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Bike24 Reports Strong Q3 2024 Results: Sales Growth and Record Demand for Complete Bikes
2024-11-26
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Bike24 Holding AG delivered robust financial results in the third quarter of 2024, with significant sales growth and improved profitability. The company achieved a 2.9% increase in sales, reaching €62.9 million, and reported an adjusted EBITDA of €2.5 million, reflecting a margin of 4.0%. Growth was driven by strong performance in key European markets, particularly the DACH region, Benelux, and Spain, alongside record demand for complete bikes.
Key Highlights from Q3 2024
Sales Growth Across Core Markets
- Sales in the DACH region rose by 3%, while localized markets such as Benelux achieved a 6% increase.
- Other European regions recorded a remarkable 13% growth, the highest since early 2022.
Surging Demand for Complete Bikes
- Sales of complete bikes increased by 6% to an all-time high of €13.4 million, fueled by a diverse brand portfolio and competitive pricing strategies.
Improved Margins and Cost Control
- A refined pricing strategy boosted Bike24’s gross margin by 0.3 percentage points, reaching 27.5%.
- Disciplined cost management and reduced inventories, now at €67.2 million, contributed to a stronger cash flow.
Enhanced Financial Position
- By optimizing trade working capital, Bike24 increased its cash reserves to €18.3 million, reinforcing its long-term profitability goals.
Market Outlook and Strategic Goals
Despite ongoing economic uncertainties affecting European retail, Bike24 remains optimistic about medium- and long-term growth opportunities in the bicycle and outdoor segments. The company attributes its success to a focused approach targeting cycling enthusiasts and a commitment to operational efficiency.
CFO Timm Armbrust emphasized this strategy, stating, "Our focus on core customers and disciplined cost control proved effective in Q3. Moving forward, our top priority remains achieving sustainable profitability."
Fiscal Year 2024 Guidance
Bike24 maintains its outlook for 2024, projecting revenue growth between 1% and 5%, with EBITDA margins expected to range from 0.7% to 4.2%. Given current market dynamics, the company anticipates growth at the lower end of the spectrum but remains committed to its strategic initiatives.
