Westwing Group has announced its third-quarter results for 2024. Despite challenging market conditions, Westwing continued to grow, reporting a 2% increase in Gross Merchandise Volume (GMV) and a 3% rise in revenue compared to the same period last year. Total revenue for the quarter amounted to EUR 96 million.
Photo: Westwing.
This growth was driven by a 16% year-over-year increase in average spend per order, reaching EUR 206 in Q3 2024 (up from EUR 177 in Q3 2023). However, the number of orders decreased by 13% year-over-year, reflecting the strategic shift towards a more global and premium product assortment.
Westwing also saw positive developments in its DACH segment, where revenue grew by 4% year-over-year, outperforming the broader German online furniture, lighting, and decoration market, which declined by 5%, according to data from Bundesverband E-Commerce und Versandhandel. Revenue in Austria and Switzerland showed similar performance to Germany.
Adjusted EBITDA for the third quarter amounted to EUR 4 million, representing a margin of 3.7%, up 1.1 percentage points compared to the same period last year. This improvement was driven by a stronger contribution margin and ongoing investments in brand awareness.
Additionally, the share of the Westwing Collection increased by 10 percentage points year-over-year to 58% of Group GMV in Q3 2024.
Westwing made further progress on its three-step plan to unlock the Company's full potential, successfully rolling out a new technology platform to customers in four additional countries.
More information:
Westwing
www.westwing.com