Raising its outlook for the full year, Global Fashion Group (GFG) said that it expects to exceed the adjusted EBITDA guidance set in March of negative 25 to 45 million euros to negative 16 to 28 million euros.
The company said in a release that the positive outlook is primarily driven by operational efficiency efforts which have improved overall performance amid better consumer demand trends. The expansion of gross margin, combined with ongoing cost discipline, has resulted in a significant increase in adjusted EBITDA margin for the third quarter.
For the full-year, GFG now expects a decrease in net merchandise value (NMV) between 8 percent and 12 percent on a constant currency basis, narrowing from the previous range of a 5 percent to 15 percent decrease implying an NMV range of 1,100 to 1,160 million euros.
Based on preliminary third quarter results, GFG generated 264 million euros in NMV, decreasing 4 percent. Regionally, NMV decreased by 1 percent in LATAM, 12 percent in SEA and 1 percent in ANZ. The company delivered 174 million euros in revenue, decreasing 3 percent.
GFG’s third quarter adjusted EBITDA margin of negative 5 percent increased by 5 percentage points to reach negative 8 million euros.
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