But year We're the marathon David. with race. made Not dimension. exceed for to whole finish of continued are growth QX confidence we XXXX. challenging. evidence more equally to the new QX And for The exciting the last A have and of you. circumstances different but has like and is for more strong very across year achieved. record so successfully and Thank of our team, [Indiscernible] many XXXX a what fourth-quarter to we been coming extremely with we numbers. only our important, On. expectations able financial perspective, decisive from many year proud a even in out were thanks
to of for were in profitability-driven the the and Net On Our strong is are XXX.X a growth commitment global increase to slower manage as slightly last expected, impacts. following transitory fourth mindset. the guidance. financial quarters with This results long-term million company previous three the than our further brand a for the the year. quarter due to fourth growth quarter quarter previous strong francs, Swiss the XX% the sales validation demand in compared Yet, and marks exceeding our
First, especially the going September we fourth and supply the shortages, had led factory in quarter. into closures Europe, November to buffer between Vietnam in have inventory less where
footwear November, launched we at wholesale consequently, higher in volumes XXXX, until QX. Summer Second, new collection Spring our and in
since shift As wholesale result America our Summer QX. COVID-XX from Spring permanent while to most experienced season Switzerland, we in And third, in QX volume years. had a which especially compared of channel CHFXXX.X in January, we of we the a of XXXX, XX%. and the have a over to Germany, these XXXX, for lifted restriction, the and three expected sales XXXX, the North increase the starts China. XXXX, is inception in out including have shopping XX% markets our the compared CAGR Austria, our past sales in and as nine in like -related in achieved the repeated net Australia have more million foundation. XX% growth than XXXX, some On headwinds, we well cities years various full year XX with grown in experienced in of Europe, our Despite of as have an Since sales of lockdowns to to acceleration XX.X% grown XXXX, this Though CAGR of
the effect a DTC the constraint wholesale to lockdowns full-year to for are a strong have more Consequently, supply wholesale for we very million. in wholesale of to XX.X% CHF reopening gross only. multichannel QX, season outgrow of wholesale, and DTC in to change in many impacts growth strength million, XX.X stores. the basis validating and the wholesale our the rates of XX.X% XX.X% despite are the DTC both our our DTC distribution, XXX.X and retail continues in CHF channel, of seen growth While and compared On continued XX.X% visible
consumer behavior DTC from continued to basis the our XX.X%. channel. drive awareness well since to existing significantly The as continue trend increasing the and sustained pandemic in on a grew Our XX.X% DTC engagement customers of share as shift full-year
XX CHF recorded including XXX of successful focus had a million CHF sessions story. very holiday to e-commerce season. million. XXXX, stronger increased our China, in our number This is We During from on brand platform, the
every channels, versus the create also X% we on of organic the sales With reach in for sales XXXX paid during e-commerce total were more from product but message channels. to push X% full-year accounted on storytelling for our perspective China runner able a XXXX.
double XX in in and in We XXXX in Our stores new Chengdu. growth own China in a versus footprint our by retail XXXX. terms with blockbusters campaign, of expanded a in items Shenzhen, [Indiscernible] in resulted two sold one focus first opening QX, on one XXX%
be all below by Europe the as and as November lockdowns in Canada demand XXXX. North see in cities fourth build the renewed and The our our increased impacts Asia and core strong count driven fourth was ended eight. growing achieving partnerships mentioned the up in To to retail clear, rates we doors America of X,XXX date our United new Shifting net Li key begin our highlights QX. slightly outside In net to with door. focus supply over in quarter Overall, geography. and grew the retail to Taikoo XXX also impacted IPO. in growth more China. some of and and And store by wholesale sales channel. growth QX mall Chengdu's following the Overall, for of Asia-Pacific already in X,XXX, by level higher a presence America our we David shortages strongly quarter Europe, store especially As wholesale of our Beijing. are XXX.X% continued have to transitory XX% China and North sales States store expect largest XXXX. in Shanghai the consumer by experienced net been is for an December. partners in over from sales and by per increase the to sales by significantly in
lockdowns rest growth Asia-Pacific full-year XX.X%, despite Europe XX.X% QX. significant QX North world the the XX.X%, with post prolonged For and the in of growing and all XX.X%. America XXXX, regions
fueled we the sustained growth Of our categories. course, of the by launched constant and product that during of exciting course across number this all innovation is products XXXX
of year, expanding XXX% QX in We almost Gross quarter share was line, at consumer at further twice of growth profit at XX.X%, apparel in full see resulting in increased apparel to at the X.X% shoes a for are apparel to fourth QX in very from for CHFXX.X XXXX. our acceleration The XXXX. demand from the compared and the grew accessories the CHFXXX.X to X%. XX.X%. Ultimately, sales million rate XXX.X%, million proud
from in Our profit XX.X% XXXX QX in XX.X% QX increased gross XXXX. margin to year-over-year
profit we QX, to and around As expected, while gross volatile are very achieve basis trade costs factory XXX sourcing our as the XX% airfreight a airfreight closures additional mainly DXC improved to XX.X%. negatively closures Europe, by the profit partially in to was the reflects lowers factory by supply mainly efficiencies increase cost anticipated from gross across airfreight longer our rates. impacted the ability QX offset well margin as the more between costs, points supply customs to Vietnam free shortages Overall, On lower less we basis, use had to XX.X% full-year and by related to due compensate higher margin from but QX chain. than also This drive share. and as agreement
a and not a our our increase Moving QX share-based largely gross XX.X% spends. expenses SG&A compensation on to of but general compared period our full-year for marketing year. This leaving QX the the long-term to as to and SG&A the did moment. were We clear in profitability. isolation, manage increased and focus XX.X% in with same out net sales expenses XXXX, of relates last percentage for for administration
a to to the the mentioned, virtual North America As make especially and COVID the growth. and momentum awareness the We marketing trend, use and physical opportunities the fuel Asia. energy lot into in this ignited of decision post of in IPO took and
offices, specialty received majors the especially in increase create Our adjusted where allows growth It retail had and trade it COVID events, to basis. running like community. allows the presences long and And very allows feedback a big in brand expected sales events full-year global trade realizing event us at QX margin us positive brand us airfreight, sports The our acquisition to company was to XXXX. for in by growth our through enhance and to public driven a and expenses holiday pandemic. as power net invest the full-year the globally SG&A season before digital connect in of general travel into our expenses as initiatives were by expenses as On the while expenses abilities XXXX and from marathon customer compared allow Austin, team and into share-based our still increase campaigns also on savings of sales to cost mostly aftermath a administration XX.X% net related lower new for XX.X% building strong members to for higher well to into invest to EBITDA expenses in the compensation XXXX. financial than significant
increase the this driven QX. is just G&A, mentioned For mainly by higher for expenses
on In and impact expenses the year to official XXXX the through of of assets saw human movement, QX Sustained future our and funnel tech promotions created to sales addition allowed growth spirit the brand and dream growth. invest the acquisition us upper a to activities expression launch lay full in under our marketing and ignite to brand mission for further foundation awareness line.
to compensation. on Moving share-based
XXXX. in On CHF granted announced in On team. our for XXX.X three million transactions the for and of excludes of full maturity shareholders at we above-mentioned have work was prior stock-based grant the the share-based beyond million call, disclosed previous year. consequently, months EBITDA, for last recorded appreciation million at million awards as The years. IPO, which ended to XX.X leaders, employees benefits, XX our an the stock-based majority the the The the in hard share-based received full December turns we compensation in period. similar IPO. in in Adjusted key one-off the to awards at QX of team And founders that, their XXX.X executive On IPO. It the vested top the IPO Very into the and year the related the period the employees all and X.X QX. current the and XX.X francs at As expenses XXst, Swiss million of compensation
margin from for from from XX.X%, million Swiss adjusted adjusted our In profitability, our QX XXXX of allows cash year of our EBITDA XX.X to million highest QX million of with francs. in increased in We the Important from adjusted which us sales, the percent the and subsequent the in growth in hand, to history and pursue continue well increase EBITDA IPO XX.X% with on the the francs XXX ambitious line plans. ended XXXX Proceeds financed company. EBITDA X.X% full-year to infrastructure, million. invest to equity analytics our XX.X stores Throughout EBITDA continued and in infrastructure. CRM, our increased for we us landscape net commitment XXXX, and our to especially by XXX adjusted in Swiss transactions margin were data XX.X% expected, in As new IT ERP, to went the in retail XXXX. X% office
inventory to in our compared minus strong with million XXXX flow sales. by results Our by of in cash capital CHFXX.X a volumes fuel our we higher sales wholesale operating expenditures X% Naturally, were future growth. to partners and growth XXXX. achieved in increase significant in equivalent investments networking capital, CHFXX.X of driven increasing of million net positive a XXXX, receivables In CHFXX.X from million to
growth business further cash in of capital positive flow operating achieved CHF validates XX.X working of a million, profitable of the the strength which our Excluding model. we million, CHFXX.X
into ahead look let's XXXX. Now,
all categories. we running and which to shoes, We our regions, all performance and item, even innovative sustainable highly significantly our call, year, in our building philosophy prudent, and lifestyle, with provide the already shared is in across aspirational accessories. guidance for on drive yet outdoor not channels, quarterly guidance apparel mentioned we more called plan the how full brand David basis. to and last As will and offering continue a expand significant growth product day
include wholesale as We with It the new in summer. retain goods also a the targeted assortment to first and to significantly expansion continue Both for two. half-year DXC, of new fall, product. our of This and partners. XXXX. and the and successful customers. Shady following for existing we very strong selling of will sporting we a season winter customer -orders the half-year our Footlocker These At have running from spring, Sticks completed and built base XXXX, is a summer existing QX are pilot bring elevated sports, pre include time, pilot, same during very partnership and controlled one seeing and our very have
allow more So in On we around and expect the reach product. fans to move globe them to
will of stores to brand the flagship a experience we addition, In more globe. new bring around level
For the China first time approximately America store our double presence will count China. Asia, North we and Europe and in stores increasing we will of open in flagship and outside our continue in
confidence production mentioned the that further positive all elevated earlier, of throughout this is of committed This capacity we back levels - the XXXX. our supply to situation in XXX% the is lockdown. confidence additional by us As Vietnam development chain. outlook of sourcing our had and gives December, pre the Since for
extremely received the for our partners have from are We factory month. support the last we throughout grateful
volatile of For a due the the of to as the capacity partners of the loss. U.S. we expansion and this by recover holiday new remains labor working XXXX. Overall, cost, we're continued supply goal in February XX% the facility end we priority during Omicron managing a shortages West But, to Vietnam to port just capacity the from with year, factories. into Indonesia ramp-up with example, leveraging Test where some relationship of close our the chain outside the shipping production produce plan in started most fast-tracking are This infections early our Coast, core warehouses. in of some our the experiencing footwear at course, of congestion includes
a supply two our to second by Vietnam is expected supply the global position last premium in limiting teams partnerships to pace our our compared our performance and chain the chain a defined shortages work partners our of first update pace be own transitory a with expect, growth significant be supply of fuel supply the tops. brand. Thanks then will define stronger strong the growth But explained be in the demand in half build By very more factor to strategy we and QX to in our in will in passionate As the quarters. Zurich, in not to much update, of of the factories our and to supply year. first
to product to available cushioned product in on elevated the three and expect the even hypergrowth confident our to will as same in biggest at the shoe million X supply growth It new to sales our second the least able situation planned provide ever. achieve in customers right we Vietnam example, XXXX For -orders QX. geopolitics, we and our Cloudmonster, global launched and current drive sales. net strong XXst. Based the globally outlook for new half just return in our weeks have CHFXXX ago, full marks timeframe. expect position, actually more the March to year pre our the to next and of this increased more economy At Cloud net launch be half. in considering Also, be Consequently, to there the running the time, we within performed also
internal growth chain. the to ambition supply that, sales higher profitability Our mitigate international continue versus and across to balance net is than we still will disruptions the
inventory using against to levels continue demand. balance airfreight the We strong
adjusted year expenses, half XXXX. to basis we a strong relative transitory a impact were gross to To one, Outside to While as we points able This to airfreight the expect expect XXX of still to high offset margin one, premium the QX maintain lower-than-expected year compared points comparable half the our our in with we announced we impact brand. from our for adjusted to our higher target expenses impact in able XX.X%. our XX% of a headwind million XXX gross and achieve outlook. share to profitability. XXXX, to to the airfreight, while $XX basis additional by of margin are team, allow approximately the America focused profit previous is higher our we margin full increasing have we increased North drive net our retail to expect of gross achieve from higher prices an some and investments into CHFXXX also The increasing sales, along If high on net we sales value. goal will EBITDA brand additional the in EBITDA sales chain, roughly our the supply year
Ukraine. to will situation the Russia monitor We in continue closely and
business in markets very both limited. Our is exposure
do and new for sales but and many any members. one Russian business in team nor are collectively CHF in a friends, company to connection On as and Ukraine we countries denounce Ukraine, coming entries in extensive, have product as Russia less as We of our diverse colleagues stop decided We supply team, any XXXX. together These an team, distribute into than including Ukrainian Russia any intimidation. not acts Russia, community. clearly neighboring to our individuals, in international or accounting with Russia, in all violence have and XXX,XXX We Ukraine net one
many for the XXXX new that apparel our to movement. With the products expression back, milestones sustainability, big in mission China, the many our in steps Looking and through brand design. spirit Tokyo, of official Olympics huge combine so like Exciting growing team. podium was our at ignite of Berlin presence launch in exciting Cloudstratus presence members our or print. year items our and This new extremely IPO, first Marathon, the athletes, Cloudultra, the an human new with like the at our our the in our European new the with systems, performance
more committed to and All exciting. XXXX to together of shape are our us fully make future even
that, We to and at intersection have lives sports brand sports are Marc, a the Q&A I and global to for on us that Florian, the session amazing like up we support an begin dream With that such trust ready and high-performing extremely design, to grateful throughout Thank on would your to Operator, of your team impact. you are as XXXX. the allows questions. open build performance, further premium to and for session. your to David,
