Q4 2024 Boozt AB Earnings Call Transcript
Key Points
- Boozt AB (BOZTY) achieved a topline growth of 6.3% for the year, despite challenging market conditions.
- The adjusted EBIT margin increased to 5.7% from 5.2% last year, primarily due to the exemption from Norwegian customs.
- Booztlet revenue increased by 36% in the fourth quarter, driven by price initiatives.
- The company has successfully diversified its product categories, with more than 40% of sales now coming from non-fashion categories.
- AI and machine learning are being utilized to improve efficiency and reduce costs across various operations, including customer service and inventory planning.
- Overall revenue growth for the fourth quarter was only 4%, reflecting a challenging market environment.
- Boozt.com revenue declined by 2% in the quarter, impacted by low consumer confidence.
- The average order value on Booztlet decreased by 5% due to lower prices.
- The company faced a small currency headwind during the year, affecting growth in constant currencies.
- Despite an increase in active customers, the frequency of purchases has decreased as consumers remain hesitant to spend.
Thank you and welcome all to our Q4 webcast. I think we have a busy day ahead of us. So, let's just turn to the to the first slide and yeah, we entered the year with a topline growth of some 6.3%. So, at the low end of the guidance that we communicated back in February, we had of course hope for more but given the quite challenging market conditions, we believe that we have made this quite well. In 2024 the adjusted a margin increased to 5.7% from 5.2% last year.
And this was mainly due to the exemption from the Norwegian Customs which we obtained during the year. So just to make it crystal clear, the exception is of course also applicable going forward. So, the 5.7% margin is a new base going forward. Moving on to the fourth quarter revenue increased by 4% and this growth was driven by Booztlet revenue from Booztlet increased by 36% in the quarter, supported by the price initiatives that we started in Q3.
We came into the second half of the year with the with some elevated stock levels. And which is why we using
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