UPDATE: MYT Netherlands Parent B.V. (MYTE) Reports Q3 Revenues of EUR164.8M

MYT Netherlands Parent B.V. (NYSE: MYTE) reported Q3 revenue for the quarter came in at EUR164.8 million, versus EUR111.7 million reported last year.

FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER ENDED MARCH 31, 2021

• Net sales increase of 47.5% year-over-year to €164.8 million
• Stable gross margin of 43.9%
• Adjusted EBITDA of €11.1 million, as compared to €3.1 million in the prior year period
• Adjusted EBITDA margin of 6.8%, as compared to 2.8% in the prior year period
• Adjusted operating income of €9.1 million, as compared to €1.2 million in the prior year period
• Adjusted net income of €4.5 million, as compared to adjusted net loss of €0.1 million in the prior year period

Michael Kliger, Chief Executive Officer of Mytheresa, said: “In the third quarter, our company was even able to accelerate our growth. This was largely driven by the continuous shift of consumer behavior towards digital and multi-brand offerings. We had a new record in first-time buyers in the quarter and our recently acquired customer cohorts show higher re-purchase rates than before. Additionally, we are seeing a strongly increased spend from our top customers as they begin to resume pre-pandemic activities such as social events and vacation. We grew strongly in almost all geographies, especially in the US, where we saw net sales growth of over 76%.”

Kliger continued, “Even when we adjust for the relatively low comparables of the third quarter in 2020 it is very clear that our positioning as a curated, multi-brand luxury platform gives us both strategically and financially a fantastic position to capitalize both on the short-term as well long-term growth opportunities in the market. Our success continues to be based on a sharp luxury customer focus, strong brand partnerships and an execution-driven and profit-making business model. The extraordinary results of the third quarter demonstrate our strong position as the leading curated platform for luxury fashion. Accordingly, we have raised our guidance for the full fiscal year 2021.”

GUIDANCE:

MYT Netherlands Parent B.V. sees FY2021 revenue of EUR600-605 million.

For earnings history and earnings-related data on MYT Netherlands Parent B.V. (MYTE) click here.

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