Global Fashion Group (GFG) reported preliminary results for the full year 2023 with a 14 percent decrease in net merchandise value (NMV) on a constant currency basis to 1.3 billion euros.
The company said in a release that the result is above GFG’s latest guidance of a 16-18 percent decrease, primarily due to better than expected performance in Q4 peak trading events.
In the fourth quarter, NMV decreased 14 percent for the group, 12 percent in LATAM, 18 percent in SEA and 13 percent in ANZ.
The company added that adjusted EBITDA for the quarter is expected to be around breakeven, whilst adjusted EBITDA margin for full year is expected to be in the upper end of GFG’s guidance range of negative 9 to 7 percent.
Based on preliminary figures, all other 2023 guidance metrics are expected to be met, including 0.8 billion euros in revenue and 30 million euros in Capex.
Supported by a strong, positive normalised free cash flow in the fourth quarter, GFG expects to end the year with 397 million euros in pro forma cash and 206 million euros in net pro forma cash excluding the convertible bond liability and third-party borrowings.
