Luxury online retailer Mytheresa was able to significantly increase its sales in the third quarter compared to the same quarter of the previous year, but had to accept a minus on the bottom line.
The loss was EUR 5.1 million, up 19 percent from EUR 4.3 million in the same period last year. The business figures of the listed parent company published on Wednesday were within the range of the preliminary expectations from the end of April.
Compared to the previous year, Mytheresa was able to increase net sales in the third quarter by 17 percent to 198.9 million euros. The preliminary quarterly figures published at the end of April forecast net sales of between EUR 196 and 199 million, which means that sales are at the upper end of the forecast. The gross profit amounted to 90.7 million euros. Here, 89 to 92 million euros were expected in advance.
“We are very pleased with the global growth of our business, which has resulted in industry-leading revenue growth of 18 percent,” said Michael Kliger, Managing Director of Mytheresa.
The previously forecast earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for special effects for the third quarter was also confirmed at EUR 3.2 million. In April, 2 to 4 million euros were still expected.
Top customers drive growth in Merchandise Value
The gross value of goods grew by 18 percent to EUR 219.8 million and was therefore within the range of the preliminary figures of EUR 218 to 221 million, but at the lower end of the forecast. In the same period of the previous year, this amounted to 186.6 million euros. As in the first quarter of the fiscal year, the USA was the strongest growth driver for GVV. However, the gross profit margin of 46 percent was lower than in the previous year (49 percent).
“Our margin was impacted by the high reduction measures taken by many competitors in the third quarter, but we delivered profitable growth,” said Kliger.
The gross merchandise value of Mytheresa’s top customers increased by 37 percent in the third fiscal quarter. The increase is due to the focus on experiences for customers and a high proportion of full prices. The company will continue to rely on this strategy. In addition, the number of buyers designated by Mytheresa as top customers increased by 28 percent compared to the same period last year.
The forecast for the financial year ending on June 30, which was lowered at the end of April, remained unchanged with net sales of between 750 and 765 million euros.