LONDON – Mytheresa released its first results as a publicly listed company on Thursday with net income in the three months to Dec. 31 more than doubling to 15.7 million euros, while sales were up 32.9 percent to 158.6 million euros.
The Munich-based luxury e-tailer said growth came from a 28.2 percent uptick in active customers to 569,000, and “a record high” of first-time buyers, more than 100,000, as e-commerce sales raced ahead during coronavirus lockdowns worldwide.
Michael Kliger, chief executive officer of Mytheresa, said the site’s luxury strategy fueled the numbers in what it considers its second quarter. “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,” he said.
Kliger added that Mytheresa would continue to go after “the best customer base in the market,” build strong brand relationships, and “continue to deliver growth as well as profitability.”
Mytheresa noted that adjusted EBITDA was 22.1 million euros, compared with 12.9 million euros in the prior-year period, while adjusted operating income was 20.1 million euros, compared with 10.9 million euros a year ago.
The results come a few weeks after Mytheresa completed an initial public offering on the New York Stock Exchange, raising net proceeds of approximately $344.2 million and clearing its debt to investors.
The outlook for the fiscal year which ends June 30, 2021 is positive, although Mytheresa noted that some of the tailwinds from COVID-19 “may be expected to slow down in Q3, and especially in Q4, as stores reopen.”
The company said that, nevertheless, it expects “strong results for the full fiscal year, in line with long-term expectations of net sales growth of low to mid-twenties and stable, adjusted EBITDA margins.”
Net sales will be in the range of 565 million euros to 580 million euros, representing 26 percent to 29 percent growth, while adjusted EBITDA will be in the range of 45 million euros to 48 million euros, representing 27 percent to 36 percent growth.
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