Elumeo SE Reports Profitable Growth in Q1 2024

Elumeo SE, a prominent European electronic retailer of gemstone jewelry, announced a return to profitable growth in the first quarter of 2024. The Berlin-based company recorded a 5% increase in sales, amounting to EUR 11.3 million, bolstered by strong web sales, which surged by 15% compared to the first quarter of 2023.

The company's adjusted EBITDA shifted from a negative EUR 169 thousand in Q1 2023 to a positive EUR 148 thousand, indicating significant improvement in operational efficiency. Total costs were reduced by 8%, resulting in reduced expenditures of EUR 6.0 million. However, the gross profit margin decreased to 48.5% due to inflation and increased cost of goods sold.

Elumeo SE's customer base also expanded, with a 7% increase in the number of active customers, now totaling 40.2 thousand. This growth can be attributed to intensified marketing efforts in the prior quarter, which have begun to yield positive results. Furthermore, Elumeo's video shopping app Jooli has experienced increased user engagement, with the number of orders climbed from 202 in October 2023 to 1,353 in March 2024.

Based on these Q1 results, elumeo SE has confirmed its forecast for 2024, expecting continued profitable growth with a mid-single-digit rise in revenue and a significant upswing in adjusted EBITDA to between EUR 1.5 million and EUR 3.5 million. These projections align with the company's strategic aspirations under the #Juwelo100 growth program targeting EUR 100 million in sales by 2030.