CEWE starts 2023 with strong sales increase of 13.5%

CEWE Stiftung & Co. KGaA reported first-quarter group turnover increased significantly by +13.5% to 157.7 million euros in the first quarter of 2023, recording the highest figure in the company’s history for the first quarter. The first quarter last year was 138.9 million euros. All business segments contributed positively to this. At the same time, Group EBIT improved by 3.0 million euros to 5.1 million euros, compared to 2.1 million euros last eyar. The earnings momentum is largely driven by the Photofinishing business segment (plus 2.7 million euros EBIT) and Commercial Online-Print (plus 0.7 million euros EBIT).

Yvonne Rostock was named Chairwoman of the Management Board of the Neumüller CEWE COLOR Foundation and becomes CEO on March 1, 2023.

“The strongest first quarter in terms of turnover in the company’s history is a promising start to the year,” emphasized Yvonne Rostock, chairwoman of the board of management, CEWE Stiftung & Co. KGaA. “With our complementary brand portfolio, high innovative strength and broad positioning across the various segments and markets, we will continue CEWE’s success story.  Together with our employees and partners, we want to preserve the values that have made CEWE strong over decades and at the same time develop promising opportunities for the future. In this context, sustainability is always very important to us.”

CEWE management forecasts Group turnover in a range of up to 780 million euros and a Group EBIT of up to 82 million euros for 2023.

Photofinishing turnover increased by +12.0% to 126.1 million euros in the first quarter of 2023 (Q1 2022: 112.6 million euros). Here, the significantly increased volume of photos again after the pandemic due to vacation trips, events and family celebrations had an impact, which led to a visibly higher demand for CEWE photo products in all product categories. Thus, the sales volume of the CEWE PHOTOBOOK in the first quarter of 2023, at 1.256 million copies, exceeded the previous year’s figure by +9.9% (Q1 2022: 1.143 million copies). The Photofinishing EBIT doubled to 5.2 million euros (Q1 2022: 2.5 million euros).

Commercial Online-Print continued to grow strongly in the first quarter of 2023, recording a turnover growth of +26.6% to EUR 22.6 million (Q1 2022: EUR 17.8 million). Based on the persistently optimized cost structure and the higher turnover base, the business unit posted positive EBIT of +0.4 million euros for the first time already in a first quarter (Q1 2022: -0.3 million euros). The cost efficiency now achieved in production and the successfully implemented “best price guarantee” at Saxoprint allow Commercial Online-Print to continue to grow profitably.

Hardware Retail continued to develop slightly positively with turnover growth of +3.3% to 6.7 million euros (Q1 2022: 6.5 million euros). In the typically seasonally weak first quarter, the business unit improved EBIT slightly to -0.2 million euros (Q1 2022: -0.3 million euros).

Overview Results Q1 2023


CEWE Business Segments Unit Q1 2022 Q1 2023 % abs.
(1) Photofinishing          
   Photos m. photos 467 516 +10.5% +49
   CEWE PHOTOBUCH ths. units 1,143 1,256 +9.9% +113
   Turnover EUR m. 112.6 126.1 +12.0% +13.5
   EBIT EUR m. 2.5 5.2 +107% +2.7
     Purchase price allocation effects EUR m. -0.9 -0.8
   EBIT before special effects EUR m. 3.4 6.0 +74.0% 2.6
(2) Retail          
   Turnover EUR m. 6.5 6.7 +3.3% +0.2
   EBIT EUR m. -0.3 -0.2 +20.5% +0.1
(3) Commercial Online-Print          
   Turnover EUR m. 17.8 22.6 +26.6% +4.7
   EBIT EUR m. -0.3 0.4 +0.7
     Purchase price allocation effects EUR m. -0.1 -0.03
   EBIT before special effects EUR m. -0.2 0.5 +0.7
(3) Other          
   Turnover EUR m. 2.0 2.3 +16.3% +0.3
   EBIT EUR m. 0.1 -0.3 -0.4
CEWE Group Unit Q1 2022 Q1 2023 % abs.
   Turnover EUR m. 138.9 157.7 +13.5% 18.8
   EBIT EUR m. 2.1 5.1 +146% +3.0
    Total special effects EUR m. -1.0 -0.8
   EBIT before special effects EUR m. 3.1 6.0 +93.0% +2.9
   EBT EUR m. 1.8 5.0 +180% +3.2

(1) Photofinishing:  Production and sale of photo products such as the CEWE PHOTO BOOK, calendars, greeting cards, wall art and individual (analogue and digital) photos as well as other photo products

(2) Retailing: Trading in photo hardware, such as cameras and lenses, in Norway, Sweden, Poland, the Czech Republic and Slovakia

(3) Commercial online printing: Production and sale of commercial print products in the online printing portals of SAXOPRINT, viaprinto and LASERLINE