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Mytheresa (MYTE) announces preliminary third-quarter results with double-digit topline growth and significantly improved profitability. The company confirms guidance for fiscal year 2024 at the lower end of the ranges. Mytheresa's strong financial results showcase its robust business model and market share gains in a consolidating market environment.
Mytheresa (MYTE) annuncia i risultati preliminari del terzo trimestre con una crescita a doppia cifra della linea superiore e un miglioramento significativo della redditività. La società conferma le previsioni per l'anno fiscale 2024 ai valori minimi delle stime. I solidi risultati finanziari di Mytheresa dimostrano il suo robusto modello di business e l'incremento della quota di mercato in un ambiente di mercato in consolidamento.
Mytheresa (MYTE) anuncia los resultados preliminares del tercer trimestre con un crecimiento de dos dígitos en la facturación y una mejora significativa en la rentabilidad. La empresa confirma las previsiones para el año fiscal 2024 en el extremo inferior de las estimaciones. Los fuertes resultados financieros de Mytheresa evidencian su sólido modelo de negocio y el aumento de la cuota de mercado en un entorno de consolidación del mercado.
마이테레사(MYTE)가 두 자릿수 상위 매출 성장과 크게 향상된 수익성을 보이는 3분기 예비 결과를 발표했습니다. 회사는 2024 회계연도에 대한 가이던스를 예상 범위의 하단에서 확정합니다. 마이테레사의 강력한 재무 결과는 시장 점유율을 확대하는 정체된 시장 환경에서 견고한 비즈니스 모델을 보여줍니다.
Mytheresa (MYTE) annonce les résultats préliminaires du troisième trimestre avec une croissance à deux chiffres du chiffre d'affaires et une rentabilité nettement améliorée. La société confirme ses prévisions pour l'exercice fiscal 2024 à l'extrémité inférieure des fourchettes. Les solides résultats financiers de Mytheresa témoignent de son modèle commercial robuste et des gains de parts de marché dans un environnement de marché en consolidation.
Mytheresa (MYTE) gibt vorläufige Ergebnisse des dritten Quartals bekannt, mit einem zweistelligen Umsatzwachstum und einer deutlich verbesserten Rentabilität. Das Unternehmen bestätigt die Prognose für das Geschäftsjahr 2024 am unteren Ende der Spanne. Die starken Finanzergebnisse von Mytheresa zeigen sein robustes Geschäftsmodell und Gewinne bei Marktanteilen in einem sich konsolidierenden Marktumfeld.
Positive
- Mytheresa posted double-digit topline growth in the third quarter of fiscal year 2024 compared to the prior year period.
- The company saw improved profitability on adjusted EBITDA and adjusted Operating Income levels.
- Mytheresa's strong financial results highlight its strong positioning and signify market share gains.
- Adjusted EBITDA Margin is expected to be 3.0% to 4.0% in the third quarter, a significant improvement from the prior year.
- Adjusted Operating Income Margin is projected to be 1.5% to 2.5% compared to 0.1% in the third quarter of fiscal year 2023.
- The company's confirmed business outlook for the full fiscal year ending June 30, 2024, is at the lower end of the ranges with GMV and Net Sales growth expected to be 8% to 13%.
- Gross Profit growth is estimated to be in the range of 8% to 13% with an adjusted EBITDA margin of 3% to 5%.
- Mytheresa will release its third quarter fiscal year 2024 financial results on May 15, 2024, followed by a conference call to discuss the results.
- Participants can access the call through Mytheresa's Investor Relations website or via telephone.
- The conference call replay and webcast will be available for those who miss the initial call.
Negative
- None.
Mytheresa's preliminary third-quarter results show robust performance with significant topline growth and improved profitability, which directly aligns with investor interests. The reported 12% to 15% increase in GMV (Gross Merchandise Volume) and 15% to 18% rise in net sales indicate substantive growth, outpacing the industry trend of high single-digit growth rates for luxury e-commerce. Such figures suggest not only successful market share capture but also an effective strategy in an industry facing consolidation stress. The improved adjusted EBITDA Margin, from 1.6% to 3.0%-4.0% and Operating Income Margin, to 1.5%-2.5% from a mere 0.1%, point to enhanced operational efficiency and cost management. Investors should note the company's performance against the backdrop of a competitive luxury e-commerce segment, where digital presence and customer engagement are critical. Mytheresa's focus on community building and exclusive experiences might have contributed to these results. The forward-looking statements, however, indicate a conservative stance, with the guidance confirmed at the lower end of the initially provided ranges.
The luxury e-commerce platform Mytheresa presents a compelling case study of brand differentiation in a saturated market. The emphasis on community and unique digital-physical hybrid experiences resonate with luxury consumers, who increasingly seek exclusivity and personalization. This strategy is proving effective, as seen in the reported financial uptrends. The company's ability to adapt and thrive in a 'rapidly consolidating marketplace' signals robustness against industry pressures. Investors should appreciate Mytheresa's agility in responding to shifting consumer behaviors and its potential to maintain momentum in a post-pandemic landscape where competitors struggle. The reported growth, particularly in such a niche market, is noteworthy, pointing towards potentially sustainable competitive advantages.
Mytheresa posted double-digit topline growth and improved profitability on adjusted EBITDA level as well as adjusted Operating Income level in the third quarter of fiscal year 2024 as compared to the prior year period. The strong financial results in a clearly consolidating market environment underline the strong positioning of Mytheresa and its robust business model as well as signifies strong market share gains.
Michael Kliger, Chief Executive Officer of Mytheresa, said: “We are extremely pleased with the strong performance in a rapidly consolidating marketplace. The results underscore that Mytheresa is not just a luxury e-commerce platform. We build a community for luxury enthusiasts and create desirability through digital and physical experiences. This makes us the winner in an otherwise still tough market environment.”
PRELIMINARY THIRD QUARTER FISCAL YEAR 2024 RESULTS
In specific, Mytheresa expects for the third quarter ended March 31, 2024:
- GMV in the range of
€245 million to€255 million , an accelerated increase of12% to15% as compared to the prior year quarter - Net Sales in the range of
€230 million to€235 million , an accelerated increase of15% to18% as compared to the prior year quarter - Adjusted EBITDA Margin of
3.0% to4.0% in the third quarter a significant improvement to the1.6% adjusted EBITDA Margin in the third quarter of FY 2023 - Adjusted Operating Income Margin of
1.5% to2.5% compared to0.1% in the third quarter of FY 2023
CONFIRMED BUSINESS OUTLOOK FOR THE FULL FISCAL YEAR ENDING JUNE 30, 2024 AT THE LOWER END OF THE RANGES:
- GMV and Net Sales growth in the range of
8% to13% - Gross Profit growth in the range of
8% to13% - Adjusted EBITDA margin in the range of
3% to5%
CONFERENCE CALL AND WEBCAST INFORMATION
Mytheresa will release third quarter fiscal year 2024 financial results before the U.S. market open on May 15, 2024. A conference call to discuss its results will follow at 8:00am Eastern Time that same day. Those wishing to participate via webcast should access the call through Mytheresa’s Investor Relations website at https://investors.mytheresa.com. Those wishing to participate via the telephone may dial in at +1 (800) 715-9871 (
FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to the impact of the COVID-19 global pandemic; the impact of restrictions on use of identifiers for advertisers (IDFA); future sales, expenses, and profitability; future development and expected growth of our business and industry; our ability to execute our business model and our business strategy; having available sufficient cash and borrowing capacity to meet working capital, debt service and capital expenditure requirements for the next twelve months; and projected capital spending. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements are only predictions. Actual events or results may differ materially from those stated or implied by these forward-looking statements. In evaluating these statements and our prospects, you should carefully consider the factors set forth below.
We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circ*mstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.
You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made.
Further information on these and other factors that could affect our financial results is included in filings we make with the
ABOUT NON-IFRS FINANCIAL MEASURES AND OPERATING METRICS
Our non-IFRS financial measures include:
- Adjusted EBITDA is a non-IFRS financial measure that we calculate as net income before finance expense (net), taxes, and depreciation and amortization, adjusted to exclude Other transaction-related, certain legal and other expenses and Share-based compensation expense. Adjusted EBITDA Margin is a non-IFRS financial measure which is calculated in relation to net sales.
- Adjusted Operating Income is a non-IFRS financial measure that we calculate as operating income, adjusted to exclude Other transaction-related, certain legal and other expenses and Share-based compensation expense. Adjusted Operating Income Margin is a non-IFRS financial measure which is calculated in relation to net sales.
The following table sets forth the reconciliations of net loss to EBITDA to adjusted EBITDA and net loss to operating loss to adjusted operating income and their corresponding margins as a percentage of net sales:
Three Months Ended March 31, 2024 | |||
Low | High | ||
(in millions) (unaudited) | |||
Net loss | € (4.0) | € (3.4) | |
Finance expenses, net | € 1.7 | € 2.0 | |
Income tax benefit | € (0.8) | € (0.1) | |
Depreciation and amortization | € 3.6 | € 3.9 | |
EBITDA | € 0.5 | € 2.4 | |
Other transaction-related, certain legal and other expenses (1) | € 3.8 | € 4.1 | |
Share-based compensation (2) | € 2.7 | € 3.0 | |
Adjusted EBITDA | € 7.0 | € 9.5 | |
Reconciliation to Adjusted EBITDA Margin | |||
Net Sales | € 230.0 | € 235.0 | |
Adjusted EBITDA margin | |||
Three Months Ended March 31, 2024 | |||
Low | High | ||
(in millions) (unaudited) | |||
Net loss | € (4.0) | € (3.4) | |
Finance expenses, net | € 1.7 | € 2.0 | |
Income tax benefit | € (0.8) | € (0.1) | |
Operating Loss | € (3.1) | € (1.5) | |
Other transaction-related, certain legal and other expenses (1) | € 3.8 | € 4.2 | |
Share-based compensation (2) | € 2.7 | € 3.1 | |
Adjusted Operating Income | € 3.4 | € 5.8 | |
Reconciliation to Adjusted Operating Income Margin | |||
Net Sales | € 230.0 | € 235.0 | |
Adjusted Operating Income margin | |||
(1) | Other transaction-related, certain legal and other expenses represent (i) professional fees, including advisory and accounting fees, related to potential transactions, (ii) certain legal and other expenses incurred outside the ordinary course of our business and (iii) other non-recurring expenses incurred in connection with the costs of establishing our new central warehouse in | |
(2) | Certain members of management and supervisory board members have been granted share-based compensation for which the share-based compensation expense will be recognized upon defined vesting schedules in the future periods. We do not consider share-based compensation expense to be indicative of our core operating performance. |
We are not able to forecast net income (loss) on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect net income (loss), including, but not limited to, Income taxes and Interest expense and, as a result, are unable to provide a reconciliation to forecasted Adjusted EBITDA.
Gross Merchandise Value (GMV) is an operative measure and means the total Euro value of orders processed. GMV is inclusive of merchandise value, shipping and duty. It is net of returns, value added taxes and cancellations. GMV does not represent revenue earned by us. We use GMV as an indicator for the usage of our platform that is not influenced by the mix of direct sales and commission sales. The indicators we use to monitor usage of our platform include, among others, active customers, total orders shipped and GMV.
ABOUT MYTHERESA
Mytheresa is one of the leading global luxury e-commerce platforms shipping to over 130 countries. Founded as a boutique in 1987, Mytheresa launched online in 2006 and offers ready-to-wear, shoes, bags and accessories for womenswear, menswear and kidswear. In 2022, Mytheresa expanded its luxury offering to home décor and lifestyle products with the launch of the category “Life”. The highly curated edit of over 200 brands focuses on true luxury brands such as Bottega Veneta, Burberry, Dolce&Gabbana, Gucci, Loewe, Loro Piana, Moncler, Prada, Saint Laurent, Valentino, and many more. Mytheresa’s unique digital experience is based on a sharp focus on high-end luxury shoppers, exclusive product and content offerings, leading technology and analytical platforms as well as high quality service operations. The NYSE listed company reported
For more information please visit https://investors.mytheresa.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240418517585/en/
Investor Relations Contacts
Mytheresa.com GmbH
Stefanie Muenz
phone: +49 89 127695-1919
email: investors@mytheresa.com
Media Contacts for public relations
Mytheresa.com GmbH
Sandra Romano
mobile: +49 152 54725178
email: sandra.romano@mytheresa.com
Media Contacts for business press
Mytheresa.com GmbH
Lisa Schulz
mobile: +49 151 11216490
email: lisa.schulz@mytheresa.com
Source: MYT Netherlands Parent B.V.
Mytheresa posted double-digit topline growth and improved profitability on adjusted EBITDA and adjusted Operating Income levels in the third quarter of fiscal year 2024.
Mytheresa expects an Adjusted EBITDA Margin of 3.0% to 4.0% in the third quarter, a significant improvement from the prior year.
Mytheresa's confirmed business outlook for the full fiscal year ending June 30, 2024, is at the lower end of the ranges with GMV and Net Sales growth expected to be 8% to 13%.
Mytheresa will release its third quarter fiscal year 2024 financial results before the U.S. market open on May 15, 2024.
Participants can access the call through Mytheresa's Investor Relations website at https://investors.mytheresa.com or via telephone by dialing +1 (800) 715-9871 (USA).
