About You’s full year revenue grew by 10 percent to 1,904.6 million euros with growth across all segments.
Despite an overall decline in online fashion sales in Germany, the company’s commerce business recorded profitable revenue growth in the DACH segment of 9.1 percent and 17.3 percent in the rest of Europe (RoE) segment. The company said, revenue development was supported by strong growth from increased brand awareness in recently entered markets, like the Nordics.
Commenting on the results, Tarek Müller, co-founder and co-CEO of About You said: "Our full-year results reflect the macroeconomic challenges faced by our industry. Having initiated and progressed measures to improve profitability in FY 2022/2023, FY 2023/2024 will be a transition year for About You and set the foundation for profitable growth ahead."
The company added that the profitable segment Tech, Media, and Enabling (TME) experienced a 16.5 percent growth, driven by the strong positioning of SCAYLE and the B2B division’s enterprise customer wins.
"We are proud to have generated a record revenue of over 1.9 billion euros and to have lowered marketing and administrative costs in FY 2022/2023 under challenging, yet gradually improving, market conditions. We intend to achieve adjusted EBITDA break-even at Group level in FY 2023/2024," added Hannes Wiese, co-founder and co-CEO of About You.
The group reported an adjusted EBITDA of negative 137 million euros for the year under review compared to negative 66.9 million euros in the previous year, equivalent to an adjusted EBITDA margin of negative 7.2 percent.
For FY 2023/2024, the company expects sustained revenue growth in the range of 1 percent to 11 percent as macroeconomic challenges persist. The company also expects to reach adjusted EBITDA break-even at group level, consistent with its strategy outlined at the listing in June 2021.