Boozt delivers continued growth and improved profitability in the first quarter
Boozt AB Q1 report, January 1 - March 31 2024
Financial highlights
- Net revenue increased 6% to SEK 1,614 million (Q1 2023: 1,525), driven by both Boozt.com (+4%) and Booztlet.com (+13%)
- Average order value on Boozt.com increased to SEK 964 (935), an increase of 3% vs Q1 2023
- Gross margin was 38.9%% up from 38.5% in Q1 2023
- Adjusted EBIT was SEK 20 million (17) corresponding to an adjusted EBIT margin of 1.2% (1.1%)
- EBIT was SEK -3 (-2) corresponding to an EBIT margin of -0.2% (-0.2%)
- Net profit for the period was SEK 2 million (-5)
- Free cash flow was SEK -685 million (-731)
- During the first quarter, Boozt repurchased own shares to the value of SEK 98 million (0)
- Outlook for 2024 is unchanged at 5-15% net revenue growth and an adjusted EBIT margin of 5.2-6.0%.
Co-Founder & CEO Hermann Haraldsson says: “While market conditions remains challenging going into 2024, I am encouraged by our performance in the first quarter of the year. In this environment, we managed to improve revenue in all our major markets. This was achieved despite limited access to campaign buys, which was a strong contributor to the first quarter last year, and also the timing of Easter having a negative impact. Our Nordic Department store KPIs remain strong - the average order value continues to increase on both Boozt.com and Booztlet.com, while around 51% of our customers now buy from more than one product category.”
| SEK million unless otherwise indicated | Q1 2024 | Q1 2023 | Change | Rolling 12 months |
| GROUP | ||||
| Net revenue | 1,614 | 1,525 | 6% | 7,845 |
| EBIT | -3 | -2 | -16% | 299 |
| Adjusted EBIT | 20 | 17 | 17% | 403 |
| Earnings for the period | 2 | -5 | n.a. | 241 |
| Free cash flow | -685 | -731 | 6% | 52 |
| Net revenue growth (%) | 6% | 7% | -1pp | 15% |
| Gross margin (%) | 38.9% | 38.5% | 0.4pp | 39.3% |
| EBIT margin (%) | -0.2% | -0.2% | -0.0pp | 3.8% |
| Adjusted EBIT margin (%) | 1.2% | 1.1% | 0.1pp | 5.1% |
Telephone conference / audiocast
Boozt’s Group CEO, Hermann Haraldsson, and Group CFO, Sandra Gadd, will present the Q1 report at a telephone conference / audiocast at 09.30 CET on Friday, April 26, 2024. The presentation will be held in English and will be followed by a Q&A session.
If you wish to participate via webcast please use this link. Via the webcast you are able to ask written questions.
If you wish to participate via teleconference please register on this link. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
For presentation material, please visit Boozt’s website.