The clothing retailer Mytheresa once again achieved a strong increase in sales in the second quarter of the 2021/22 financial year. This is the result of current figures presented by the listed parent company MYT Netherlands Parent BV on Wednesday. At the same time, the company raised some of its full-year forecasts.
In the months of October to December, net sales amounted to EUR 187.6 million and exceeded the level of the same quarter of the previous year by 18.3 percent, not least thanks to the dynamic development in the USA (+74.2 percent). The gross goods value (GMV) even increased by 26.2 percent and reached a level of 200.2 million euros.
The result was again depressed by one-off charges as a result of the IPO, which was completed at the beginning of 2021. The reported net profit shrank by 86.9 percent to 2.1 million euros. Adjusted for special effects, the quarterly surplus increased by 27.3 percent to 18.9 million euros due to higher margins.
Hailing the company’s “outstanding results and performance” over the past quarter, CEO Michael Kliger is optimistic about the future: “We believe there is still tremendous growth opportunity for Mytheresa, both through and through the shift of luxury consumers to online untapped potential in markets and categories,” he said in a statement.
In the first half of the financial year, Mytheresa had sales of 345.4 million euros, which meant an improvement of 21.2 percent compared to the same period last year. The bottom line was a net loss of 5.2 million euros after the e-commerce specialist reported a surplus of 25.4 million euros in the first six months of the previous financial year. Adjusted for special effects, net profit increased by 35.2 percent to EUR 27.1 million.
In view of the current figures, the clothing retailer adjusted its annual forecasts for some key figures: It now expects a GMV of 755 to 775 million euros, which would correspond to an increase of 23 to 26 percent compared to the previous year. Previously, a GMV in the range of 750 to 770 million euros had been targeted. The forecast for the gross profit was raised from 345-355 million euros to 350-365 million euros. In addition, management now expects an EBITDA margin “in the upper half of the long-term range of 9 to 10 percent”. The sales target remained unchanged and is therefore still in the range of 700 to 720 million euros.