Q3 2023 Global Fashion Group SA Earnings Call Transcript
Good morning, everyone, and welcome to Global Fashion Group's Q3 2023 results. I'm Helen Hickman, CFO of GFG. I'm here with our CEO, Christoph Barchewitz, who will join us for Q&A. Today, I'll provide a short summary of our third quarter results and recently updated guidance for full year 2023. After that, we'll open it up for Q&A.
I'll begin with an update on our cost actions. We continued to manage our inventory prudently. At the end of Q3, we reduced our inventory 27% on a constant currency basis compared to a year ago, and have made strong progress on our aged inventory levels, reducing by EUR12 million since this time last year, now representing 21% of our gross inventory.
Amidst rising customer acquisition costs, we've maintained our disciplined approach and reduced our marketing spend on an absolute basis. In this competitive environment, we're making strategic adjustments to our marketing investments, recognizing the importance of both attracting new customers and fostering stronger relationships with existing ones. To
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