DGAP-Ad-hoc: Westwing Group AG / Key word(s): Change in Forecast/Profit Warning
Westwing Group AG: Adjustment of guidance for 2019
06-May-2019 / 19:28 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Munich, May 06, 2019 // Westwing Group AG ("Westwing") adjusts its guidance for 2019 based on current trading.
As disclosed in the last earnings update, Westwing expects revenue growth to come mostly in the second half of 2019. Q1 2019 revenue growth was -1%, which was still in line with the expected range given a strong baseline growth of 30% in Q1 2018. However, current Gross Merchandize Volume (GMV) trading for March and April 2019 has been below expectations. Accordingly, Westwing has reassessed the outlook for the year.
For 2019, Westwing now expects revenue growth of 6% to 12% (previously: in line with 2018 levels, i.e. within a range of 2 to 3 percentage points of 16%). Moreover, Westwing expects Adjusted EBITDA to come in slightly lower at around 0% (within a range of -1% to +1%) due to lower expected revenue growth (previously: in line with 2018 levels, i.e. within a range of 1 percentage point of +1%).
Lorenz Erik Wittjen
This release contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management of Westwing. 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 could cause actual future results, performance or events to differ materially from those described in these statements, and neither Westwing nor any other person accepts any responsibility for the accuracy of the opinions expressed in this release or the underlying assumptions. Westwing does not assume any obligations to update any forward-looking statements.
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