DGAP-News: zooplus AG generates positive EBITDA in the first quarter of 2019 and improves earnings before taxes
DGAP-News: zooplus AG / Key word(s): Quarter Results
zooplus AG generates positive EBITDA in the first quarter of 2019 and improves earnings before taxes
The trend towards a renewed acceleration in the number of new customers that was already evident at the end of 2018 continued in the first quarter of 2019. With a total of 739 thousand registered new customers, zooplus succeeded in gaining 15% more registered customers in the first three months of the current financial year than in the same period of the prior year.
The gross margin (sales less cost of materials) improved in the first quarter by 1.1 percentage points year-on-year to 28.2% (Q1 2018: 27.1%) as a result of a lower share of unprofitable customer orders and a further expansion in the higher-margin private label business. Sales of private label products in food and litter continued to grow above average, increasing 29% in the reporting quarter.
Earnings before interest, taxes, depreciation and amortization (EBITDA) improved to EUR 2.2 m in the first quarter of 2019 (Q1 2018: EUR -3.6 m). Excluding the effects from the adoption of IFRS 16 ("Leases"), mandatory since the 2019 financial year, EBITDA improved by EUR 2.0 m year-on-year on an operational level, mainly due a higher gross margin and ongoing improvements in the logistics cost ratio.
Earnings before taxes (EBT) in the first three months of 2019 amounted to EUR -4.5 m, a year-on-year improvement of EUR 1.0 m compared to the first quarter of the prior year (Q1 2018: EUR -5.5 m).
The performance in the first quarter of 2019 once again was proof of zooplus's strong cash flow generating ability. Free cash flow in the reporting quarter was EUR 10.5 m, largely driven by continued improvements in working capital.
Dr. Cornelius Patt, CEO of zooplus AG, in his comments on the company's performance in the first quarter of 2019: "Overall, the development in the first quarter of 2019 was in line with our expectations. The stabilization of the gross margin and ongoing improvements in logistics costs drove earnings higher year-on-year. Accelerating our sales growth will be the driving factor for our success in the coming months. We made solid progress on our path by attracting 15% more registered new customers in the first quarter of 2019 compared to one year ago. As communicated earlier, we are expanding our marketing activities beyond pure Google marketing. In the context of the current ramp-up in promotions surrounding our
The zooplus AG Management Board is forecasting sales growth of 14% to 18% for full-year 2019 and earnings before interest, taxes, depreciation and amortization (EBITDA) in the range of EUR 10 m to EUR 30 m.
The complete report for the first three months of the 2019 financial year is available on the company's website at http://investors.zooplus.com.
Online at: www.zooplus.com
16.05.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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|Fax:||+49 (0)89 95 006 - 500|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||812113|
|End of News||DGAP News Service|
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