MyTheresa posts increase in Q3 GMV and sales

For the third quarter, MYT Netherlands Parent B.V., the parent company of Mytheresa Group reported GMV increase of 13.2 percent to 186.6 million euros.

The company’s net sales for the quarter increased 4.7 million euros or 2.9 percent to 169.5 million euros, which MyTheresa said was slower than GMV due to planned switches of brands to the Curated Platform Model (CPM) and the subsequent effect of recording the platform fee as net sales.

Commenting on the third quarter trading, Michael Kliger, chief executive officer of Mytheresa, said, “Our business has shown excellent strength despite the impact of many external challenges in the third quarter. While it is impossible to predict the macro-economic environment for the coming months, the luxury sector has consistently proven to be very resilient. We remain confident in the short and longer-term potential for profitable growth of our business.”

Highlights of MyTheresa’s Q3 results

The company recorded an increase of 490 basis points gross profit margin to 48.8 percent compared to 43.9 percent in the prior year period.

Adjusted EBITDA was 10.2 million euros or 6 percent margin in Q3 FY22 compared to 11.1 million eurosor 6.8 percent margin in the prior year period. Adjusted operating income was 8 million euros compared to 9.1 million euros in the prior year period.

Adjusted net income for the quarter was 5.6 million euros compared to 4.5 million euros in the prior year period.

For the full fiscal year ending June 30, 2022, the company expects GMV in the range of 755 million euros to 775 million euros, representing a 23 percent to 26 percent growth, net sales at 700 million euros to 720 million euros, gross profit at 350 million euros to 365 million euros, representing a 22 percent to 27 percent growth and adjusted EBITDA margin in the range of 9 percent to 10 percent.