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EQS-Ad-hoc: Global Fashion Group S.A. / Key word(s): Preliminary Results/Results Forecast
GLOBAL FASHION GROUP RAISES 2024 FULL-YEAR GUIDANCE BASED ON STRONG PROFIT IMPROVEMENTS IN THE THIRD QUARTER
16-Oct-2024 / 19:27 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Luxembourg, 16 October 2024 – Global Fashion Group S.A. (“GFG”) raises its full-year 2024 guidance as it expects to exceed the Adjusted EBITDA guidance set in March. This positive outlook is primarily driven by operational efficiency efforts which have improved overall performance amid better consumer demand trends. The expansion of Gross Margin, combined with ongoing cost discipline, has resulted in a significant increase in Adjusted EBITDA margin for the third quarter.
For the full-year 2024, GFG now expects a year-over-year (“yoy”) decrease in Net Merchandise Value (“NMV”) between 8% and 12% on a constant currency basis, narrowing from the previous range of a 5% to 15% decrease yoy. This implies an NMV range of €1,100 to €1,160 million, which also reflects current exchange rate impacts, compared to the previous range of €1,100 to €1,200 million. For Adjusted EBITDA, GFG expects a range of €(16) to €(28) million which is an improvement from the prior range of €(25) to €(45) million.
Based on preliminary third quarter 2024 results, GFG generated €264 million in NMV, decreasing 4% yoy. This represents a notable slowdown in the rate of decline compared to prior quarters. Regionally, NMV decreased by 1% in LATAM, 12% in SEA and 1% in ANZ yoy. GFG delivered €174 million in Revenue, decreasing 3% yoy. Both NMV and Revenue growth rates are based on constant currency.
GFG’s third quarter Adjusted EBITDA margin of (5)% increased significantly by 5 percentage points yoy to reach €(8) million. GFG closed the quarter with €189 million Pro-Forma Cash and €128 million Pro-Forma Net Cash after adjusting for outstanding convertible bond debt and small third-party loans.
All figures reported herein are preliminary and unaudited. The final numbers for Q3 2024 may deviate from what is presented in this release. GFG will publish its Q3 results as scheduled on 14 November 2024.
Person making the notification: Louise Pender, Group General Counsel & Company Secretary.
End of Inside Information
Information and Explanation of the Issuer to this announcement:
FURTHER INFORMATION
KPI and financial definitions, including alternative performance measures are available in the 2024 Half-Year Report.
For inquiries, please contact:
Saori McKinnon - Head of Investor Relations & Communications
investors@global-fashion-group.com
press@global-fashion-group.com
Forward-looking Information
This announcement contains forward-looking statements. Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors, including the ongoing audit of our draft financial statements, could cause our actual results or performance or events to differ materially from those described in this announcement, and neither the Company nor any other person accepts any responsibility for the accuracy of the preliminary figures or opinions expressed in this announcement or the underlying assumptions.
About Global Fashion Group
Global Fashion Group (GFG) is the leading fashion and lifestyle destination in Latin America, Southeast Asia and Australia New Zealand. From GFG’s people to its customers and partners, the Company exists to empower everyone to express their true selves through fashion. GFG’s three ecommerce platforms - Dafiti, ZALORA and THE ICONIC - connect an assortment of international, local and own brands to a market of 800 million consumers from diverse cultures and lifestyles. GFG’s platforms provide seamless and inspiring customer experiences from discovery to delivery, powered by art & science that is infused with local expertise. The Company’s vision is to be the #1 fashion & lifestyle destination in its markets, and is committed to doing this responsibly by being people and planet positive across everything it does.
(ISIN: LU2010095458)
For more information visit: www.global-fashion-group.com
16-Oct-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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