About You lowers forecast

The online retailer realizes that people are shopping less and is significantly lowering its sales forecast.

The e-commerce company About has lowered its annual forecast for the current financial year. Instead of growing by 25 to 35 percent, the 2022/2023 financial year should only bring the scale-up growth of ten to 20 percent. As a result, the forecast turnover would be between 1.9 and 2.1 billion euros, as the company announced.

The sales forecast also has a negative impact on profit expectations. While the company previously assumed a maximum loss before interest, taxes, depreciation and amortization of 70 million euros, the range is now between 120 and 140 million euros, which could be equivalent to a doubling. The only glimmer of hope: the start-up, which is now also listed on the stock exchange, still aims to be in the black in the 2023/2024 financial year.

Shareholders nevertheless punished the start-up. The share price fell by 12.9% within a week. The biggest fall came shortly after the publication of the new figures. However, the share price continued to plummet on Thursday, losing more than four percent over the course of the day. About You will publish new figures again on October 11. The Management Board will then present its half-year report.