Mytheresa net sales increase 24.9 percent, raises forecast

MYT Netherlands Parent B.V., the parent company of Mytheresa Group GmbH, reported GMV increase of 29.7 percent to 163.9 million euros and net sales increase of 24.9 percent to 157.8 million euros.

The company also reported a strong gross profit margin of 49 percent compared to 46.4 percent in the prior year period, while adjusted EBITDA reached 14 million euros compared to 10.4 million euros in the prior year period.

The company’s adjusted operating income was 11.8 million euros compared to 8.4 million euros in the prior year period and adjusted net income was 8.2 million euros compared to 5.4 million euros.

Commenting on the trading update, Michael Kliger, chief executive officer of Mytheresa, said: “We are extremely satisfied with our Q1 FY22 results. The shift of consumer demand to online luxury has clearly accelerated in recent months. We strongly believe this trend will continue in the post-pandemic world, probably reverting to the strong market growth rates we had seen before the pandemic.”

Mytheresa posts strong GMV growth across all geographies

The company posted GMV growth of 29.7 percent against Q1 FY21 and 65.3 percent compared to Q1 FY20. Net sales growth in the United States was 48.7 percent as market presence continued to grow.

The company continued to build brand partnerships by launching exclusive capsule collections and pre-launches in collaboration with Saint Laurent, Gucci, The Row, Christian Louboutin, Tom Ford, Chloé and others. Mytheresa witnessed LTM growth of active customers by 35.2 percent reaching 705,000.

Mytheresa maintains full year outlook, raises revenue forecast

For the full fiscal year ending June 30, 2022, Mytheresa confirms its previous guidance, but increases expectations regarding net sales. GMV is expected to be in the range of 750 million euros to 770 million euros, representing a 22 percent to 25 percent growth.

The company expects active customer growth of 22 percent to 25 percent, enlarging the customer base to 820,000 to 845,000 active customers

Net sales are expected at 700 million euros to 720 million euros and gross profit at 345 million euros to 355 million euros, representing a 21 percent to 24 percent growth. The company expects adjusted EBITDA margin at the upper half of the long term range of 7 percent to 9 percent.