- Strong Q1 FY23 with 20.8% Gross Merchandise Value (GMV)
growth to €197.9 million and an Adjusted EBITDA margin of
6.6%
- Gross Profit margin increases to 49.9% in Q1 FY23 compared
to 49.0% in the previous year quarter
- Full FY23 guidance for GMV at 16% to 22% growth with a
stable Adjusted EBITDA margin of 9.0% to 9.5% confirmed
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 of fiscal year
2023 ended September 30, 2022. The luxury multi-brand digital
platform delivered strong results in the first quarter of
accelerated top-line growth with continued profitability. This
demonstrates the fundamental strength and consistency of a truly
differentiated business with a unique customer focus, a highly
adaptive business model and outstanding operational excellence.
Michael Kliger, Chief Executive Officer of Mytheresa,
said, “Our acceleration in GMV growth during the quarter over the
previous quarters in 2022 sets us apart from other digital
platforms and the sole focus on the high-end luxury sector, both in
terms of customers as well as brands, makes us foremost a luxury
business and not just a digital business. We believe that our
results demonstrate the fundamental strength, resilience and
consistency of our business, which has always delivered profitable
growth. With our unique customer focus, a highly adaptive business
model and operational excellence we are very confident to deliver
against our communicated targets for full fiscal year 2023, despite
ongoing challenges in the macro environment.”
Kliger continued, “The Mytheresa business model is well
diversified and agile. We achieved growth across all our categories
including our recently launched Life category with home and
lifestyle products as well as across all geographies. We achieved
again an above average GMV growth in the US where we continue to
win clients due to our unique edit and the many ‘money can’t buy
experiences’ for our top customers. We also achieved very good
growth in Mainland China, where we grow our local teams and invest
into activations under our new local leadership.”
FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER ENDED SEPTEMBER
30, 2022
- GMV growth of 20.8% year-over-year to €197.9 million,
compared to €163.9 million in the prior year period
- Net Sales increase of €18.1 million, or 11.4% year-over-year
to €175.9 million due to planned transition of brands to the
Curated Platform Model (CPM) and the subsequent effect of recording
the platform fee as Net Sales
- Increase of 90 basis points in Gross Profit margin to 49.9%
compared to 49.0% in the prior year period, driven by an increase
in sales from CPM which generates 100% gross margin with no cost of
sales as well as our full price selling model
- Adjusted EBITDA of €11.6 million compared to €14.0 million
in the previous year quarter with an Adjusted EBITDA margin of 6.6%
in Q1 FY 23
RECENT BUSINESS HIGHLIGHTS
Strong Global Expansion:
- Further accelerated GMV growth with +20.8% vs. Q1 FY22
- Above average GMV growth again in the United States with +28.5%
vs. Q1 FY22
- High-impact top customer and brand partner events held in
Europe and the United States across all major Fashion Weeks
- Announcement of The China Designer Program by Mytheresa to
support and create visibility for Chinese luxury designers
Continued Brand Partnerships:
- Launch of exclusive capsule collections and pre-launches in
collaboration with Gucci, Chloé, Givenchy, Christian Louboutin,
Jacquemus, Loewe, Bottega Veneta and many more
- Exclusive launch of the Etro Love Trotter bag on Mytheresa
directly on the day it showed during Marco De Vincenzo’s first Etro
show
- Continued expansion of the Curated Platform Model (CPM) with 7
brands now live
High-quality Customer Growth:
- LTM growth of active customers of 13.4% reaching 800,000
customers
- Solid number of first-time buyers in Q1 FY23 with over 105,000
new customers
- Repurchase rates of new customer cohorts acquired in Q4 FY22
showed positive trend vs. Q4 FY21 cohort in respective Q1
- Strong growth of number of top customers with 22.7% in Q1 FY23
vs. Q1 FY22 as well as an increase in average GMV per all customers
of 6.5% in Q1 FY23 vs. Q1 FY22 underlining clear focus on quality
of customer acquisitions
Consistent Strong Operational Performance:
- Maintained very high customer satisfaction with an
industry-leading Net Promoter Score of 81.0% in Q1 FY23
- Achieved strong gross profit margin with 49.9% in Q1 FY23 based
on continued focus on full-price business and increasing share of
CPM which generates 100% gross profit with no cost of sales
- Operational indicators in Q1 FY23 underlined resilience and
adaptability of the Mytheresa business model despite challenging
macro conditions
- Published first ESG achievement report highlighting progress
against defined ESG commitments
BUSINESS OUTLOOK
For the full fiscal year ending June 30, 2023, we confirm our
previous guidance:
- GMV in the range of €865 million to €910 million, representing
a 16% to 22% growth
- Net Sales of €755 million to €800 million, representing 10% to
16% growth
- Gross Profit at €410 million to €435 million, representing a
16% to 22% growth
- Adjusted EBITDA in the range of €68 million to €76 million and
an Adjusted EBITDA margin of 9.0% to 9.5%
For the medium-term we confirm our targets of annual GMV Growth
of 22% to 25% as well as an Adjusted EBITDA margin around 9% to
10%.
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 2023 financial results on November 8, 2022
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 (877) 269-7751
(USA) or +1 (201) 389-0908 (International). The passcode will be
13733608. 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 8,
2022, through November 15, 2022, by dialing +1 (844) 512-2921 (USA)
or +1 412 317 6671 (International). The replay passcode will be
13733608.
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 October 15, 2021 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
We review a number of operating and financial metrics, including
the following business and non-IFRS metrics, to evaluate our
business, measure our performance, identify trends affecting our
business, formulate business plans and make strategic decisions. We
present Adjusted EBITDA, Adjusted Operating Income, Adjusted Net
Income and Adjusted EBITDA Margin as well as Adjusted Operating
Income Margin and Adjusted Net Income Margin because they are
frequently used by analysts, investors and other interested parties
to evaluate companies in our industry. Further, we believe these
measures are helpful in highlighting trends in our operating
results, because they exclude the impact of items that are outside
the control of management or not reflective of our ongoing
operations and performance. Adjusted EBITDA, Adjusted Operating
Income, and Adjusted Net Income have limitations, because they
exclude certain types of expenses. We use Adjusted EBITDA, Adjusted
Operating Income, Adjusted Net Income as well as Adjusted EBITDA
Margin, Adjusted Operating Income Margin and Adjusted Net Income
Margin as supplemental information only. You are encouraged to
evaluate each adjustment and the reasons we consider it appropriate
for supplemental analysis.
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 IPO preparation
and transaction costs, Other transaction-related, certain legal and
other expenses and IPO-related share-based compensation expenses.
Adjusted EBITDA Margin is a non-IFRS 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
IPO preparation and transaction costs, Other transaction-related,
certain legal and other expenses and IPO-related share-based
compensation expenses. Adjusted Operating Income Margin is a
non-IFRS 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 finance expenses on
our Shareholder Loans, IPO preparation and transaction costs, Other
transaction-related, certain legal and other expenses, IPO-related
share-based compensation expenses and related income tax effects.
Adjusted Net Income Margin is a non-IFRS measure which is
calculated in relation to net sales.
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, applicable sales 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 fashion 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 €747.3 million GMV in
fiscal year 2022 (+21.3% vs. FY21).
For more information, 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, 2021
September 30, 2022
Change in % / BPs
(in millions) (unaudited)
Gross Merchandise Value (GMV) (1)
€ 163.9
€ 197.9
20.8%
Active customer (LTM in thousands) (1),
(2)
705
800
13.4%
Total orders shipped (LTM in thousands)
(1), (2)
1,580
1,839
16.4%
Net sales
€ 157.8
€ 175.9
11.4%
Gross profit
€ 77.3
€ 87.8
13.6%
Gross profit margin(3)
49.0%
49.9%
90 BPs
Adjusted EBITDA(4)
€ 14.0
€ 11.6
(17.4%)
Adjusted EBITDA margin(3)
8.9%
6.6%
(230 BPs)
Adjusted Operating Income(4)
€ 11.8
€ 9.0
(23.6%)
Adjusted Operating Income margin(3)
7.5%
5.1%
(240 BPs)
Adjusted Net Income(4)
€ 8.2
€ 6.1
(26.1%)
Adjusted Net Income margin(3)
5.2%
3.5%
(170 BPs)
(1) Definition of GMV, Active customer and
Total orders shipped can be found on page 27 in our Interim
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) Adjusted EBITDA, Adjusted Operating
Income, Adjusted Net Income and Adjusted EBITDA Margin, Adjusted
Operating Margin and Adjusted Net Income Margin are measures not
defined under IFRS. For further information about how we calculate
these measures and limitations of its use, see the following
pages.
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, 2021
September 30, 2022
Change in %
(in millions) (unaudited)
Net income
€ (7.3)
€ (3.8)
(47.8%)
Finance expenses, net
€ 0.2
€ 0.4
96.8%
Income tax expense
€ 3.4
€ 2.6
(24.3%)
Depreciation and
amortization
€ 2.2
€ 2.5
16.7%
thereof depreciation of
right-of use assets
€ 1.3
€ 1.7
27.9%
EBITDA
€ (1.5)
€ 1.7
(211.7%)
Other transaction-related,
certain legal and other expenses (1)
€ 0.0
€ 1.5
N/A
IPO related share-based
compensation(2)
€ 15.5
€ 8.4
(45.7%)
Adjusted EBITDA
€ 14.0
€ 11.6
(17.4%)
Reconciliation to Adjusted EBITDA
Margin
Net Sales
€ 157.8
€ 175.9
11.4%
Adjusted EBITDA margin
8.9%
6.6%
(230 BPs)
Three Months Ended
September 30, 2021
September 30, 2022
Change in %
(in millions) (unaudited)
Operating Income
€ (3.7)
€ (0.9)
(76.9%)
Other transaction-related,
certain legal and other expenses (1)
€ 0.0
€ 1.5
N/A
IPO related share-based
compensation(2)
€ 15.5
€ 8.4
(45.7%)
Adjusted Operating Income
€ 11.8
€ 9.0
(23.6%)
Reconciliation to Adjusted Operating
Income Margin
Net Sales
€ 157.8
€ 175.9
11.4%
Adjusted Operating Income margin
7.5%
5.1%
(240 BPs)
Three Months Ended
September 30, 2021
September 30, 2022
Change in %
(in millions) (unaudited)
Net Income
€ (7.3)
€ (3.8)
(47.8%)
Other transaction-related,
certain legal and other expenses(1)
€ 0.0
€ 1.5
N/A
IPO related share-based
compensation(2)
€ 15.5
€ 8.4
(45.7%)
Adjusted Net Income
€ 8.2
€ 6.1
(26.1%)
Reconciliation to Adjusted Net Income
Margin
Net Sales
€ 157.8
€ 175.9
11.4%
Adjusted Net Income margin
5.2%
3.5%
(170 BPs)
(1) Other transaction-related, certain
legal and other expenses represents (i) certain legal expenses
incurred outside the ordinary course of our business and (ii) other
non-recurring expenses incurred in connection with the costs of
establishing our new central warehouse in Leipzig, Germany.
(2) In fiscal 2021, with the effective
IPO, certain key management personnel received a one-time granted
share-based compensation, for which the share-based compensation
expense will be recognized upon defined vesting schedules in the
future periods, including €8.4 million for the three months ended
September 30, 2022. We do not consider these expenses to be
indicative of our core operating performance.
MYT Netherlands Parent B.V.
Unaudited Condensed Consolidated Statements
of Profit or Loss and Comprehensive Income (Amounts in €
thousands, except share and per share data)
Three Months Ended
(in € thousands)
September 30, 2021
September 30, 2022
Net sales
157,832
175,890
Cost of sales, exclusive of depreciation
and amortization
(80,516)
(88,095)
Gross profit
77,316
87,795
Shipping and payment cost
(19,966)
(24,029)
Marketing expenses
(22,427)
(25,354)
Selling, general and administrative
expenses
(36,158)
(37,643)
Depreciation and amortization
(2,182)
(2,547)
Other income (loss), net
(281)
926
Operating income
(3,699)
(853)
Finance income
-
4
Finance costs
(189)
(376)
Finance income (costs), net
(189)
(372)
Loss before income taxes
(3,888)
(1,225)
Income tax expense
(3,408)
(2,581)
Net loss
(7,296)
(3,806)
Cash Flow Hedge
(1,081)
(3,059)
Income Taxes related to Cash Flow
Hedge
267
854
Foreign currency translation
(25)
(25)
Other comprehensive loss
(839)
(2,230)
Comprehensive loss
(8,136)
(6,036)
Basic & diluted earnings per share
€
(0.09)
€
(0.04)
Weighted average ordinary shares
outstanding
(basic and diluted) – in millions
84.5
86.5
MYT Netherlands Parent B.V.
Unaudited Condensed Consolidated Statements
of Financial Position (Amounts in € thousands)
(in € thousands)
June 30, 2022
September 30, 2022
Assets
Non-current assets
Non-current financial assets
294
642
Intangible assets and goodwill
155,223
155,125
Property and equipment
17,691
22,056
Right-of-use assets
21,677
45,829
Deferred tax assets
6,090
6,090
Total non-current assets
200,975
229,742
Current assets
Inventories
230,144
262,197
Trade and other receivables
8,276
6,145
Other assets
61,874
32,606
Cash and cash equivalents
113,507
87,891
Total current assets
413,801
388,840
Total assets
614,776
618,582
Shareholders’ equity and
liabilities
Subscribed capital
1
1
Capital reserve
498,872
509,494
Accumulated Deficit
(68,734)
(72,540)
Accumulated other comprehensive income
(loss)
1,528
(702)
Total shareholders’ equity
431,667
436,252
Non-current liabilities
Provisions
758
2,621
Lease liabilities
16,817
39,362
Deferred tax liabilities
3,661
4,116
Total non-current liabilities
21,237
46,099
Current liabilities
Tax liabilities
25,892
21,963
Lease liabilities
5,189
5,285
Contract liabilities
10,746
6,341
Trade and other payables
45,156
34,968
Other liabilities
74,889
67,675
Total current liabilities
161,872
136,232
Total liabilities
183,109
182,330
Total shareholders’ equity and
liabilities
614,776
618,582
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, 2021
1
444,951
(60,837)
-
1,602
385,718
Net loss
-
-
(7,296)
-
-
(7,296)
Other comprehensive loss
-
-
-
(814)
(25)
(839)
Comprehensive loss
-
-
(7,296)
(814)
(25)
(8,136)
Share-based compensation
-
16,134
-
-
-
16,134
Balance as of September 30,
2021
1
461,086
(68,133)
(814)
1,577
393,716
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
MYT Netherlands Parent B.V.
Unaudited Condensed Consolidated Statements
of Cash Flows (Amounts in € thousands)
Three months ended September
30,
(in € thousands)
2021
2022
Net loss
(7,296)
(3,806)
Adjustments for
Depreciation and
amortization
2,182
2,547
Finance (income) costs, net
189
372
Share-based compensation
16,134
9,544
Income tax expense
3,408
2,581
Change in operating assets and
liabilities
(Decrease) increase in
provisions
17
1,863
(Increase) decrease in
inventories
(17,901)
(32,053)
(Increase) decrease in trade
and other receivables
1,274
2,130
Decrease (increase) in other
assets
(506)
29,962
(Decrease) increase in other
liabilities
3,713
(10,936)
Increase (decrease) in contract
liabilities
(3,202)
(4,405)
Increase (decrease) in trade
and other payables
(16,336)
(10,253)
Decrease (increase) in
non-current financial assets
(13)
(343)
Income taxes paid
(831)
(5,207)
Net cash used in operating
activities
(19,166)
(18,004)
Expenditure for property and equipment and
intangible assets
(356)
(5,092)
Net cash (used in) investing
activities
(356)
(5,092)
Interest paid
(189)
(372)
Proceeds from exercise of option
awards
-
1,077
Payment of lease liabilities
(1,339)
(3,234)
Net cash used in financing
activities
(1,528)
(2,530)
Net decrease in cash and cash
equivalents
(21,050)
(25,625)
Cash and cash equivalents at the
beginning of the period
76,760
113,507
Effects of exchange rate changes on
cash and cash equivalents
(25)
10
Cash and cash equivalents at end of the
period
55,685
87,891
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221108005173/en/
Investor Relations Contacts Mytheresa.com GmbH Stefanie
Muenz phone: +49 89 127695-1919 email: investors@mytheresa.com
Solebury Strategic Communications Deena Friedman / Maria
Lycouris phone: +1 800 929 7167 email: investors@mytheresa.com
Media Contacts for public relations Mytheresa.com GmbH
Sandra Romano mobile: +49 152 54725178 phone: +49 89 127695-236
email: sandra.romano@mytheresa.com
Media Contacts for business press Mytheresa.com GmbH
Alberto Fragoso mobile: +49 152 38297355 phone: +49 89 127695-1358
email: alberto.fragoso@mytheresa.com
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