SIGNA Sports United, the Germany-based online retail specialist, has reported net revenue of €269 million in its second quarter of fiscal 2022 – with year on year growth of 48%.
This latest reporting period is the first fiscal quarter of full contribution of recently acquired businesses WiggleCRC and Tennis Express. Thse acquisitions closed on 14 December and 31 December 2021, respectively. According to the company it now has 7.4 million active customers, representing an increase of +62% year on year.
SIGNA Sports United companies and brands include Wiggle, Chain Reaction Cycles, Fahrrad.de, Bikester, Probikeshop, CAMPZ, Addnature, Tennis-Point, TennisPro, and OUTFITTER.
Gross profit increased +37% year on year to €98 million in Q2 FY22. In the latest reporting period, the company’s net loss was down to €37 million – ‘being largely impacted by one-off accounting charges related to [its] public listing’.
Stephan Zoll, CEO of SSU, said “After completing our first quarter as a consolidated group, SSU has emerged a stronger company with a deeply aligned strategic vision and broader customer reach.
“Despite the known macro-economic challenges in the current environment, we continue to successfully deliver on our strategic priorities with a focus on positioning ourselves for the next chapter of our growth trajectory in the mid- and long-term.”
The company reported prolonged supply chain disruptions across the full-bike category and especially among e-bikes. This led to ‘significant unmet demand in the market.’
The company also noted that… ‘The macro environment softened as inflation and the geopolitical situation weighed on consumer sentiment, and the quarter comped against a strong Q2 FY21 that was bolstered by COVID-induced restrictions and lockdowns.
‘Nevertheless, net revenue and gross profit grew, as the company’s scale increased. SSU’s actions to drive demand also led the customer base to expand to 7.4m active customers.’
Alex Johnstone, the company’s CFO, said “SSU’s +48% year-on-year top line growth is a testament to the enhanced strength of our platform and the broadened reach provided by our recent acquisitions.
“While challenges in the market have weighed on performance in short-term, we see numerous pathways to growth and are confident the steps we are taking today will bring us closer to our long-term financial targets.”
