• Q1 revenues of EUR 32.8 million (Q1 2017: EUR 46.6 million); softer China demand and implementation of efficiency and profitability measures leads to 29.5% decrease
• Improved adj. EBIT of EUR -5.2 million despite one-off effects (Q1 2017: EUR -6.6 million); adj. EBIT margin -16.2% (Q1 2017: -14.1%)
• Numerous restructuring measures implemented, positive effects expected in the second half of the year

Munich, May 9, 2018: windeln.de SE, one of the leading online retailers for baby and toddler products in Europe and for customers in China, achieved revenues of EUR 32.8 million in the first quarter of 2018. This corresponds to a decrease of -29.5% from the previous year (Q1 2017: EUR 46.6 million). Besides a temporarily softer demand in China, this development resulted from efficiency and profitability measures introduced in February in connection with the CEO change, which involved organizational changes and the closure of the Italian web shop. These measures are also reflected in a lower

Revenue development in Q1 impacted by lower demand in China following the Chinese New Year as well as ongoing efficiency and profitability measures

Revenues in China in the first quarter of 2018 amounted to EUR 17.5 million, down 26.1% year-on-year (Q1 2017: EUR 23.6 million). Business in China accounted for approximately 53% of Group revenues (Q1 2017: 51%). The year-on-year decline in revenues was primarily due to lower demand in the Chinese market following the Chinese New Year; however, the business in China remains structurally highly attractive. windeln.de is focused on expanding its product range in the Chinese market, adding more distribution channels, establishing a permanent bonded warehouse and improving the customer experie

Improvement in adjusted EBIT despite one-off effects from restructuring measures (1)

Gross profit as a percentage of revenues improved in the first quarter from 23.8% in the prior-year period to 24.7% in 2018, despite inventory write-downs of EUR 0.9 million in the first quarter for which no adjustments were made. Overall, the fulfillment cost ratio in the first quarter of 2018 was at the level of the prior-year period. As a percentage of revenues, it increased slightly by 0.2 percentage points to 15.9% over the first quarter of 2017 (15.7%). By contrast, the marketing cost ratio improved by one percentage point to 4.6% of revenues (Q1 2017: 5.6%). This had a positive effec

(1) Figures adjusted for restructuring costs of EUR 1.7 million and expenses for share-based payment commitments of EUR 0.1 million.
(2) Net liquidity comprises cash, restricted cash and time deposits minus money market loans.
(3) Values without Feedo Group.