ABOUT YOU delivers strong preliminary results for Q4 and FY 2021/2022
- Full-year Group revenue increase of +48.3 to 50.5% YoY to EUR 1,730 to 1,755 million in FY 2021/2022 (FY 2020/2021: EUR 1,166.5 million) fuelled by strategic initiatives for growth
- Adjusted EBITDA margin of -4.0 to -3.4% in FY 2021/2022 (FY 2020/2021: -3.0%) equivalent to EUR
-70 to -60 million, driven by continued growth investments
- Q4 Group revenue growth of +30.2 to 38.4% YoY to EUR 400 to 425 million (Q4 2020/2021: EUR 307.1 million), adjusted EBITDA margin of -3.5 to -1.0% (Q4 2020/2021: 0.8%)
- ABOUT YOU met Group revenue guidance range of EUR 1,725 to 1,775 million (+48 to 52% YoY) for FY 2021/2022, adjusted EBITDA ahead of previously set guidance (c. EUR -70 million)
- Outlook for FY 2022/2023 to be published with FY 2021/2022 Annual Report on 24 May 2022
ABOUT YOU Holding SE (“ABOUT YOU”), one of Europe’s fastest-growing online fashion platforms of scale, today reported sustained top-line growth for the fourth quarter and financial year 2021/2022 from 1 March 2021 to 28 February 2022. The Company advanced its strategic initiatives to optimise the customer experience and product assortment in ABOUT YOU’s online shop, expanded internationally in Southern Europe and the Nordics, and scaled its B2B business profitably. Solid bottom-line performance exceeded the previously set guidance despite further investments for growth.
Tarek Müller, Co-Founder and Co-CEO: “We are proud of what ABOUT YOU has achieved in this past year. Since our stock exchange debut in June 2021, ABOUT YOU has been delivering on all its key objectives. We have continued to make significant progress on our growth levers to further improve ABOUT YOU’s online shop, expand the footprint of our Commerce and B2B businesses, and proceed on our path to profitability. Today’s preliminary results underpin ABOUT YOU’s robust business model, even in a volatile market environment. Looking ahead, we are optimistically well on track for our targeted Group-level break-even in the financial year 2023/2024 and a Group revenue of EUR 5 billion two years after that.”
According to preliminary figures, Group revenue for the financial year 2021/2022 grew by 48.3 to 50.5% year-on-year to EUR 1,730 to 1,755 million (FY 2020/2021: EUR 1,166.5 million) as ABOUT YOU continued to execute its plans to leverage growth and accelerate customer acquisition. Top-line growth was driven by initiatives to launch innovative features in ABOUT YOU’s online shop used for improved personalised product sorting or live shopping shows, and more than 70 exclusive or limited collaborations with ABOUT YOU’s network of influencers and celebrities. Successful market launch campaigns in Southern Europe and the Nordics significantly contributed to the acquisition of new customers.
ABOUT YOU’s fourth quarter showed a strong increase in Group revenue of 30.2 to 38.4% year-on-year to EUR 400 to 425 million (Q4 2020/2021: EUR 307.1 million), defying the challenging market conditions due to Covid-19 restrictions and supply chain constraints. As a result of ABOUT YOU’s strategic investments in its European expansion, the Group’s adjusted EBITDA margin came in at -4.0 to -3.4% for the full financial year, equivalent to an adjusted EBITDA of EUR -70 to -60 million (FY 2020/2021: -3.0% or EUR -35.5 million).
For the fourth quarter, ABOUT YOU recorded a solid profitability performance with an adjusted EBITDA margin of -3.5 to -1.0% and adjusted EBITDA of EUR -15 to -4 million (Q4 2020/2021: 0.8% or EUR 2.4 million). Compared to the first nine months, marketing spending was marginally reduced in response to the challenging market conditions in Q4 2021/2022. Continued scale effects and fixed cost degressions further added to the adjusted EBITDA coming in slightly better than expected.
All segments strongly contributed to the Company’s financial performance. The DACH segment of Germany, Austria, and Switzerland experienced healthy revenue growth by a double-digit percentage in the high twenties and reported improved profitability for the financial year 2021/2022. Fuelled by a refined marketing steering leading to reductions in spending, the DACH segment reached an all-time high profitability in the fourth quarter.
The Company’s international segment, Rest of Europe (RoE), significantly expanded in this financial year. After its market launch campaigns in the first and third quarter, ABOUT YOU now operates in 23 European markets outside of DACH and further strengthened its presence in Southern Europe and the Nordics in the last quarter. Following its proven market entry playbook, it initiated large-scale campaigns on social media and prepared to ramp up its activities in these regions over the coming months. Furthermore, ABOUT YOU launched its Global Shipping Platform in December 2021 to offer shipping to a total of c. 100 countries worldwide. While adjusted EBITDA was affected by heavy investments, the segment’s quarterly revenue exceeded the Company’s DACH segment for the first time in Q4 2021/2022.
ABOUT YOU’s B2B activities, reported in its Tech, Media, and Enabling (TME) segment, reached a positive adjusted EBITDA margin following a break-even of all three revenue streams in the financial year 2021/2022. The segment was characterised by remarkable growth rates, which slightly normalised in the fourth quarter. After the successful rebranding of part of the business to SCAYLE, independent from ABOUT YOU’s online shop and directed towards corporate clients and their direct-to-consumer platforms, the Company has taken a more proactive go-to-market approach and already won more corporate clients for SCAYLE’s FY 2022/2023 pipeline.
Regarding its ambitious ESG targets, ABOUT YOU made significant progress as the financial year 2021/2022 marked the Company’s first full year of carbon-neutral e-commerce operations. Moreover, the Company also increased the revenue share of its assortment of more sustainable products to more than 20% and accelerated its sustainability initiatives to promote circular fashion, striving for extended life cycles of fashion goods.
On the back of ABOUT YOU’s preliminary figures, full-year Group revenue presumably meets the guidance range of EUR 1,725 to 1,775 million (+48 to 52% year-on-year growth), although it is not secured to reach the upper half of the range. Adjusted EBITDA is likely to be ahead of the previously set guidance at EUR -70 to -60 million in the financial year 2021/2022.
ABOUT YOU does not have any direct retail exposure to Russia or Ukraine. As the Company noticed an increased trading volatility in Central and Eastern Europe since Russia’s invasion of Ukraine at the end of February 2022, second- and third-order effects are being carefully monitored for any potential impacts in the current financial year. These include that, dependent on their duration, intensity, and outcome, the geopolitical tensions could potentially weigh on consumer confidence in Europe more broadly, and hence, adversely affect consumer demand for fashion products.
ABOUT YOU’s complete and final set of FY 2021/2022 results is scheduled for 24 May 2022 and will include guidance for the financial year 2022/2023. The Company will publish its ESG Report on 31 May 2022.
 EBITDA adjusted for (i) equity-settled share-based compensation expenses, (ii) restructuring costs, and (iii) one-time effects
ABOUT YOU digitises the classic shopping stroll by creating an inspiring and personalised shopping experience on the smartphone. At ABOUT YOU, the focus is on the customers, who are supported in expressing themselves individually through fashion. On the website aboutyou.com and the multi-award winning ABOUT YOU app, customers find versatile inspiration and more than 400,000 items from over 2,000 brands. With more than 30 million unique monthly active users, ABOUT YOU is one of the largest fashion and lifestyle platforms in Europe. It is currently active in 26 European markets. With SCAYLE, the fashion tech company also offers its own e-commerce infrastructure as a licensed product. The shares of ABOUT YOU are listed on the Frankfurt Stock Exchange and were admitted to the SDAX® index in September 2021.
This publication constitutes neither an offer to sell nor a solicitation to buy securities.
Certain statements contained in this release may constitute “forward-looking statements” that involve a number of risks and uncertainties. Forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “plan”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “project”, “goal” or “target” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are based on assumptions, forecasts, estimates, projections, opinions or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. No representation is made or will be made by ABOUT YOU Holding SE that any forward-looking statement will be achieved or will prove to be correct. The actual future business, financial position, results of operations and prospects may differ materially from those projected or forecast in the forward-looking statements. Neither ABOUT YOU Holding SE nor any of their respective affiliates assume any obligation to update, and do not expect to publicly update, or publicly revise, any forward-looking statements or other information contained in this release, whether as a result of new information, future events or otherwise, except as otherwise required by law.
Head of Consumer Communications
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