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Cazoo Shares Skyrocket Post Solid Q2 Results

  • Cazoo Group Ltd (NYSE: CZOO) reported second-quarter FY22 sales growth of 145% year-on-year, to £333 million.

  • The company sold 23,955 vehicles in total in Q2, a 124% jump Y/Y.

  • Retail units sold increased 94% Y/Y to 17,033.

  • The gross profit for the quarter fell 75% Y/Y to £2 million, and the gross margin contracted 510 basis points to 0.5%.

  • The company held £401 million in cash and equivalents at the end of June 2022.

  • Adjusted EBITDA loss for the first half of FY22 expanded to £(175) million versus a loss of £(69) million last year.

  • "I am particularly pleased that despite the weak economic environment affecting growth in other retail businesses and sectors, we have maintained our strong momentum into Q3 with record retail unit sales and revenues in July, whilst also growing our UK website inventory to record levels, highlighting the progress we have made with our reconditioning capabilities," said Founder & CEO Alex Chesterman.

  • Price Action: CZOO shares are trading higher by 182.7% at $1.35 on the last check Tuesday.

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