SRP Groupe : Q3 2017 Revenues
Q3 2017 REVENUES
24 October 2017CONTINUED SUSTAINED GROWTH AND STRATEGIC TRANSFORMATION La Plaine Saint Denis, 24 October 2017 - Showroomprivé, a leading European online retailer specialising in fashion for the Digital Woman, has published its results for Q3 2017, ended on 30 September.
KEY FIGURES FOR Q3 2017Q3 2016 Q3 2017 % Growth Net revenues (€ million)* Total Internet revenues (€ million)* 104.8 102.2 134.3 130.3
27.5%Buyers (millions)** Revenue per buyer (€)** Number of Orders (millions)** Average Number of Orders per Buyer** Average Basket Size (€)** 1.2 86.4 2.6 2.2 38.7 1.4 89.0 3.1 2.3 38.8
(million) 30/06/2017 30/09/2017 ChangeCumulative buyers** 7.3 7.5 +0.2
**Including Saldi Privati as from June 1st and excluding Beauteprivée
Thierry Petit and David Dayan, co-founder and co-CEOs of Showroomprivé's commenting these revenues, stated: "The growth observed during the third quarter underscores our strategic decisions, notably our international development, where business is increasing rapidly. We have continued the Group's in-depth transformation initiated this year, by organising the first commercial joint operations with Conforama, and by continuing to invest significantly in order to expand our business activities. Our industry is evolving quickly and we must be agile, proactive and enterprising to meet our members' expectations and face its volume issues. We have a clear road map for the future of our Group. Implementation of this strategic plan is decisive for sustainably strengthening the Group's profile and increasing genuine value-creation in the medium and long term. We are convinced about this and we favoured strengthening our business profile and growth with a long term view rather than optimizing our short term profitability."
Q3 HIGHLIGHTSSustained growth for the Group:
The e-commerce market's growth recovered in the third quarter, following a temporary slowdown in the second quarter.
In this context, the Group recorded sustained revenue growth of 28.2% to €134.3 million, driven both by France and international businesses.
Revenue per buyer increased by 3% over the third quarter, while the number of orders per buyer increased by 2.7%; the average basket size remained stable, and the number of buyers rose by 16.1%, which demonstrates the increasing engagement of the Group's members.Strong international growth momentum:
The excellent international like-for-like growth momentum was confirmed this quarter.
International growth will be boosted by a major and innovative advertising campaign in Spain, Italy, Portugal, and Belgium in Q4.Rapid implementation of the strategic partnership's joint operations with Steinhoff and Conforama:
First operations were implemented successfully in the third quarter, and marked the ability of Showroomprivé and Conforama teams to link up their logistics and commercial resources enabling expected synergies and operating optimisation measures to emerge quickly.
Click & Collect: Conforama and Showroomprivé have announced the roll-out of Showroomprivé Click & Collect points in 11 Conforama stores in France, the launch of which has been successful.
Other initiatives planned over the quarter: Shop It operation, and the first piggyback mailing campaign.
GROUP'S 2017 TARGETS
The in-depth strategic transformation initiated by Showroomprivé, together with the investments made by the Group in order to increase its business volumes and reinforce its positions, the effects of which will be decisive for achieving its long-term growth and margin targets, is weighting on margins in the short term.
In addition, Showroomprivé must factor in the higher than expected one-off increase in logistics costs relating to an increase in inventory purchases made in the first half of the year which are weighting negatively on yearly cost structure and cash generation.
In this context, Showroomprivé has reviewed all of its 2017 objectives. The Group now expects its revenues objective to be c.€690 million (growth of c.+28%) and its EBITDA objective (excluding Saldi Privati) to be c.€25 million (i.e. an EBITDA margin of c.4%).
The Group's objectives for 2020 remain unchanged.
Net revenues of c. €1.1 billion by 2020,
EBITDA margin exceeding 7.5%,
Ratio of cash flows from operating activities to EBITDA higher than 100%.
At its meeting on 24 October 2017, the SRP Group's Board of Directors reviewed and approved the revenue for the third quarter of 2017.
Analyst and investor conference (in English)Speakers:
David Dayan, Chairman-CEO Thierry Petit, Deputy CEO Thomas Kienzi, CFODate: 24 October 2017
18.30 Paris time - 17.30 London time - 12.30 New York timeJournalists will only be able to listen to the conference Dial-in to listen to the conference LIVE
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This press release contains only summary information and does not purport to be comprehensive.
This press release may contain forward-looking information and statements about the Group and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "target", "forecast" or similar expressions. Although the Group appreciates that the expectations reflected in such forward-looking statements are reasonable, investors and the Group's shareholders are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Group, which could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in filings with the Autorité des Marchés Financiers made or to be made by the Group (particularly those detailed in the Group's annual report and in its half year financial report). The Group undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events or otherwise.
2017 annual results: early March 2018
Showroomprive.com is an innovative European player in the online private sales industry, specialized in fashion. Showroomprivé offers a daily selection of close to 2,000 brand partners on its mobile app or online. It has over 28 million members in France and in eight of its European country markets. Since its launch in 2006, the company has enjoyed quick and profitable growth.
Showroomprivé is listed on Euronext Paris (code: SRP), and reported gross turnover of over 750 million euros in 2016, corresponding to net sales of 540 million euros, up 22% versus the previous year. The company employs close to 1,000 people.
For more information: www.showroomprivegroup.com
Damien Fornier de Violet, Investor Relations
+33 1 49 46 05 67
Philippe de Bailliencourt
+ 33 (0)6 29 93 67 37
Adeline Pastor, Communications Manager
+33 1 76 21 19 46
Pierre-Jean Le Mauff
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