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SIGNA Sports United (SSU) reported Q1 FY23 net revenue of €246 million, a 27% year-over-year increase. Active customers reached 6.3 million, up 26% YoY. Despite the positive revenue growth, gross margin fell to 29.6%, a decline of 698bps YoY, impacted by overstocked inventory and elevated markdowns in the bike category. CEO Stephan Zoll noted challenges from inflation and consumer sentiment, prompting a strategic realignment with cost reduction measures. The company aims for a return to profitable growth by FY24 while navigating current market conditions.
SIGNA Sports United (NYSE: SSU) filed its annual report on Form 20-F for the fiscal year ending September 30, 2022, with the U.S. Securities and Exchange Commission. The report includes audited consolidated financial statements and is accessible on the Company's Investor Relations webpage and the SEC website. SSU is a sports e-commerce specialist based in Berlin, operating over 80 online platforms and serving more than 6.5 million customers globally. Shareholders can request a hard copy of the report for free.
SSU reported FY22 net revenue of €1,063 million, reflecting a 31% year-over-year growth, despite challenges impacting profitability. The company acquired WiggleCRC and Tennis Express in FY22, contributing to a 39% increase in active customers, now totaling 6.7 million. However, SSU faced significant losses of €566 million, primarily due to goodwill impairment and one-off accounting charges. The gross profit for FY22 stood at €369 million but was affected by inflation and overstock issues, particularly in the bike sector. Looking ahead, SSU aims to streamline operations and focus on its core markets to achieve profitability by FY24.
Signa Sports United N.V. (SSU), a NYSE-listed sports e-commerce specialist, will release its fourth quarter and full-year fiscal 2022 financial results on February 7, 2023, before the market opens. A conference call to discuss the results will take place on the same day at 8:30 a.m. Eastern Time. SSU operates across bike, tennis, outdoor, and team sports, managing over 80 online sites and partnering with 500 shops, serving more than 6.5 million customers globally.