YNAP says FY16 net revenues increased 17.7 percent
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Business
The Yoox Net A Porter Group (YNAP) said that consolidated net revenues in the fourth quarter of 2016, net of returns and customer discounts, of 538.2 million euros(574 million dollars), increased 19.2 percent on an organic basis and 11.4 percent reported. This quarterly performance, the company added, resulted in net revenues of 1,870.7 million euros (1,997 million dollars) for the year, up 17.7 percent on an organic basis and 12.4 percent reported against pro-forma net revenues of 1,665 million euros (1,777 million dollars) in 2015.
“YNAP performed robustly throughout 2016, accelerating in the last quarter compared to the first nine months on an organic basis. This demonstrates our ability to deliver growth while investing in our future. Bolstering our management capacity, I would like to welcome two new great additions, Matt Woolsey and Deborah Lee, respectively MD, Net-A-Porter and Chief People Officer, to our dream team that will continue to grow in 2017,” Federico Marchetti, CEO of YNAP Group in a statement.
YNAP sees rise in active customers and orders
The average number of monthly unique visitors to its online stores increased to 28.8 million compared with 26.7 million in 2015. The number of orders also grew to 8.4 million, up 18.2 percent on the previous year. Active customers increased to 2.9 million at 31 December 2016 compared with 2.5 million at 31 December 2015.
Multi-brand in-season business line in the fourth quarter, which includes Net-A-Porter and Mr Porter, recorded consolidated net revenues of 263.4 million euros (281 million dollars), up 17.6 percent on an organic basis, an acceleration on the first nine months of the year.
Including The Corner and Shoescribe - which were discontinued on August 31, 2016, thus not contributing to the fourth quarter, the business line grew 11.6 percent at constant exchange rates and 5.7 percent reported from 249.3 million euros (266 million dollars) in the last quarter of 2015.
This quarterly result contributed to net revenues of 968.6 million euros (1,034 million dollars) in full year 2016, up 16 percent on an organic basis. Including the performance of The Corner and Shoescribe - which accounted for 1.1 percent of the Group’s net revenues in 2016 - this business line grew 13 percent at constant exchange rates and 8.4 percent reported from pro-forma net revenues of 893.3 million euros (953 million dollars) in 2015.
Multi-brand off-season business improves 16.3 percent
Multi-brand off-season business line, which includes Yoox and The Outnet, recorded consolidated net revenues of 200.5 million euros (214 million dollars), up 16.3 percent at constant exchange rates and 14.1 percent reported in the fourth quarter.
Full-year net revenues were up 19.5 percent at constant exchange rates and 16.8 percent reported totaling 696.8 million euros (744 million dollars). Over the year, Yoox added Burberry Children and, over the last quarter of the year, the shop-in-shop of Polo Ralph Lauren, as well as Disney’s first online fashion store for designer collaborations. The Outnet added Tom Ford, Fendi and Etro and expanded its private label offering with the introduction of Iris & Ink first footwear collection.
In the fourth quarter, the online flagship stores business line registered a strong net revenue acceleration, translating into consolidated net revenues of 74.3 million euros (79 million dollars), up 30.8 percent at constant exchange rates and 27.4 percent reported. Gross merchandise value was up 34.6 percent on an organic basis and 27.7 percent reported.
For the year, the online flagship stores achieved consolidated net revenues of 205.3 million euros (219 million dollars), up 19 percent at constant exchange rates and 17.1 percent reported. Gross merchandise value advanced by 23.7 percent on an organic basis and 20.3 percent reported, with buoyant performance by the joint venture with Kering.
YNAP reports organic sales growth across regions
The company said that it recorded positive organic growth across all of its key markets in 2016. UK ended the fourth quarter with net revenues of 78.2 million euros (83 million dollars), up 16.6 percent at constant exchange rates but down 1.7 percent reported, penalised by the depreciation of the euro/sterling exchange rate. This improved trend in the final quarter, the company added, following softer second and third quarters as a result of Brexit, translated into full-year UK growth of 15.3 percent at constant exchange and 2.3 percent reported.
North America posted fourth-quarter net revenues of 172.9 million euros (184 million dollars), up 18.7 percent on an organic basis and 14.5 percent reported. For the year, North America’s net revenues totaled 573.9 million euros (613 million dollars), up 16.3 percent on an organic basis and 14.1 percent reported. Italy posted fourth quarter net-revenue growth of 4.8 percent at constant exchange and 4.5 percent reported to 37.4 million euros (39 million dollars). In 2016, net revenues grew to 124.8 million euros (133 million dollars), up 12.6 percent at constant exchange rates and 12.5 percent reported).
In the fourth quarter, net revenues in Europe (excluding Italy and the UK) totalled 134.4 million euros (143 million dollars), up 11 percent at constant exchange and 10.2 percent reported. For the year, total net revenues in Europe were 488.1 million euros (521 million dollars), up 13.2 percent at constant exchange and 11.1 percent reported). Asia Pacific revenues were up 36 percent at constant exchange and 32.4 percent reported, mainly driven by China, Hong Kong and Japan.
Rest of the World recorded fourth-quarter net revenues of 27.2 million euros (24.2 million dollars), up 10.2 percent at constant exchange rates but declined 4.3 percent reported, which the company said reflected excellent growth in the Middle East. This translated into full-year net revenues of 111.7 million euros (119 million dollars), up 16.5 percent at constant exchange and 6 percent reported).
Summary
Picture:Yoox