Wehkamp turnover €433 million last year

Wehkamp turnover €433 million last year

Time Stamp: July 31, 2023 5:08 AM
Source Node: 2797130

In 2022, Dutch online department store Wehkamp, made 433 million euros in turnover. This is a decrease of 9 percent compared to the year before. The company’s net loss came to 22 million euros.

Wehkamp released its financial results for 2022-2023, as the company’s financial year ended on March 31st this year. According to the results, the department store generated an EBITDA of 20 million euros.

Higher results than in 2019

Last year, the company’s EBITDA reached 46 million euros. While its turnover and the EBITDA decreased strongly, both results are still higher than pre-covid results. The turnover in 2022 was even 11 percent higher than in 2019, before the pandemic.

Lower consumer spending and inflation will lead to reduced profit margins.

The company suspects that this year, lower consumer spending and inflation will persist. This will reduce profit margins. That combination will lead to lower earnings for Wehkamp, which also affects growth assumptions for the years ahead.

‘Turbulent time in history’

“Normalized EBITDA of 20 million euros underscores the strength of our proposition, scale and efficiency, as well as the dedication of our teams in generating a fourth consecutive year of positive results. This is such a turbulent time in history, marked by a pandemic, conflict in Ukraine and its impact on inflation, consumer confidence and pressure on global supply chains. Yet, we have been able to deliver resilient results and continue to invest in our multi-facia growth strategy”, said Graham Harris, CEO.

‘We now have the platform and operational capacity to expand our business.’

“We now have the technological platform and operational capacity to further expand our multi-facia business. We also continue to expand our assortment and develop our own brands. The menswear category made nice progress this year with the launch of a new shop – Union River, our Private Label business has been further expanded by acquiring the exclusive rights to the CoolCat brand, our beauty category has built stronger relationships with leading luxury brands, and our children’s apparel business at Kleertjes.com now uses the group’s logistics and technology platform.”

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