Signa Sports United reports Q2 FY22 net revenue of €269 million

Online sports retail and tech company Signa Sports United (SSU) has reported its financial results for the second quarter of the fiscal year 2022.

Net revenue grew 48% YoY to €269 million in Q2 FY22 and 29% YoY to €481 million in H1 FY22, said the company, and gross profit increased 37% YoY to €98 million in Q2 FY22 and 23% YoY to €177 million in H1 FY22.

Prolonged supply chain disruptions across the full-bike category and especially among e-bikes led to ‘significant’ unmet demand in the market, said SSU. Additionally, the macro environment softened as inflation and the geopolitical situation weighed on consumer sentiment, and the quarter comped against a strong Q2 FY21 that was bolstered by COVID-induced restrictions and lockdowns.

Net revenue and gross profit grew on a reported basis, as the company’s scale increased, and SSU said its actions to drive demand also led the customer base to expand to 7.4 million active customers, representing an increase of 62% YoY.

Q2 FY22 represents the first fiscal quarter with the full contribution of recently acquired businesses WiggleCRC and Tennis Express. The acquisitions closed on 14th December and 31st December 2021 respectively.

Stephan Zoll, CEO of SSU, said: “After completing our first quarter as a consolidated group, SSU has emerged a stronger company with a deeply aligned strategic vision and broader customer reach.

“Despite the known macro-economic challenges in the current environment, we continue to successfully deliver on our strategic priorities with a focus on positioning ourselves for the next chapter of our growth trajectory in the mid- and long-term.”

Read more: Fair play for fair pay: The impact of greater pay transparency on the bike trade

Alex Johnstone, the company’s CFO, added: “SSU’s +48% year-on-year top line growth is a testament to the enhanced strength of our platform and the broadened reach provided by our recent acquisitions.

“While challenges in the market have weighed on performance in short-term, we see numerous pathways to growth and are confident the steps we are taking today will bring us closer to our long-term financial targets.”

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