The online fashion retailer Mytheresa closed the third quarter of the 2021/22 financial year with an increase in sales despite the currently difficult market environment. In addition, the company reduced its loss. This emerges from an interim report published on Tuesday by the parent company MYT Netherlands Parent BV, which is listed on the New York Stock Exchange.
Accordingly, sales in the months of January to March amounted to 169.5 million euros. Compared to the same quarter of the previous year, this means an increase of 2.9 percent. Gross Merchandise Value (GMV), which also includes revenue generated by partner brands in the Mytheresa online store as part of the Curated Platform Model (CPM) unveiled last fall, grew 13.2 percent to 186.6 million Euro. The GMV developed particularly dynamically in the USA, where it increased by 41.6 percent.
The fashion retailer also made progress in terms of earnings: the net loss was reduced from EUR 50.0 million in the same period of the previous year to EUR 4.3 million now. However, a year ago high special charges in connection with the IPO completed in January 2021 had shaped the result. Adjusted for one-off effects, the quarterly surplus increased by 25.8 percent from 4.5 to 5.6 million euros.
CEO Michael Kliger was satisfied with the results given the current adverse conditions: “Our business showed excellent strength in the third quarter, despite some external challenges,” he said in a statement. Mytheresa “delivered very solid results with continued profitability on an adjusted EBITDA level”. Kliger was also confident about the near future: “While it is impossible to predict the macroeconomic environment for the coming months, the luxury sector has always shown itself to be very resilient. Also, the shift of luxury consumers to digital channels continues and is driving growth,” he pointed out.
Management basically stuck to its targets for the fiscal year ending on June 30, but was a little more cautious. The company expects to achieve guidance “at the lower end of the stated range,” it said in a statement. For GMV, Mytheresa expects growth of 23 to 26 percent to EUR 755 to 775 million, with sales expected to reach EUR 700 to 720 million. In addition, an adjusted EBITDA margin of between nine and ten percent is targeted.