Leading e-commerce retailer SIGNA Sports United (SSU) has reported financial results for the first quarter of fiscal year 2022.
Net revenue grew 11% year on year to €213 million in Q1 FY22. The company noted that revenues were held back by supply constraints in the full-bike category. Excluding full-bike sales, net revenue in the quarter grew 15% year on year.
Gross profit increased 10% to €79 million in Q1 FY22. The company reported a net loss of €165 million in the period, noting that this was largely due to one-off accounting charges related to its public listing on the New York Stock Exchange (NYSE).
SSU completed its business combination with Yucaipa Acquisition Corporation on December 14, 2021 and began trading on the NYSE on December 15, 2021. The company also closed the acquisitions of WiggleCRC and Tennis Express on December 14 and December 31, 2021, respectively.
Stephan Zoll, CEO of SSU, said “This quarter we closed two strategically significant transactions, WiggleCRC and Tennis Express, that allow us to meaningfully enhance the strength of our platform.
“Despite the macro factors that continue to impact our results, we are focused on driving SSU to be in the strongest possible position to create value in the mid and long-term and we believe we are poised to do so upon the normalization of supply-chain disruptions.”
In Q1 FY22, SSU noted that it… ‘faced multiple headwinds that contributed to softer top-line growth. Supply chain disruptions have remained a constant theme in the marketplace and have meant that the company was not able to meet the full extent of consumer demand, with the most severe supply chain impacts being felt in the full-bike category.
‘Additionally, the quarter comped against a particularly strong YoY period that was fuelled by a spike in consumer interest amidst COVID-19 induced restrictions and lockdowns. Nevertheless, the company achieved 11% net revenue growth despite supply constraints and net revenue growth of 15% when excluding full-bike sales.’
Alex Johnstone, the company’s CFO, said “SSU’s results in the fiscal first quarter demonstrate the resiliency of the SSU platform. We drove consolidated top-line growth by offsetting headwinds caused by supply constraints in the full-bike category with growth across all other categories.
We leveraged promotional activity and targeted marketing investment to drive active customer growth and market share.”
