook for 2018 is adjusted upwards to more than 33%.
| SEK million | Q1, 2018 | Q1, 2017 | Change |
| Net Revenue | 551.9 | 421.1 | 31.1% |
| Gross profit | 215.9 | 187.1 | 15.4% |
| EBIT | -6.4 | -26.1 | 19.7 |
| Adjusted EBIT | -4.1 | -2.5 | -1.6 |
| Organic growth, % | 31.1% | 62.1% | |
| Gross margin, % | 39.1% | 44.4% | -5.3 pp |
| EBIT margin, % | -1.2% | -6.2% | 5.0 pp |
| Adjusted EBIT margin, % | -0.7% | -0.6% | -0.1 pp |
CEO Hermann Haraldsson says: “We have had a solid start to the year with growth in line with our expectations on the back of a strong first quarter of 2017. Although trading conditions were negatively impacted by the cold weather, the flexibility of our business model proved its worth as momentum continued but with a different sales mix than anticipated as the spring season only started towards the very end of the quarter.”
"Our profitability was also in line with expectations, as the expected negative development in gross margin was offset by operational leverage. In comparison to Q1 2017 the gross margin was negatively impacted by delayed spending on full price spring items due to the cold weather, a relative smaller share of campaign goods which in Q1 2017 generated a higher gross margin and the terminated commission sales agreement with ECCO."
"Based on the solid momentum and the positive impact from currency we increase our growth guidance and now expect revenue growth of more than 33% for the year. We continue to see stronger growth towards the end of the year as the categories accelerate their growth with increased focus and new brands being launched, including adidas and Reebok within Sport as well as MAC and Kiehls within Beauty. Also, worth highlighting is the strong development of Booztlet, where our dedicated efforts are beginning to unlock the potential of the off-price segment.”
Outlook for 2018
The outlook for 2018 is adjusted upwards compared to the announcement of 27 February 2018
| 17 May 2018 | 27 February 2018 | |
| Net revenue growth | More than 33% | More than 30% |
| Adjusted EBIT margin | Slightly improved from 2.4% | Slightly improved from 2.4% |
Telephone conference / audiocast
Boozt’s Group CEO, Hermann Haraldsson, and Group CFO, Allan Junge-Jensen, will present the full year Report at a telephone conference / audiocast at 09.30 CET on Thursday, May 17, 2018. 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
Anders Enevoldsen / Head of IR & Corporate Communications / Phone: +45 53 50 14 53 / Email: anen@boozt.com
This information is such information that Boozt AB (publ) is obliged to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, at 08:00 CET on 17 May 2018.
Boozt is a leading, fast-growing and profitable Nordic technology company selling fashion online. The Group generated net sales amounting to SEK 2.0 billion in 2017. Boozt offers its customers a curated and contemporary selection of fashion brands, relevant to a variety of lifestyles, mainly through its multi-brand webstore Boozt.com. The company is focused on using cutting-edge, in-house developed technology to curate the best possible customer experience. Besides Boozt.com, the company also runs the webstore Booztlet.com and retail stores Booztlet and Beauty by Boozt in Denmark. For more information, please visit booztfashion.com.
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