D-Market Electronic Reported Q1 GMV Growth of 42.5% YoY to TRY 36.3B, Number of Orders Grew by 21.7% YoY to 29.3M, Active Customers Rose by 1.4% YoY to 12.1M
$HEPS
Catalog/Specialty Distribution
Consumer Discretionary
First Quarter 2024 Financial and Operational Highlights
(All financial figures are restated pursuant to IAS 29 unless otherwise indicated)
- Gross merchandise value (GMV) increased by 42.5% to TRY 36.3 billion compared to TRY 25.5 billion in Q1 2023.
- IAS 29-Unadjusted GMV increased by 137.8% to TRY 35.2 billion compared to Q1 2023.
- Revenue increased by 45.0% to TRY 11,309.6 million compared to TRY 7,800.5 million in Q1 2023.
- Number of orders increased by 21.7% to 29.3 million compared to 24.1 million orders in Q1 2023.
- Active Customers increased by 1.4% to 12.1 million compared to 11.9 million as of March 31, 2023.
- (Order) Frequency increased by 30.3% to 9.8 compared to 7.5 as of March 31, 2023.
- Active Merchant base increased by 1.2% to 101.9 thousand compared to 100.7 thousand as of March 31, 2023.
- Number of SKUs increased by 37.9% to 248.2 million compared to 180.0 million as of March 31, 2023.
- Share of Marketplace GMV was 68.4% compared to 68.2% in Q1 2023.
- EBITDA improved to TRY 289.4 million compared to TRY 12.2 million in Q1 2023. Accordingly, EBITDA as a percentage of GMV was at 0.8%, a 0.7 percentage point improvement compared to 0.05% in Q1 2023.
- IAS 29-Unadjusted EBITDA improved to TRY 835.3 million compared to TRY 175.9 million in Q1 2023. IAS 29-Unadjusted EBITDA as a percentage of GMV in Q1 2024 improved by 1.2 percentage points to 2.4% compared to 1.2% in Q1 2023.
- Net loss for the period was TRY 130.7 million compared to a net loss of TRY 324.9 million for Q1 2023.
- Free cash flow was positive TRY 1,029.6 million compared to negative TRY 259.3 million in Q1 2023.