(Alliance News) - Alfonsino Spa reported Tuesday that it closed the first quarter with revenues down 43 percent year-on-year to EUR700,000 from EUR1.2 million in the same period last year.

This variance is due to the business model change completed in February but started as of the third quarter of 2023 with the final switch to the new proprietary Rushers platform and the consequent disappearance of the revenues generated through the delivery service billed directly by the courier to the end customer.

Ebitda is negative EUR300,000 and an improvement of 53 percent from the negative EUR600,000 figure a year earlier.

The company also reports the figure on the total number of orders, which amounted to approximately 97,036, down 27% from the previous year, when it was 132,779, with the decrease mainly due to the period of readjustment and optimization of operations related to the new business infrastructure.

The average cart, on the other hand, increased to EUR24.83 from EUR24.07 a year earlier.

Carmine Iodice, managing director of Alfonsino, said, "We are extremely satisfied with the performance achieved in the first quarter of 2024, during which we have continued to follow the line of efficiency outlined last year. The adjustment period that followed the change of business model returned us significant results in terms of optimization, highlighted by the 53 percent improvement in Ebitda compared to the first quarter of 2023."

"An increase that confirms the effectiveness of the Rushers business model and has allowed us to drastically reduce the operating costs associated with managing deliveries, improving the margin on each order fulfilled. We look forward to the coming months with optimism and confidence, confident that the new foundations will give us a decisive competitive advantage in a dynamic and ever-changing market."

Alfonsino's stock is down 2.4 percent at EUR0.49 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.