BERLIN (BRAIN) — E-commerce retailer Signa Sports United reported its first quarterly results that included numbers from WiggleCRC and Tennis Express, which it acquired in December. Quarterly sales were up 48%to 269 million euros ($288 million).
The company recorded a net loss of 37 million euros, compared to a net loss of 11 million euros in the same quarter last year.
Total visits to its e-commerce sites were 78.9 million, up 28% from the same period last year. Net orders were up 55% while net order value went down 4.5% to 102 euros.
The company said it continued to suffer from full bike and e-bike shortages and other economic challenges.
Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
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Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby Ross » Sat Jun 04, 2022 9:37 am
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby MichaelB » Sat Oct 21, 2023 12:23 pm
Lucky my last order just got delivered !!!!
https://www.cyclingnews.com/news/wiggle ... cial-woes/
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby AUbicycles » Sat Oct 21, 2023 7:05 pm
This is a disaster for cycling brands who are owed money… so a really bad roll-on effect that could put smaller brands into trouble.
Unfortunately also a customer beware… once the biggest online bike shops Wiggle and c r c appear to still be accepting orders. Customers who pay and do not receive goods would stand last in line for compensation if goods are not received. All existing customers with order issues (eg returns) could be stuck and warranty / garantee resolution (of purchases) typically woukd be directed directly to the brand if the seller is unable to resolve.
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby warthog1 » Sat Oct 21, 2023 7:25 pm
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby MichaelB » Sat Oct 21, 2023 8:50 pm
I’ll keep my eye out to see what eventuates !
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby MichaelB » Sat Oct 21, 2023 8:56 pm
Addnature.com
Ballside.de
Bikester.com
Bruegelmann.de
Campz.de
this link is broken
Cycles-for-heroes.com
Fahrrad.de
Ortler-rad.at
Padel-point.de
Probikeshop.com
Redcycling.de
Serious-Cycles.com
Tennis-Point.de
Tennispro.eu
Tennisexpress.com
Vermont-bikes.de
Votec.de
this link is broken
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby blizzard » Sat Oct 21, 2023 9:21 pm
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby Calvin27 » Sun Oct 22, 2023 12:21 am
Buy them when they are on fire sale prices.
Cushy dirt bike
Very cushy dirt bike
Bike crushed by car (RIP)
No brakes bike
Ebike
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby ningnangnong » Sun Oct 22, 2023 9:52 am
Even have a $100 birthday voucher for c r c I am yet to use.
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby Mr Purple » Sun Oct 22, 2023 1:49 pm
Buy it on credit card if you're risking it. I personally won't - I lost about $450 in car parts when a well known Valiant parts business went under a few years back. Joined the creditor list, saw absolutely nothing. The customers are always the last paid back.AUbicycles wrote: ↑Sat Oct 21, 2023 7:05 pmUnfortunately also a customer beware… once the biggest online bike shops Wiggle and c r c appear to still be accepting orders. Customers who pay and do not receive goods would stand last in line for compensation if goods are not received. All existing customers with order issues (eg returns) could be stuck and warranty / garantee resolution (of purchases) typically woukd be directed directly to the brand if the seller is unable to resolve.
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby MichaelB » Mon Oct 23, 2023 8:57 am
That sucks.ningnangnong wrote: ↑Sun Oct 22, 2023 9:52 amWell this is crap news. Like warthog, I'm a big fan of the DHB bibs.
Even have a $100 birthday voucher for c r c I am yet to use.
Might as well try and use it and see what happens, as if the company does get sold, often the vouchers are null & void
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby Mububban » Mon Oct 23, 2023 5:15 pm
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby MichaelB » Tue Oct 24, 2023 8:20 am
Seems that the ultimate Parent company is a Real Estate mob (I've seen elsewhere), and the holding company that owns all of the sports retail ones pulled the plug on their 150M Euro funding line, but haven't stated why.
Guess the $$ are just not flowing in the right direction !
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby Retrobyte » Tue Oct 24, 2023 1:06 pm
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby Comedian » Wed Oct 25, 2023 7:40 am
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby MichaelB » Wed Oct 25, 2023 10:25 am
Think there is a fair bit of stuff still to come out, sadly.Internetstores GmbH, the European subsidiary of Signa Sport United N.V (SSU) has filed for insolvency, reports German website, Diebewertung.
In an application filed in the Stuttgart District Court, the news follows last week's news that the company was cancelling purchase orders with suppliers as it prepared to do so.
Internetstores is the umbrella company above more than 40 eCommerce brands across 15 European countries, many of which operate in the bike industry, including Probikeshop, Bikester, Fahrrad.de, Red Cycling Products, Fixie Inc, Vermont Bikes, Serious Cycles, Ortler, Votec, and Brugelmann. It is unclear what will happen with each of these individual entities.
The Inetrnetstores mob reportedly employed 600 people.
What really surprises me is the speed of which the insolvency has happened and spread, and just how many 'entities' are impacted.
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby antigee » Wed Oct 25, 2023 2:42 pm
small part of a very large business empire...article linked below reports:MichaelB wrote: ↑Tue Oct 24, 2023 8:20 amSeems that the ultimate Parent company is a Real Estate mob (I've seen elsewhere), and the holding company that owns all of the sports retail ones pulled the plug on their 150M Euro funding line, but haven't stated why.
Guess the $$ are just not flowing in the right direction !
"Of the original €150 million commitment, €143 million remains undrawn to date"
so rather than support the businesses it looks very cut and run what looks like a working capital requirement is probably pretty small for the businesses concerned unless withdrawing the credit line meant other lenders got cold feet
https://cyclingindustry.news/wiggle-c r c ... rmination/
Edit: I'm not an expert on balance sheets but looking at their US financial quarterly reporting for Signa Sports United the holding co the Euro150m was in addition to Euro130m put into co' in 2022 which looking at the negative free cash flow prediction would be burnt through in the next few months...
https://investor.signa-sportsunited.com ... fault.aspx
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby LateStarter » Thu Oct 26, 2023 7:45 pm
"Welcome a new $1 billion-plus player to the bike industry."
https://www.bicycleretailer.com/interna ... elleration
2008 Cannondale Touring 2, 2013 Vivente World Randonneur, 2015 Lynskey Sportive Disc
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby grt046 » Sat Oct 28, 2023 12:56 pm
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby find_bruce » Sat Oct 28, 2023 1:22 pm
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby MichaelB » Sat Oct 28, 2023 3:34 pm
As much as they say it business as usual, I wouldn’t be buying anything atm.find_bruce wrote: ↑Sat Oct 28, 2023 1:22 pmYep - Wiggle in administration & rest of group is expected to follow suit, with the lot up for sale as administrators step in
Even if it is a great deal !
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby Comedian » Sat Oct 28, 2023 5:44 pm
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby MichaelB » Tue Nov 07, 2023 9:34 am
eeeeeek
https://www.linkedin.com/pulse/postmort ... dek-xau9f/
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Re: Wiggle/Chain Reaction owner Signa Sports sales up 48% but lost 37 million euros
Postby elantra » Thu Nov 09, 2023 7:29 pm
Yikes ! What a read.MichaelB wrote: ↑Tue Nov 07, 2023 9:34 amA long post/article (that I am reading through), but really shows that even the Overall company owner of the mess is also at major risk. Article is from LinkedIn and is by Jacob Dudek, who was the VP of Commercial Operations at SIGNA Sports United before he lost his job amid the turmoil
eeeeeek
https://www.linkedin.com/pulse/postmort ... dek-xau9f/
I guess that I probably understand about 5 % of what is written, but enough to realise that big business is a very complex place
And that’s putting it mildly.
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