LONDON – A slight increase in spender customers and strong growth globally boosted Mytheresa’s revenue and bottom line in the first quarter of its 2021-22 fiscal year.
The Munich-based e-tailer said gross merchandise value rose 29.7% to 163.9 million euros in the three months to September 30, while net sales rose 24%. .9% to 157.8 million euros. Adjusted net income increased by 52% to 8.2 million, while adjusted EBITDA increased by 35% to 14 million euros.
Mytheresa maintained its guidance for the full year, but said it now expects net sales to be 22-25% higher than forecast, reaching between 700 and 750 million euros.
The company said it was attracting a more spendthrift clientele and was building on its new curated platform model, which allows it to connect directly to individual brand inventories, allowing better access to inventory and making it easier to restock and deliveries during the season.
Shares closed up 2.9% at $29.45 on the New York Stock Exchange.
Michael Kliger, CEO of Mytheresa, said the company was “extremely pleased” with the first quarter results, touting the gains as “affirmation of our unique and superior value proposition to customers and brand partners globally, as well than excellent operational performance.
He said: “The shift in consumer demand for luxury online has clearly accelerated in recent months. We strongly believe this trend will continue in the post-pandemic world, likely returning to the strong market growth rates we experienced prior to the pandemic. »
It’s no wonder, then, that Kliger is “extremely confident” that Mytheresa will deliver solid results for the full year.
The company also has an advantage over its London-based competitors such as Net-a-porter, Harrods or Matchesfashion. It is based in and sources from mainland Europe and hasn’t had to deal with post-Brexit import-export friction, extra costs or warehousing headaches.
Mytheresa said it saw growth in all regions with the strongest net sales growth in the United States, where it made a big push, adding new team members and cultivating customers. Sales there were up 48.7% compared to the same period last year, and Mytheresa said its “market presence continues to grow”.
Over the past 12 months, the active customer base has grown by 35.2% to 705,000, while the site has seen “continued high redemption rates of new customer cohorts.”
Mytheresa said its number of major customers increased by 41% in the first quarter and noted that gross profit margin was high due to a high percentage of full-price sales.
Looking ahead, the retailer said it expects active customer growth of 22-25%, which will expand the customer base to 845,000 active users.
In fiscal year 2021-22, gross margin will be between €345 million and €355 million, representing growth of 21-24%, while Adjusted EBITDA margin is expected to be in the “upper half” of the long-term projection of 7 to 9 percent.
The company has also strengthened its environmental commitments: in October, it announced its commitment to carbon neutrality with respect to its own operations and all shipments and returns. Mytheresa said emissions that cannot be eliminated through operational actions will be offset by Gold Standard-certified projects.
Mytheresa said it worked with ClimatePartner, an international expert in climate action solutions for businesses. The organization has already carried out a carbon footprint analysis as a benchmark for Mytheresa, and said it would support the retailer in its future steps to maintain carbon neutrality.
In August, Mytheresa announced plans to phase out its fur inventory from previous seasons by the end of 2022, although it will continue to sell sheepskin and calf hair items. The company said the policy applies to all animal fur products and items in Mytheresa’s operations, including its two physical stores.
In June, Mytheresa joined the wave of resale via a partnership with the luxury consignment platform Vestiaire Collective.
The service sees Mytheresa taking back second-hand luxury designer goods from customers and giving them store credit in return.
According to the company, Mytheresa customers have embraced the initiative and get an average of €700 in store credit when they return second-hand goods through Vestiaire.
They also spent more on subsequent purchases. The company said it’s seeing “significantly higher” average order values from customers using the returns service.