Turkey's Hepsiburada sales surge as it logs core loss in Q2
26/08/2021 12:46
ISTANBUL, Aug 26 (Reuters) - Newly-listed Turkish online
retailer Hepsiburada turned to a loss in core earnings in the
second quarter on the back of increased investments, while total
sales on its platforms surged even after strong growth last
year.
Hepsiburada, which listed on Nasdaq in July, said its
earnings before interest, tax, depreciation and amortisation
(EBITDA) turned to negative 188.6 million lira ($22.5 million),
from a profit of 71.1 million lira ($8.5 million) a year ago.
Increased investments and ad spending drove the loss, it
said in quarterly results.
Gross merchandise volume (GMV), a key metric of total online
transaction size, grew 38% to 5.9 billion lira ($705.62 million)
in the second quarter as customers and shopping frequency
increased. Orders were up 37.9% to 13.1 million.
GMV growth in the April-June period follows an expansion of
151% in the same period last year, which was driven by the
initial COVID-19 lockdown.
Hepsiburada announced a GMV target of 28-29 billion lira
($3.35-$3.47 billion) this year, up almost 70% compared with 17
billion lira last year.
"I am pleased to share that our increasing merchant base,
expanding selection of products and services... led to continued
growth in our... active customer base and order frequency,"
Chief Executive Murat Emirdag said in a statement.
Hepsiburada is building a last-mile delivery service across
Turkey, as well as pickup points and payment services, and it
has launched an e-wallet for faster shopping.
($1 = 8.3615 liras)
(Reporting by Can Sezer; Editing by Jonathan Spicer)
((can.sezer@tr.com; +90-212-350 7055; Reuters Messaging:
can.sezer.thomsonreuters.com@reuters.net))