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BIKE24 starts into 2024 with significantly improved profitability - Seite 2
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0 KommentareWhile sales of parts, accessories and clothing (PAC segment) fell by 13%, sales of full-bikes increased by 2% and now account for 19% of total sales (Q1 2023: 16%).
The Belgian, Dutch and Luxembourg markets localized at the beginning of 2023 recorded average growth of 95% to EUR 4.2 million, with Belgium (+115%) and the Netherlands (+104%) outperforming again. It also confirms the success of the playbook already used for the previous localizations and promises considerable growth potential for the future.
Despite lower sales, gross profit increased by 4% to EUR 12.4 million, which is attributable to improved end-market prices and fewer promotional activities. The gross margin was 25.1% compared to 21.6% in the same quarter of the previous year, an improvement of 3.6 percentage points.
Adjusted earnings before interest, taxes, depreciation and amortization (adj. EBITDA) improved by EUR 1.1 million to EUR -1.5 million in the first quarter of 2024, compared to EUR -2.6 million in the same quarter of the previous year. The adjusted EBITDA margin was therefore -3.0% (Q1 2023: -4.7%). The one-off expenses mainly relate to the costs for the extension of the syndicated loan agreement and the ongoing SAP implementation.
Inventories remained stable at EUR 71.0 million as at March 31, 2024, compared to EUR 71.3 million as at December 31, 2023, despite the build-up of seasonal merchandise which usually happens during the first quarter. The company's forward-looking procurement policy had a positive effect on cash and cash equivalents, which also remained stable at EUR 18.3 million as at March 31, 2024 compared to December 31, 2023 (EUR 18.4 million).
"As previously already communicated, we are acting very cautiously about our liquidity management. Although inventories were replenished with seasonal goods during the first quarter, we have managed to keep our cash and cash equivalents stable. This allows us to continue to act flexibly and to reorder selected product categories when demand picks up," explains Timm Armbrust, CFO of BIKE24.
Forecast for the full year 2024 confirmed
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Despite ongoing macroeconomic challenges, the company is confident that demand will recover, particularly in the second half of 2024, alongside increased margins. The company's forecast, which assumes sales growth of between 1% and 5% and a positive adjusted EBITDA margin of 0.7% to 4.2%, remains unchanged.
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