Q1 2024 Global Fashion Group SA Earnings Call Transcript
Good morning, everyone and welcome to Global Fashion Group's Q1 2024 results. I'm Helen Hickman, CFO of GFG. Today, I'll provide an overview of our first quarter results, followed by a Q&A session where our CEO, Christoph Barchewitz, will join us.
Starting with a summary of our Q1 2024 performance at our Q4 results presentation in March, I shared that for the first two months of 2024, we observed similar top line trends to those seen in Q4 '23. This pattern continued as we closed out the quarter. In Q1, we achieved EUR239 million in net merchandise value, a 16.5% decline year-on-year. We delivered a strong 44% gross margin which is a 3-percentage-point increase year-on-year.
Our adjusted EBITDA margin also continued to improve, increasing 0.8-percentage-points in the quarter, despite top line pressures, our results demonstrate how our platform transition strategy and ongoing cost efficiency program are supporting our main financial priorities to deliver profitability and cash flow improvements over top line growth. We have 8.4 million
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