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Business

Mytheresa Q2 profits more than double

By Huw Hughes

25 Feb 2021

German online luxury retailer Mytheresa saw its profits more than double in the second quarter compared to the same period last year.

In the three months to December 31, net income increased 149 percent to 15.7 million euros, compared to 6.3 million euros a year earlier.

The e-tailer’s net sales increased 33 percent to 158.6 million euros as its active customer base grew 28 percent to 569,000.

CEO Michael Kliger was upbeat on what he called “strong results” despite “clear tailwinds” from the ongoing pandemic.

“Mytheresa is about inspiration not aggregation,” he said in a statement. “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.”

The company’s adjusted EBITDA increased 71 percent to 22.1 million euros.

It now expects full-year net sales to be in the range of 565 million euros to 580 million euros, representing growth of 26 percent to 29 percent, while adjusted EBITDA is expected in the range of 45 million euros to 48 million euros, representing growth of 27 percent to 36 percent.

Last month, Mytheresa raised 406.8 million dollars during its US market debut, with the company’s 15.6 million American depositary shares (ADS) opening at 35.85 dollars apiece, well above the IPO price of 26 dollars a share.

Image: Mytheresa