Online European furniture business Westwing has reported a growth in sales and profit.
According to its full year 2024 results, total sales increased 4% to €444m from €428.6m in 2023.
Adjusted EBITDA stood at €24m, up from €17.8m, while Adjusted EBITDA margin was 5% for full year 2024, up from 4%. This was achieved through margin improvements and cost savings, while investing in brand awareness.
During the period, Westwing implemented a restructuring of its operations in Italy, Spain, Central & Eastern Europe and headquarters, including several office and warehouse closures, as well as introducing a global and more premium product assortment.
“As expected, the change in product assortment dampened topline development in 2024, as less premium and lower margin products were actively phased out,” the company said.
Looking ahead, Westwing plans to open a mid-single-digit number of offline stores in 2025, based on the promising development of its existing Hamburg and Stuttgart stores.
Westwing will enter five to 10 new countries in 2025, following the very successful launch of Portugal last year. The first two countries, Luxembourg and Denmark, were already launched in Q1 2025.
For the full year 2025, Westwing forecasts revenue between €425m and €455m with a year-over-year growth rate of -4% to +2%. “While topline outlook remains dampened, the transformation of 2024 allows for significant profitability improvement in 2025,” the company said.
Westwing expects an adjusted EBITDA between €25m and €35m at an adjusted EBITDA margin in the range of +6% to +8%.
Dr Andreas Hoerning, CEO of Westwing, commented: “2024 was a pivotal year for Westwing, as we transformed our business into a scalable platform and a clearly premium destination while improving profitability.
“As we move into the third phase of our 3-step value creation plan—scaling with operating leverage—we are excited to serve customers in existing and in new markets with an ever-improved product assortment, to enhance our premium brand positioning, and to further improve profitability.
“With a clear roadmap ahead, we are well-positioned to unlock Westwing’s full potential and deliver long-term value for our customers and shareholders.”
