Spartoo: big fall after the results

(Boursier.com) — Spartoo fell 14% to 0.72 euro after falling into the red last year. The group specializing in the online distribution of shoes, clothing and leather goods suffered a net loss of 4.6 ME in 2022 against a profit of 1.5 ME in 2021. After recording a loss of -3, 1 ME in the 1st half, in particular due to a marketing investment of 3.3 ME in television, the Group’s adjusted EBITDA was positive at 1.9 ME in the 2nd half, limiting the loss over the year to -1, 2 ME, or -0.8% of turnover. As of December 31, Spartoo had cash of 9.4 ME. Net debt stood at €14.9 million at December 31, 2022 (-€8.7 million a year earlier).

Following this slightly reassuring and better-than-expected publication (EBITDA moving into positive territory from H2), Oddo BHF is raising its 2023 scenario and now expects revenue of €152m, up slightly by 2% ( vs 130 ME previously) and an EBITDA of 2.3 ME, i.e. a margin of 1.5% (vs -2.5 ME previously). The update of its model leads to an adjustment of the target from 0.9 to 1 euro. The broker still prefers to remain cautious on the file given the context of consumption which should remain soft in 2023 and while waiting for more visibility on the growth dynamic at Spartoo and the normalization of stocks.