Online European furniture business Westwing has reported a growth in third quarter sales as profit also increased.
According to its latest Q3 2024 trading update, total sales rose 3.1% to €95.8m from €92.9m in 2023. Sales across the nine-month period were up 4.3% to €310.4m from €297.6m.
Adjusted EBITDA in Q3 increased 1.1% to €3.5m, while over the nine-month period it resulted at €13.7m, up 1.8%.
Westwing said growth was driven by a significant increase in average spend per order of 16% year-over-year to €206 in Q3 2024, despite a reduction in orders by 13%.
In the DACH segment, revenue grew by 4% year-over-year, while the German online furniture, lighting & decoration market declined by 5% according to data from Bundesverband E-Commerce und Versandhandel. Westwing’s revenue in Austria and Switzerland developed in line with Germany.
Looking ahead, Westwing expects revenues for the full year to be between €415m and €445m with a year-over-year growth rate of -3% to +4%. The full year 2024 adjusted EBITDA guidance is confirmed in the range of €14m to €24m at an adjusted EBITDA margin in the range of +3% to +5%.
Dr Andreas Hoerning, CEO of Westwing, commented: “I am very proud of the progress we are making. Westwing’s continued topline growth in a declining market underscores the strength of our commercial model. On top, we were able to increase our adjusted EBITDA margin while investing further into our design brand. This brings us another step closer to becoming Europe’s leading premium one-stop destination in Home & Living.”
