Answear.com reviews sales results for Q3. The revenue from sales during the past quarter amounted to 273 million PLN, which means an increase of 17% YoY. The results are not as impressive as in previous periods, Answear.com has begun to notice the first signs of a slowdown in the fashion industry and a decrease in consumer demand, which translated into a decrease in growth dynamics. Despite this, the Company continues to grow at a double-digit pace, and the dynamics noted cumulatively over the 9 months of 2023 at the level of over 36% YoY puts Answear.com SA among the leaders in the e-commerce fashion industry.
– We have had a challenging third quarter, during which we noticed the first signs of a slowdown in the industry and weakening consumer demand. In addition, the prolonged summer and high temperatures in September, both in Poland and in the other countries we operate in, did not help. As a result, the growth dynamics in Q3 are not as impressive as in the previous periods, nevertheless, we are still able to maintain two-digit growth – comments Krzysztof Bajołek, CEO of Answear.com.
In the first half of 2023, Answear.com achieved sales that exceeded forecasted plans, as a result, it entered a period of sales from the well-sold SS23 collection, and consequently with a low level of stock. Reduced pressure to sell below the assumed margin meant that the company did not engage in the aggressive price war taking place during this period, in relation to competition activities.
– In addition to unfavourable macroeconomic and weather conditions, it is also worth noting a more demanding base in Q3 of 2022, which also affected lower growth dynamics in Q3 2023. However, we remain optimistic when looking at the last 9 months, we recorded very good sales results, which places us among the fastest-growing fashion e-commerce in Europe – adds Jacek Dziaduś, Vice President for Financial Affairs of Answear.com.
