On October 9, the online furniture store Westwing went public on the Frankfurt Stock Exchange. The Munich-based company is now presenting its first financial results since its IPO.
Between January and September 2018, the Munich-based online furniture store recorded earnings before interest, taxes, depreciation, and amortization of €1.2 million. In the same period last year, the company reported a loss of €7.3 million. For the full year 2018, Westwing plans to post a positive financial result for the first time in the company's history.
Westwing share price falls
The 2011 Delia FischerThe company, founded by Stefan Smalla, Tim Schäfer, Matthias Siepe, and Georg Biersack, achieved sales of more than 175 million euros in the first three quarters of this year. This corresponds to growth of almost 20 percent over the same period last year. The company increased the share of sales generated by private labels by 7 percentage points to 18 percent of total merchandise volume.
However, the strong figures have had no effect on Westwing's share price: At the start of trading today, one share of the Munich-based company cost €19.14. The issue price on October 9 was still €26.00. After an initial increase to €26.49, the price initially stagnated and has been falling for several weeks. The furniture retailer raised €132 million through the IPO. The valuation at the time of its IPO was €518 million.
