Wittchen fashion estimates it had PLN 115.3 mln revenue in Q3 2024, down 10 pct y/y

In the third quarter of 2024, Wittchen Group's sales in the retail segment fell by 5 percent year-on-year to PLN 104.3 million (EUR 24.3 mln), while sales in the B2B segment amounted to PLN 10.9 million (EUR 2.5 mln) against PLN 18 million (EUR 4.2 mln) a year earlier, a decrease of 39 percent.

Cumulatively, from January to September 2024, total sales revenue fell by 4 percent to PLN 320.9 million (EUR 74.7 mln). In the retail segment, sales revenue amounted to PLN 284.4 million (EUR 66.2 mln), down 2 percent year-on-year. The B2B segment, on the other hand, recorded a 17 per cent year-on-year decline to PLN 36.4 million (EUR 8.5 mln) after nine months of 2024.

"We are observing persistently high caution in the spending of Polish consumers, which is confirmed by fragile retail sales data published by Poland's stats office GUS in the category of textiles, clothing, footwear. They indicate year-on-year drops of several per cent," Wittchen CEO Jedrzej Wittchen said.

It added that the Wittchen group's sales levels in the third quarter were also affected by other external developments. It was pointed out that high temperatures in September generally hold back purchasing decisions of customers potentially interested in the autumn/winter collection, which the group also experienced this year.

As reported, in addition, the effects of the September Wittchen fair (a period of cyclical promotions for selected brand products) were negatively affected by flooding in south-western Poland. The correlation of customers' purchasing decisions with these events was clearly visible in the continuously monitored sales results.

mcb/ nl/