- Solid Growth with Net Sales growing +12.0% on a constant
currency basis (+6.8% on an IFRS basis) and GMV growth +8.0% on a
constant currency basis (+3.1% on an IFRS basis) despite
challenging macro environment
- US Market Outperformance with excellent Net Sales growth
of +28.9% and +56.1% growth of US Top Customer numbers
- Continued global Top Customers Growth with number of top
customers growing by +19.0% in Q1 FY24
- New record high of Average Order Value LTM increasing by
+5.4% to €660 in Q1 FY24
- Exclusive collaborations with Loro Piana, Loewe, The Row
and Brunello Cucinelli
MYT Netherlands Parent B.V. (NYSE: MYTE) (“Mytheresa” or the
“Company”), the parent company of Mytheresa Group GmbH, today
announced financial results for its first quarter fiscal year 2024
ended September 30, 2023. The luxury multi-brand digital platform
reported solid financial performance for the first quarter FY24,
delivering growth and only a small net loss amidst challenging
market conditions.
Mytheresa first quarter highlights include a strong double-digit
revenue growth in the United States, global Top Customer business
growth and the opening of the new state-of-the art distribution
center at the airport in Leipzig increasing the speed of shipment
globally as one of the main customer benefits.
Michael Kliger, Chief Executive Officer of Mytheresa,
said, “We are pleased with our results in a very difficult macro
environment. With our positive revenue growth and a small Adj.
EBITDA loss, we demonstrated the fundamental strength of our
business model compared to peers. As expected we saw a continued
slow-down in demand with aspirational customers across all
geographies and a high promotional intensity in the market.”
Kliger continued, “We achieved strong double-digit revenue
growth in the United States, grew again our business with our
global top customers over-proportionally and managed to mitigate
significant margin pressures with cost reductions. With our
resilient business model and our focus on the high-spending,
wardrobe-building customers we will be best positioned to benefit
and accelerate when market conditions improve.”
FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER ENDED SEPTEMBER
30, 2023
- Net sales increase of 12.0% on a constant currency basis
(6.8% on an IFRS basis) year-over-year to €187.8 million
- GMV growth of 8.0% on a constant currency basis (3.1% on an
IFRS basis) to €204.1 million in Q1 FY24 as compared to €197.9
million in the prior year period
- Gross Profit margin of 42.5%
- Slightly negative Adjusted EBITDA margin of -0.4% as
anticipated and fully reflected in the guidance for full
FY24
KEY BUSINESS HIGHLIGHTS
- Exclusive launch of Bucherer Fine Jewellery online as part of
the overall partnership with Bucherer and the strategic expansion
of the fine jewelry assortment with 30 new additional brands in the
next months
- Launch of exclusive capsule collections and pre-launches in
collaboration with Loewe, Brunello Cucinelli, The Row, Missoni,
Manolo Blahnik, Loro Piana and many more
- Unique money can’t buy experiences in collaboration with
Rabanne in Cadaqués (Spain), Erdem in Chicago (US) and Magda Butrym
in Warsaw (Poland)
- Opening of the second truly immersive physical luxury shopping
destination in partnership with Flamingo Estate: The Holiday House
in Los Angeles
- Strong Average Order Value LTM increasing to €660 in Q1
FY24
- Strong growth of number of Top Customers with +19.0% in Q1 FY24
vs. Q1 FY23
- Operational scaling with the successful start of operations in
the new central distribution center in Leipzig, Germany
For the full fiscal year ending June 30, 2024, we confirm our
guidance at the lower end of the ranges:
- GMV and Net Sales growth in the range of 8% to 13%
- Gross Profit growth in the range of 8% to 13%
- Adjusted EBITDA margin in the range of 3% and 5%
We expect a stronger H2 vs. H1 in FY24 as the market environment
improves and the full leverage of major infrastructure investments
boost the business.
The foregoing forward-looking statements reflect Mytheresa’s
expectations as of today's date. Given the number of risk factors,
uncertainties and assumptions discussed below, actual results may
differ materially. Mytheresa does not intend to update its
forward-looking statements until its next quarterly results
announcement, other than in publicly available statements.
CONFERENCE CALL AND WEBCAST INFORMATION
Mytheresa will host a conference call to discuss its first
quarter of fiscal year 2024 financial results on November 28, 2023
at 8:00am Eastern Time. Those wishing to participate via webcast
should access the call through Mytheresa’s Investor Relations
website at https://investors.mytheresa.com. Those wishing to
participate via the telephone may dial in at +1 (888) 550-5658
(USA). The participant access code will be 4922601. The conference
call replay will be available via webcast through Mytheresa’s
Investor Relations website. The telephone replay will be available
from 11:00am Eastern Time on November 28, 2023, through December 5,
2023, by dialing +1 (800) 770-2030 (USA). The replay passcode will
be 4922601. For specific international dial-ins please see
here.
FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements relating to the impact of the
COVID-19 global pandemic; the impact of restrictions on use of
identifiers for advertisers (IDFA); future sales, expenses, and
profitability; future development and expected growth of our
business and industry; our ability to execute our business model
and our business strategy; having available sufficient cash and
borrowing capacity to meet working capital, debt service and
capital expenditure requirements for the next twelve months; and
projected capital spending. In some cases, you can identify
forward-looking statements by the following words: “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“may,” “ongoing,” “plan,” “potential,” “predict,” “project,”
“should,” “will,” “would” or the negative of these terms or other
comparable terminology, although not all forward-looking statements
contain these words. These statements are only predictions. Actual
events or results may differ materially from those stated or
implied by these forward-looking statements. In evaluating these
statements and our prospects, you should carefully consider the
factors set forth below.
We undertake no obligation to update any forward-looking
statements made in this press release to reflect events or
circumstances after the date of this press release or to reflect
new information or the occurrence of unanticipated events, except
as required by law.
The achievement or success of the matters covered by such
forward-looking statements involves known and unknown risks,
uncertainties and assumptions. If any such risks or uncertainties
materialize or if any of the assumptions prove incorrect, our
results could differ materially from the results expressed or
implied by the forward-looking statements we make.
You should not rely upon forward-looking statements as
predictions of future events. Forward-looking statements represent
our management’s beliefs and assumptions only as of the date such
statements are made.
Further information on these and other factors that could affect
our financial results is included in filings we make with the U.S.
Securities and Exchange Commission (“SEC”) from time to time,
including the section titled “Risk Factors” included in the form
20-F filed on September 14, 2022 under Rule 424(b)(4) of the
Securities Act. These documents are available on the SEC’s website
at www.sec.gov and on the SEC Filings section of the Investor
Relations section of our website at:
https://investors.mytheresa.com.
ABOUT NON-IFRS FINANCIAL MEASURES AND OPERATING
METRICS
Our non-IFRS financial measures include:
- Adjusted EBITDA is a non-IFRS financial measure that we
calculate as net income before finance expense (net), taxes, and
depreciation and amortization, adjusted to exclude Other
transaction-related, certain legal and other expenses and
Share-based compensation expense. Adjusted EBITDA Margin is a
non-IFRS financial measure which is calculated in relation to net
sales.
- Adjusted Operating Income is a non-IFRS financial
measure that we calculate as operating income, adjusted to exclude
Other transaction-related, certain legal and other expenses and
Share-based compensation expense. Adjusted Operating Income Margin
is a non-IFRS financial measure which is calculated in relation to
net sales.
- Adjusted Net Income is a non-IFRS financial measure that
we calculate as net income, adjusted to exclude Other
transaction-related, certain legal and other expenses and
Share-based compensation expense. Adjusted Net Income Margin is a
non-IFRS financial measure which is calculated in relation to net
sales.
- Net Sales Growth on a constant currency basis is a
non-IFRS financial measure that is calculated by translating
current period financial data at the prior year average exchange
rates applicable to the local currency in which the transactions
are denominated, excluding effects from hedge accounting. We use
constant currency information to provide us with a picture of
underlying business dynamics, excluding currency effect. Constant
currency metrics are calculated using the average foreign exchange
rates during the corresponding period in the prior fiscal year
applicable to the local currency in which the transactions are
denominated so as to calculate what our results would have been had
exchange rates remained stable from one fiscal year to the next.
These calculations do not include the effects of hedge accounting
or any other macroeconomic effect such as local currency inflation
effects or any price adjustment to compensate local currency
inflation or devaluations. Constant currency information is not a
measure calculated in accordance with IFRS. While we believe that
constant currency information may be useful to investors in
understanding and evaluating our results of operations in the same
manner as our management, our use of constant currency metrics has
limitations as an analytical tool, and you should not consider it
in isolation, or as an alternative to, or a substitute for analysis
of our financial results as reported under IFRS. Further, other
companies, including companies in our industry, may report the
impact of fluctuations in foreign currency exchange rates
differently, which may reduce the value of our constant currency
information as a comparative measure.
We are not able to forecast net income (loss) on a
forward-looking basis without unreasonable efforts due to the high
variability and difficulty in predicting certain items that affect
net income (loss), including, but not limited to, Income taxes and
Interest expense and, as a result, are unable to provide a
reconciliation to forecasted Adjusted EBITDA.
Gross Merchandise Value (GMV) is an operative measure and means
the total Euro value of orders processed. GMV is inclusive of
merchandise value, shipping and duty. It is net of returns, value
added taxes and cancellations. GMV does not represent revenue
earned by us. We use GMV as an indicator for the usage of our
platform that is not influenced by the mix of direct sales and
commission sales. The indicators we use to monitor usage of our
platform include, among others, active customers, total orders
shipped and GMV.
ABOUT MYTHERESA
Mytheresa is one of the leading global luxury e-commerce
platforms shipping to over 130 countries. Founded as a boutique in
1987, Mytheresa launched online in 2006 and offers ready-to-wear,
shoes, bags and accessories for womenswear, menswear and kidswear.
In 2022, Mytheresa expanded its luxury offering to home décor and
lifestyle products with the launch of the category “Life”. The
highly curated edit of over 200 brands focuses on true luxury
brands such as Bottega Veneta, Burberry, Dolce&Gabbana, Gucci,
Loewe, Loro Piana, Moncler, Prada, Saint Laurent, Valentino, and
many more. Mytheresa’s unique digital experience is based on a
sharp focus on high-end luxury shoppers, exclusive product and
content offerings, leading technology and analytical platforms as
well as high quality service operations. The NYSE listed company
reported €855.8 million GMV in fiscal year 2023 (+15% vs.
FY22).
For more information and updated Mytheresa campaign imagery,
please visit https://investors.mytheresa.com.
MYT Netherlands Parent
B.V.
Financial Results and Key
Operating Metrics
(Amounts in €
millions)
Three Months Ended
September 30, 2022
September 30, 2023
Change in % / BPs
(in millions) (unaudited)
Gross Merchandise Value (GMV) (1)
€ 197.9
€ 204.1
3.1%
Active customer (LTM in thousands) (1),
(2)
800
865
8.2%
Total orders shipped (LTM in thousands)
(1), (2)
1,839
2,027
10.2%
Net sales
€ 175.9
€ 187.8
6.8%
Gross profit
€ 87.8
€ 79.8
(9.1%)
Gross profit margin(3)
49.9%
42.5%
(740 BPs)
Operating Loss
€ (0.9)
€ (13.2)
1443.4%
Operating Loss margin(3)
(0.5%)
(7.0%)
(650 BPs)
Net Loss
€ (3.8)
€ (11.9)
211.7%
Net Loss margin(3)
(2.2%)
(6.3%)
(410 BPs)
Adjusted EBITDA(4)
€ 12.7
€ (0.8)
(106.6%)
Adjusted EBITDA margin(3)
7.2%
(0.4%)
(760 BPs)
Adjusted Operating Income (Loss)(4)
€ 10.1
€ (4.2)
(141.8%)
Adjusted Operating Income (Loss)
margin(3)
5.8%
(2.3%)
(810 BPs)
Adjusted Net Income (Loss)(4)
€ 7.2
€ (2.9)
(140.9%)
Adjusted Net Income (Loss) margin(3)
4.1%
(1.6%)
(570 BPs)
(1)
Definition of GMV, Active customer and
Total orders shipped can be found on page 30 in our quarterly
report.
(2)
Active customers and total orders shipped
are calculated based on orders shipped from our sites during the
last twelve months (LTM) ended on the last day of the period
presented.
(3)
As a percentage of net sales.
(4)
EBITDA, adjusted EBITDA, adjusted
Operating Income, adjusted net income are measures not defined
under IFRS. For further information about how we calculate these
measures and limitations of its use, see page 30 in our quarterly
report.
MYT Netherlands Parent B.V.
Financial Results and Key Operating
Metrics (Amounts in € millions)
The following tables set forth the reconciliations of net income
to adjusted EBITDA, operating income to adjusted operating income
and net income to adjusted net income, and their corresponding
margins as a percentage of net sales:
Three Months Ended
September 30, 2022
September 30, 2023
Change in %
(in millions) (unaudited)
Net loss
€ (3.8)
€ (11.9)
211.7%
Finance expenses, net
€ 0.4
€ 1.0
170.7%
Income tax expense (benefit)
€ 2.6
€ (2.3)
(189.4%)
Depreciation and amortization
€ 2.5
€ 3.4
33.3%
thereof depreciation of
right-of use assets
€ 1.7
€ 2.4
37.5%
EBITDA
€ 1.7
€ (9.8)
(676.2%)
Other transaction-related,
certain legal and other expenses (1)
€ 1.5
€ 2.4
67.5%
Share-based compensation (2)
€ 9.5
€ 6.5
(32.1%)
Adjusted EBITDA
€ 12.7
€ (0.8)
(106.6%)
Reconciliation to Adjusted EBITDA
Margin
Net Sales
€ 175.9
€ 187.8
6.8%
Adjusted EBITDA margin
7.2%
(0.4%)
(760 BPs)
Three Months Ended
September 30, 2022
September 30, 2023
Change in %
(in millions) (unaudited)
Operating loss
€ (0.9)
€ (13.2)
1443.4%
Other transaction-related,
certain legal and other expenses (1)
€ 1.5
€ 2.4
67.5%
Share-based compensation (2)
€ 9.5
€ 6.5
(32.1%)
Adjusted Operating Income (loss)
€ 10.1
€ (4.2)
(141.8%)
Reconciliation to Adjusted Operating
Income Margin
Net Sales
€ 175.9
€ 187.8
6.8%
Adjusted Operating Income (Loss)
margin
5.8%
(2.3%)
(810 BPs)
Three Months Ended
September 30, 2022
September 30, 2023
Change in %
(in millions) (unaudited)
Net loss
€ (3.8)
€ (11.9)
211.7%
Other transaction-related,
certain legal and other expenses (1)
€ 1.5
€ 2.4
67.5%
Share-based compensation (2)
€ 9.5
€ 6.5
(32.1%)
Adjusted Net Income (loss)
€ 7.2
€ (2.9)
(140.9%)
Reconciliation to Adjusted Net Income
Margin
Net Sales
€ 175.9
€ 187.8
6.8%
Adjusted Net Income (Loss) margin
4.1%
(1.6%)
(570 BPs)
(1)
Other transaction-related, certain legal
and other expenses represent (i) professional fees, including
advisory and accounting fees, related to potential transactions,
(ii) certain legal and other expenses incurred outside the ordinary
course of our business and (iii) other non-recurring expenses
incurred in connection with the costs of establishing our new
central warehouse in Leipzig, Germany.
(2)
Certain members of management and
supervisory board members have been granted share-based
compensation for which the share-based compensation expense will be
recognized upon defined vesting schedules in the future periods.
Our methodology to adjust for share-based compensation and
subsequently calculate Adjusted EBITDA, Adjusted Operating Income
and Adjusted Net Income includes both share-based compensation
expenses connected to the IPO and share-based compensation expenses
recognized in connection with grants under the Long-Term Incentive
Plan (LTI) for the Mytheresa Group key management members and
share-based compensation expenses due to Supervisory Board Members
Plans. We do not consider share-based compensation expenses to be
indicative of our core operating performance. For further
information about how we calculate these measures and limitations
of its use including a reconciliation of amounts under our former
methodology to our current methodology, see our annual report on
Form 20-F filed on September 14, 2023.
MYT Netherlands Parent B.V.
Key Operating Metrics (Amounts in €
millions)
The following table sets forth the reconciliations net sales to
growth of net sales on a constant currency basis:
Three Months Ended
September 30, 2022
September 30, 2023
Year-over-Year Change in
%
(in millions) (unaudited)
Net Sales
€ 175.9
€ 187.8
6.8%
Foreign Exchange Impact(1)
€ 4.8
€ (3.8)
Net Sales at Constant Currency
€ 171.1
€ 191.5
12.0%
(1)
Foreign Exchange Impact means translating
current period financial data using the average foreign exchange
rates during the corresponding period in the prior fiscal year
applicable to the local currency in which the transactions are
denominated so as to calculate what our results would have been had
exchange rates remained stable from one fiscal year to the next.
These calculations do not include the effects from hedge accounting
or any other macroeconomic effect such as local currency inflation
effects or any price adjustment to compensate local currency
inflation or devaluations.
MYT Netherlands Parent
B.V.
Unaudited Condensed
Consolidated Statements of Profit and Comprehensive Income
(Amounts in € thousands,
except share and per share data)
Three Months Ended
(in € thousands)
September 30, 2022
September 30, 2023
Net sales
175,890
187,779
Cost of sales, exclusive of depreciation
and amortization
(88,095)
(107,978)
Gross profit
87,795
79,800
Shipping and payment cost
(24,029)
(28,312)
Marketing expenses
(25,354)
(23,699)
Selling, general and administrative
expenses
(37,643)
(38,428)
Depreciation and amortization
(2,547)
(3,396)
Other income, net
926
874
Operating loss
(853)
(13,161)
Finance income
4
1
Finance costs
(376)
(1,009)
Finance income (costs), net
(372)
(1,008)
Loss before income taxes
(1,225)
(14,169)
Income tax (expense) benefit
(2,581)
2,307
Net loss
(3,806)
(11,862)
Cash Flow Hedge
(3,059)
(1,744)
Income Taxes related to Cash Flow
Hedge
854
487
Foreign currency translation
(25)
(13)
Other comprehensive loss
(2,230)
(1,270)
Comprehensive loss
(6,036)
(13,132)
Basic & diluted earnings per share
€
(0.04)
€
(0.14)
Weighted average ordinary shares
outstanding
(basic and diluted) – in millions(1)
86.5
86.8
(1)
In accordance with IAS 33, includes
contingently issuable shares that are fully vested and can be
converted at any time for no consideration. For further details,
refer to note 13 of our quarterly report.
MYT Netherlands Parent
B.V.
Unaudited Condensed
Consolidated Statements of Financial Position
(Amounts in €
thousands)
(in € thousands)
June 30, 2023
September 30, 2023
Assets
Non-current assets
Intangible assets and goodwill
155,283
155,169
Property and equipment
37,227
39,419
Right-of-use assets
54,797
52,392
Deferred tax assets
59
1,372
Other non-current assets
6,573
6,679
Total non-current assets
253,939
255,030
Current assets
Inventories
360,262
378,625
Trade and other receivables
7,521
6,908
Other assets
42,113
36,194
Cash and cash equivalents
30,136
7,497
Total current assets
440,031
429,224
Total assets
693,971
684,254
Shareholders’ equity and
liabilities
Subscribed capital
1
1
Capital reserve
529,775
536,253
Accumulated Deficit
(83,855)
(95,716)
Accumulated other comprehensive income
1,509
239
Total shareholders’ equity
447,430
440,777
Non-current liabilities
Provisions
2,646
2,673
Lease liabilities
49,518
47,383
Deferred tax liabilities
726
-
Total non-current liabilities
52,889
50,057
Current liabilities
Borrowings
-
16,393
Tax liabilities
24,073
20,713
Lease liabilities
8,155
8,577
Contract liabilities
11,414
4,450
Trade and other payables
71,085
73,815
Other liabilities
78,924
69,471
Total current liabilities
193,652
193,421
Total liabilities
246,541
243,477
Total shareholders’ equity and
liabilities
693,971
684,254
MYT Netherlands Parent
B.V.
Unaudited Condensed
Consolidated Statements of Changes in Equity
(Amounts in €
thousands)
(in € thousands)
Subscribed capital
Capital reserve
Accumulated deficit
Hedging reserve
Foreign currency translation
reserve
Total shareholders’
equity
Balance as of July 1, 2022
1
498,872
(68,734)
-
1,528
431,667
Net loss
-
-
(3,806)
-
-
(3,806)
Other comprehensive loss
-
-
-
(2,205)
(25)
(2,230)
Comprehensive loss
-
-
(3,806)
(2,205)
(25)
(6,036)
Share options exercised
-
1,077
-
-
-
1,077
Share-based compensation
-
9,544
-
-
-
9,544
Balance as of September 30,
2022
1
509,494
(72,540)
(2,205)
1,503
436,252
Balance as of July 1, 2023
1
529,775
(83,855)
-
1,509
447,430
Net loss
-
-
(11,862)
-
-
(11,862)
Other comprehensive loss
-
-
-
(1,257)
(13)
(1,270)
Comprehensive loss
-
-
(11,862)
(1,257)
(13)
(13,132)
Share-based compensation
-
6,478
-
-
-
6,478
Balance as of September 30,
2023
1
536,253
(95,716)
(1,257)
1,496
440,777
MYT Netherlands Parent
B.V.
Unaudited Condensed
Consolidated Statements of Cash Flows
(Amounts in €
thousands)
Three months ended September
30,
(in € thousands)
2022
2023
Net loss
(3,806)
(11,862)
Adjustments for
Depreciation and amortization
2,547
3,396
Finance (income) costs, net
372
1,008
Share-based compensation
9,544
6,341
Income tax expense (benefit)
2,581
(2,307)
Change in operating assets and
liabilities
Increase in inventories
(32,053)
(18,364)
Decrease in trade and other
receivables
2,130
618
Decrease in other assets
29,619
6,003
Decrease in other liabilities
(10,936)
(11,309)
Decrease in contract liabilities
(4,405)
(6,964)
(Decrease) increase in trade and other
payables
(10,253)
2,729
Income taxes paid
(5,207)
(2,607)
Net cash used in operating
activities
(19,866)
(33,317)
Expenditure for property and equipment and
intangible assets
(5,092)
(3,107)
Net cash (used in) investing
activities
(5,092)
(3,107)
Interest paid
(372)
(1,008)
Proceeds from borrowings
-
16,393
Proceeds from exercise of option
awards
1,077
-
Payment of lease liabilities
(1,371)
(1,645)
Net cash inflow (outflow) from
financing activities
(667)
13,740
Net decrease in cash and cash
equivalents
(25,625)
(22,684)
Cash and cash equivalents at the
beginning of the period
113,507
30,136
Effects of exchange rate changes on
cash and cash equivalents
10
46
Cash and cash equivalents at end of the
period
87,891
7,497
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231128146777/en/
Investor Relations Contacts Mytheresa.com GmbH Stefanie
Muenz phone: +49 89 127695-1919 email: investors@mytheresa.com
Solebury Strategic Communications Maria Lycouris / Carly Grant
phone: +1 800 929 7167 email: investors@mytheresa.com
Media Contacts for public relations and business press
Mytheresa.com GmbH Sandra Romano mobile: +49 152 54725178 phone:
+49 89 127695-236 email: sandra.romano@mytheresa.com
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