DESDEN, Germany (BRAIN) — German e-commerce retailer Bike24 had third-quarter sales of 72.6 million euros ($73.8 million), up 12.9% from the same period last year.
The company said its continued expansion into the Spain, France and Italy markets help drive the growth. Additionally, improved supply chains led to a 64% increase in complete bike sales in the quarter.
"We have once again succeeded in responding to current challenges with high agility and further expanding our customer base in a challenging environment," said Andrés Martin-Birner, founder and CEO of BIKE24. "Regarding the implementation of our expansion strategy, we have made progress in all areas in recent months, which is now reflected in the significant growth in our localized markets and the full-bike categories."
In the first three quarters of the year, Bike24 sales totaled 201.4 million euros, which was up 5.1% from the same period last year. Revenues for the period in Spain, France and Italy were 18.5 million euros, up 139% from the year before.
Bike24 said its gross margin decreased by 4.8 points, to 27.5% in the nine-month period, which is blamed on unusually high comparables in the prior year and increased promotional activities this year. In the third quarter, its gross margin was 24.8%, down from 30.6% in the quarter last year.
The company said it has nearly completed its new Southern European logistics center in the Barcelona area, with the first orders expected to be shipped in the current year as part of a pilot. A webshop localization for the Benelux region is expected to be implemented in the first half of next year.
Bike24 is traded on the Frankfurt stock market. Stock quotes are available at ir.bike24.com.
