The Munich fashion retailer Mytheresa also achieved a significant increase in sales in the 2021/22 financial year. The company was also able to reduce its loss. This was announced on Thursday by the parent company MYT Netherlands Parent BV, which is listed on the New York Stock Exchange.
According to this, consolidated sales in the fiscal year ended June 10 totaled EUR 689.8 million, exceeding the previous year’s level by 12.7 percent. The gross merchandise value (GMV), which also includes the proceeds from partner brands on the Mytheresa online platform, rose by 21.3 percent to 747.3 million euros.
The e-commerce specialist also made progress in terms of earnings: the company achieved an operating profit of EUR 4.8 million after posting an operating loss of EUR 32.2 million in the previous year due to higher one-off charges as a result of the IPO. Adjusted for special effects, the operating profit grew by 22.6 percent to 57.2 million euros.
Volume of goods increases
The company was able to significantly reduce its reported net loss: it fell from EUR 32.6 million in the previous year to EUR 7.9 million (-75.8 percent). The net income adjusted for one-off factors increased by 38.6 percent to EUR 44.5 million.
In the fourth quarter, Mytheresa was in the black: net profit was 1.6 million euros, after a deficit of 8.0 million euros had been reported in the same period last year. Sales grew by just 7.7 percent to EUR 174.8 million, which the company says was due to some brands switching to the Curated Platform Model (CPM) partner program as planned. The GMV grew significantly more strongly: it increased by 18.2 percent compared to the same quarter of the previous year and reached a level of 196.7 million euros.
For the current financial year 2022/23, the management held out the prospect of further growth: sales should increase by 10 to 16 percent to 755 to 800 million euros, the GMV by 16 to 22 percent to 865 to 910 million euros. The forecast range for earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for special effects is between EUR 68 and 76 million, after it had been EUR 66.3 million in the previous financial year.