Q2 2024 Cdon AB Earnings Call Transcript
Key Points
- Sequential improvement in monthly performance within the quarter, with a reduction in negative growth from -22% in April to -11% in June.
- Customer satisfaction has improved, with a review score of 4.2 compared to 3.8 last year.
- Successful implementation of a new merchant agreement to enhance customer satisfaction and manage underperforming merchants.
- Positive momentum in non-Swedish markets, particularly with the Fyndiq segment showing steady performance.
- Platform migration to Phoenix is on track, expected to enable future cost savings and operational efficiencies.
- Overall negative EBITDA of SEK9.4 million for the quarter, with adjusted losses of SEK3.5 million.
- No top-line growth and a year-over-year decline in GMV by 14%, despite the addition of Fyndiq.
- Higher marketing costs and operational expenses, including costs related to the Malmo office closing and platform migration.
- Increased risk in Q3 sales due to the ongoing platform migration, which may cause bugs and operational hiccups.
- Challenges in supply acquisition and the need for significant improvements in supply to drive future growth.
Hello, everybody, and welcome to the second earnings call for Cdon Group. Today, it's myself and our CFO, Carl.
Good to be here.
Yeah, the second and third time we're doing this together now and we will get back to the numbers led by you in a moment.
To summarize, this quarter we continued to have near term challenges, but we are making the right investments for the long-term success. We had no top-line growth, but we could see an improvement month over month within the quarter. We have an EBITDA loss of minus SEK3.5 million adjusted for Malmo closing and foreign exchange cost.
But we are really improving our operational implements to work towards our long-term objective to become the leading marketplace in the Nordics. We're not happy with the result. On average, we grew with minus 16% versus last year. We had a tough
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