- European online car retailer Cazoo Group Ltd (NYSE:CZOO) reported fourth-quarter FY21 revenue growth of 227% year-on-year to £245 million. Retail revenue rose 128% Y/Y to £157 million.
- Drivers: Cazoo sold 8,714 retail vehicles, up 61.1% Y/Y, and 7,611 wholesale vehicles, up 505.5% Y/Y.
- Cazoo reported a U.K. Retail GPU of £233, up £403 Y/Y.
- Cazoo's gross margin expanded 170 bps to 0.7%.
- Cazoo held £193 million in cash and equivalents.
- "We remain laser focused on continuing our path to profitability and while our UK Retail GPU will be sequentially lower in Q1 2022, we expect to see material improvements through the year, up significantly in Q2 2022 and approaching £900 for FY22," said CFO Stephen Morana.
- Price Action: CZOO shares closed lower by 3.36% at $2.88 on Wednesday.
