About You lowers forecast

The online retailer notices that people are shopping less and significantly lowers its sales expectation.

E-commerce company About has lowered its annual forecast for the current fiscal year. Instead of growing by 25 to 35 percent, the 2022/2023 fiscal year is expected to bring the scale-up growth of only ten to 20 percent. This would put the forecast revenue at between €1.9 billion and €2.1 billion, according to the company.

The sales forecast also has a negative impact on profit expectations. Whereas the company previously expected to record 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 amount to a doubling. The only glimmer of hope is that the start-up, which is now also listed on the stock exchange, still intends to be in the black in fiscal year 2023/2024.

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