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Wittchen SAUPDATE: Wittchen posts revenues of PLN 119.8 mln in Q3 2025
Listed exclusive leather products manufacturer and retailer Wittchen posted revenues of PLN 119.8 million (EUR 28.3 mln) in the third quarter of 2025, the company said in the report.
The group reported that third-quarter revenue growth this year was driven primarily by foreign sales, which reached PLN 26.1 million (EUR 6.0 mln), up 12 percent year on year, while domestic sales amounted to PLN 93.6 million (EUR 21.5 mln), up 2 percent year on year.
At the same time, the share of e-commerce in total revenue continues to rise - in the past quarter online sales accounted for 54 percent of total sales, compared with 47 percent in the corresponding period of 2024.
Wittchen Group’s gross margin in the third quarter was 62.4 percent, compared with 60.1 percent a year earlier. The company noted that this had a positive impact on operating profitability - operating profit exceeded PLN 13.1 million (EUR 3.0 mln), an increase of 14 percent year on year.
"As previously announced, we are gradually changing our product mix. At present, suitcases constitute the main category, accounting for around 50 percent of sales. This segment is characterised by very strong price competition, particularly from Asian online marketplaces," said the company's CFO, Marcin Szygula, quoted in the press release.
"We intend to focus on higher-margin product groups and are working, among other things, on strengthening our leather-goods line. At the same time, we must keep costs under control, which is why we are, for example, optimising stock levels," he added.
The value of Wittchen Group's inventories at the end of the third quarter amounted to PLN 129.1 million (EUR 29.7 mln), 8 percent lower than in the previous quarter but also 8 percent higher than a year earlier.
"The fourth quarter, particularly the pre-Christmas season, is the most important period in our industry. We want to make good use of it to build our results, but also to continue reducing inventory levels. The aim is to improve cash flow and reduce liabilities while freeing up space for new collections," CFO said.
"Preparations are also under way to expand our logistics centre in Palmiry. We plan to complete this project in 2027. It will also help reduce logistics costs. We estimate the investment will pay for itself over roughly six to seven years," he added.
PLN mln
| 3Q2025 | results | consensus | difference | y/y | q/q | YTD 2025 | y/y |
| revenues | 119.8 | 119.8 | 0.0% | 3.9% | 7% | 325.7 | 1.4% |
| EBITDA | 21.3 | 18.9 | 12.5% | 10% | 22% | 50.6 | -12.5% |
| EBIT | 13.1 | 11.0 | 19.8% | 14% | 40% | 26.5 | -24.2% |
| attrib. net profit | 8.9 | 7.5 | 18.6% | 2% | 64% | 18.6 | -26.7% |
| EBITDA margin | 17.8% | 15.8% | 1.98 | 1.02 | 2.20 | 15.54% | -2.48 |
| EBIT margin | 11.0% | 9.2% | 1.82 | 0.96 | 2.57 | 8.14% | -2.75 |
| net margin | 7.5% | 6.3% | 1.17 | -0.10 | 2.60 | 5.71% | -2.20 |
mcb/ asa/ nl/
