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Global Blue Group Holding AG (symbol: GB) is a leading provider of Tax Free Shopping and payment solutions, catering to international travelers and retailers worldwide. The company facilitates millions of tax-free purchases every year, allowing tourists to reclaim VAT on eligible goods bought during their travels. In addition to tax refunds, Global Blue offers Currency Choice, a service that enables travelers to pay in their home currency, enhancing financial control and security.
Global Blue integrates its services seamlessly at points of sale through state-of-the-art technology, ensuring a smooth and efficient shopping experience. The company's mission is to become the go-to brand for all aspects related to international shopping, striving to build trust and recognition among shoppers and merchants alike.
With operations in over 50 countries, Global Blue connects a vast network of retailers, acquirers, and hotels to nearly 80 million consumers across three main industries: Tax Free Shopping, Payments, and Post-Purchase Solutions. These services streamline the shopping and payment journey for tourists, providing added value to all stakeholders involved.
Global Blue's extensive marketing efforts help communicate the brand's value proposition to potential customers even before they start their journey. The company aims to represent retailers globally while guiding shoppers through a seamless international shopping experience. Whether in Buenos Aires or Singapore, Global Blue is dedicated to enhancing the shopping experience for international travelers.
In recent years, Global Blue has focused on expanding its service offerings and technological capabilities to better serve its clients. The company's commitment to innovation and customer satisfaction has solidified its position as a leader in the industry.
Global Blue Group Holding AG (NYSE:GB) has announced its Annual General Meeting (AGM) for September 12, 2024, at 08:30 CEST. The event will take place at the Mandarin Oriental Savoy Hotel in Zurich, Switzerland. Preparatory documents for the AGM are available on the company's website under the 'Investor Relations' section. Additionally, the invitation to the AGM and the Proxy Card have been filed as Exhibits 99.1 and 99.2 respectively to Global Blue's Report on Form 6-K, dated August 19, 2024.
Global Blue's July 2024 Tax Free Shopping update shows continued positive growth across Continental Europe and Asia Pacific. Worldwide issued Sales in Store like-for-like year-on-year performance reached +25% in July 2024, compared to +41% in Q2 2024. Continental Europe saw a +12% growth, led by a 10% increase in shoppers and 2% in average spend. Asia Pacific maintained strong growth at +64%, driven by a 49% increase in shoppers and 10% in average spend.
Key highlights include:
- Mainland Chinese Tax Free Spend led growth in both regions
- US and GCC shoppers showed positive growth in Europe
- Spain (+25%) and Italy (+19%) performed well in Europe
- Japan (+103%) and South Korea (+44%) excelled in Asia Pacific
- France (-2%) faced challenges due to pre-Olympic Games preparations
Global Blue Group Holding AG (NYSE: GB and GB.WS) has announced the release date for its Q1 FY2024/25 financial results. The company will publish its report on August 28, 2024, before the market opens. The financial disclosure will include:
- Management's Discussion and Analysis of Financial Position and Results of Operations
- Consolidated Financial Statements and Notes
- Press release and investor presentation
- Audio commentary on results by CEO Jacques Stern and CFO Roxane Dufour
All materials will be accessible through the Investor Relations section of Global Blue's website.
Global Blue reported an accelerating recovery in Tax Free Shopping across Continental Europe and Asia Pacific in June 2024.
Globally, the issued Sales in Store (SIS) like-for-like recovery reached 168% compared to the same period in 2019, up from 163% in April/May 2024 and 140% in Q1 2024. Continental Europe saw a slight improvement, with a recovery rate of 147% in June 2024, driven by strong performances in France (164%), Spain (160%), and Italy (163%).
GCC shoppers had a significant impact, achieving a recovery rate of 335%, while US shoppers reached 317%. In Asia Pacific, the recovery rate was 236%, led by travelers from Hong Kong and Taiwan at 764%. Mainland Chinese shoppers showed a recovery rate of 122%, stable from April/May.
Year-on-year growth in Tax Free Shopping was also impressive, with global SIS growth at 32% in June 2024. Continental Europe showed a 14% increase, while Asia Pacific recorded a 92% rise, driven by Mainland Chinese (161%), North East Asia (122%), and Hong Kong and Taiwan (66%).
Global Blue reported an accelerated recovery for Tax Free Shopping in May 2024 compared to 2019 levels. The global recovery rate reached 172%, up from 153% in April and 140% in Q1. Mainland Chinese shoppers drove significant growth, especially in Japan, which saw a 258% recovery rate due to favorable FX rates. Continental Europe achieved a 145% recovery, boosted by France (170%), Spain (169%), and Italy (164%). Asia Pacific recorded a 250% recovery rate, led by Japan (360%). Year-on-year growth for May 2024 was 47%, with Mainland Chinese shoppers showing a 164% increase. US and GCC shoppers also contributed to strong growth.
Global Blue reported a 36% YoY increase in revenue to €422m for FY23/24, with a 91% rise in Adjusted EBITDA to €149m. The EBITDA margin improved by 10.2 percentage points to 35.2%. The company's net leverage ratio improved from 6.5x to 3.4x. The Tax-Free Shopping recovery saw significant gains, with Continental Europe and Asia Pacific showing 141% and 223% recoveries, respectively.
Strategic initiatives focused on digitalization, commercial gains, and product development have shown solid progress. Financial guidance for FY24/25 remains firm with an expected Adjusted EBITDA of over €200m.
Net debt was reduced, and debt maturity extended to 2030. The company's repricing of loans and revolving credit facilities is expected to save €6m annually in interest costs.
Global Blue has released the monthly Tax Free Shopping business update for April 2024, showing a global dynamic recovery in Tax Free Shopping across Continental Europe and Asia Pacific. The recovery rate accelerated globally to 153% in April 2024 compared to 2019, exceeding Q1 2024's 140%. Continental Europe saw a recovery rate of 137% in April compared to 128% in Q1 2024, with strong performances in Spain, France, and Italy. While the US shopper recovery accelerated to 336%, the GCC recovery was negatively impacted by the Ramadan period, dropping to 198%. In Asia Pacific, the recovery rate hit a record level of 194% in April, driven by Japan and South Korea. Mainland Chinese shoppers saw a recovery rate of 112% globally and 158% in Asia Pacific in April.
Global Blue Group Holding AG (NYSE: GB) has shown a strong recovery with decreased net leverage, aiming for further reduction, leading to a repricing of its term loan and revolving facility. The interest rates for both facilities are set to decrease, enhancing the Company's financial position.
Global Blue Group Holding AG (NYSE: GB) will release its financial results for the fiscal year ended March 31, 2024, on June 5, 2024. The results will include Management's Discussion and Analysis, Financial Statements, and an investor presentation. CEO Jacques Stern and CFO Roxane Dufour will provide commentary. Access the materials on the company's Investor Relations website.
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