Brazil's retailer Mobly achieves GMV 50% higher in Q1 2021 compared to last year

The company recorded a strong acceleration in net revenue, reaching BRL 169 million in the period, an amount 48.6% higher than the first quarter of 2020

Event with ringing bell marked Mobly's initial public offering in the amount of BRL 812 million. Photo: Cauê Diniz / Courtesy
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  • The company’s gross profit jumped from BRL 45.4 million to BRL 70.4 million, a growth of 55% compared to the first quarter of 2020;
  • The comparison of the adjusted EBITDA of the first quarter of 2021 with that reported in the first quarter of 2020 represents a variation of 261.7%.

Mobly, a retailer in the furniture and decoration sector, achieved a GMV (Gross Merchandise Volume) growth 50.7% higher in the first quarter of this year compared to the same period of 2020.

Despite brick-and-mortar stores being negatively impacted by the second wave of COVID-19 in Brazil, Mobly reported consistent operating and financial results, with a GMV spike from BRL 163 million to BRL 245 million and 48.6% growth in net revenue from BRL 113 million to BRL 169 million in the first quarter of 2020 for the first three months of this year.

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In the period, sales on Mobly’s website saw a 44.8% increase compared to the same period last year due to accelerated marketing investments following the IPO. As for sales via the marketplace, the 72.5% growth compared to the last quarter was mainly driven by the directing of marketing investment from marketplaces to their online channels due to the shutting of brick-and-mortar stores.

According to Mobly, the company’s profitability also continued to rise, and the comparison of gross profit in Q1 2021 with that reported in Q1 20 represented a gain of 55%, and the results for Q1 21 and Q1 20 were, respectively, BRL 70.5 million and BRL 45.5 million.

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In the period, Mobly maintained its investments in technology, in the expansion of its logistics network, and the growth of the number of physical stores. In the first quarter, investments in capital expenditure (CAPEX) totaled BRL 8.7 million.

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The company now has 1 million active customers, with a total of over 327,000 orders in the first quarter of this year alone. The comparison of Q1 2021 adjusted EBITDA with that reported in Q1 2020 represented a growth of 261.7%, with Q1 2021 and Q1 2020 results being, respectively, a positive EBITDA of BRL 1.6 million and a negative EBITDA of BRL 1.0 million, and Adjusted EBITDA margins of 1.0% and -0.9%, growth of 1.9 p.p.

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