Q2, FY 2021 Results: Mytheresa Continues Strong Growth and Profitability
MYT Netherlands Parent B.V. (NYSE:MYTE) (“Mytheresa” or the “Company”), the parent company of Mytheresa Group GmbH, today announced financial results for its fiscal second quarter ended December 31, 2020.
Michael Kliger, Chief Executive Officer of Mytheresa, said, “Even considering clear tailwinds by the COVID pandemic, the strong results of the second quarter of fiscal year 2021 confirm once more our strategy and unique business model: Mytheresa is about inspiration not aggregation. It is about an unrivaled, highly curated offering, a focus on high-end luxury customers, sophisticated technologies and a first-class in-house managed service experience.”
Kliger continued, “Our full commitment to acquire and retain the best customer base in the market creates a reinforcing cycle of outstanding brand relationships that feed a superior customer value proposition to generate strong customer economics, which allows us to stay true to our strategic focus. Therefore, we will continue to deliver growth as well as profitability.”
FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER ENDED DECEMBER 31, 2020
-
Net sales increase of
32.9% year-over-year to€158.6 million -
Active customer growth of
28.2% to 569,000 -
Gross margin of
49.5% , a slight increase of 60 basis points year-over-year -
Adjusted EBITDA of
€22.1 million , as compared to€12.9 million in the prior year period -
Adjusted EBITDA margin of
14.0% , as compared to10.8% in the prior year period -
Operating income of
€16.6 million , as compared to€7.3 million in the prior year period -
Adjusted operating income of
€20.1 million , as compared to€10.9 million in the prior year period -
Net income of
€15.7 million , as compared to€6.3 million in the prior year period -
Adjusted net income of
€14.8 million , as compared to€6.4 million in the prior year period -
Successfully completed IPO in January 2021 to raise proceeds, net of underwriting discounts and before related expenses of approximately
$344.2 million
FINANCIAL HIGHLIGHTS FOR THE SIX MONTHS ENDED DECEMBER 31, 2020
-
Net sales increase of
30.4% year-over-year to€285.0 million -
Gross margin of
48.2% , a slight increase of 20 basis points year-over-year -
Adjusted EBITDA of
€32.6 million , as compared to€17.2 million in the prior year period -
Adjusted EBITDA margin of
11.4% , as compared to7.9% in the prior year period -
Operating income of
€24.8 million , as compared to€8.9 million in the prior year period -
Adjusted Operating income of
€28.5 million , as compared to€13.4 million in the prior year period. -
Net income of
€25.4 million , as compared to€2.0 million in the prior year period -
Adjusted net income of
€20.1 million , as compared to€10.0 million in the prior year period
RECENT BUSINESS HIGHLIGHTS
- Maintained business continuity in all operations with focus on health and well-being of all Mytheresa employees as top priority since the pandemic started
- Record number of daily shipments, processing 11,000 parcels in just one day during Q2, FY 2021
- Record high of first time buyers (over 100,000 new customers) in Q2, FY 2021
- Further decreased customer acquisition costs
-
Significant increase in customer satisfaction with a Net Promoter Score of
87% in Q2, FY 2021 -
Continued expansion of the Mytheresa menswear business above expectations with net sales share surpassing
10% in December 2020 - Hosted digital events targeting top customers in collaboration with the designers of Khaite, Wardrobe NYC, Eera, selected influencers and a physical VIC event in Shanghai, China in December 2020
- Strong ongoing support of brand partners with the launch of exclusive capsule collections and pre-launches in collaboration with Valentino, Moncler, Dolce &
