Spartoo: adjusted revenue down 4.6% in first half, positive cash-flow over 12 months
Spartoo published on September 28, 2026 its accounts for the first half of 2026, closed on June 30. The online fashion distributor based in Grenoble shows a decline in revenue and operating profitability, but highlights positive free cash-flow over twelve months and debt reduction. The group's stated priority remains cash generation in a constrained consumption environment, while gross margin declines and operating result returns to negative territory.
Revenue and adjusted EBITDA down in the half-year
The transaction volume (GMV) reached €77.0 million in the first half of 2026, down 7.7% compared to the first half of 2025. Revenue reached €57.0 million, compared to €59.9 million a year earlier. Excluding exceptional inventory clearance sales, adjusted revenue amounted to €56.8 million, down 4.6%. Adjusted EBITDA came in at €-0.6 million, compared to €+1.3 million in the first half of 2025. Operating result (EBIT) came out at €-1.4 million, compared to €+0.1 million a year earlier, including a €0.5 million charge related to an exceptional inventory clearance operation. Consolidated net income came in at €-1.6 million, compared to €-0.9 million in the first half of 2025, representing earnings per share of €-0.09.
Gross margin decline and international activity down
Gross margin came in at €21.4 million, or 37.7% of adjusted revenue, compared to €23.9 million and 40.2% in the first half of 2025, a decline of 2.5 percentage points. The group indicates that the decrease in activity and gross margin weighed on operating profitability, while rising oil prices and underlying inflation put pressure on purchasing power. B2C activity represented €67.0 million of GMV, down 9.8%. International GMV reached €30.0 million, down 13.0%, and represents 44.8% of B2C activity. The active customer base stood at 1.3 million, down 8.4%. Conversely, Third-Party Services progressed, with GMV of €10.3 million, up 7.4%. The physical retail network had 65 sales points as of June 30, 2026, including 62 corners in department stores.
Positive free cash-flow and net debt brought down to €4.3 million
Over the twelve months from July 1, 2025 to June 30, 2026, free cash-flow amounted to €+2.3 million and operating cash-flow to €+2.6 million. For the first half of 2026 alone, free cash-flow came in at €-0.2 million, compared to €-1.4 million a year earlier, an improvement of €1.3 million, supported by a reduction in working capital requirement. The cash position stood at €8.4 million on June 30, 2026, compared to €10.5 million at the end of December 2025 and €10.7 million on June 30, 2025. Borrowings and financial debt reached €12.7 million, compared to €17.6 million a year earlier. Net debt came in at €4.3 million, stable compared to the end of December 2025 and down €2.5 million, or 37.1%, over twelve months. The net debt ratio (gearing) stands at 16.1%, compared to 23.8% on June 30, 2025. According to the press release, the half-year financial report will be published in October 2026.
