Q1 2023 Westwing Group SE Earnings Call Transcript
Good morning, everyone, and thank you for joining our Q1 2023 results call. My name is Andreas Hoerning, I'm the CEO of Westwing. And today, we will review our Q1 2023 results, reiterate the outlook for 2023, and close with a Q&A.
Let's get started with a summary of our Q1 financial results. Firstly, top line in Q1 was still impacted by baseline effects from the previous year and continued low consumer confidence, which resulted in minus 8% year-over-year group GMV growth to EUR118 million total GMV. However, let's keep a bigger picture in mind. Q1 2023 revenue is up by 67% versus Q1 2019, showcasing the difference in scale the company gained over the past years.
Secondly, in our last earnings call, I emphasized that 2023 will be all about returning to financial stability. And in Q1 2023, we clearly delivered on this. Costs across marketing, G&A, and CapEx were already down by EUR29 million on an annualized basis versus the committed EUR30 million of gross savings. The commitment is against the Q1 2022 baseline.
Thirdly, based
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