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Mytheresa Q2 sales increase boosted by strong US growth

By Huw Hughes

16 Feb 2022

Business

Image: Mytheresa

German luxury retailer Mytheresa has reported an increase in sales and profit in the second quarter of the year, boosted by a particularly strong performance in the US market.

In the three months to December 31, the Munich-based retailer made net sales of 187.6 million euros, an 18.3 percent increase compared to the same period a year earlier.

The retailer saw its strongest sales growth in the US, which was up 74.2 percent from the year before.

Mytheresa’s gross merchandise value (GMV) in the second quarter grew 26.2 percent to 200.2 million euros, with strong growth across all geographies.

The company also saw strong bottom line growth, with adjusted net income of 18.9 million euros, up from 14.8 million euros the prior year.

Its adjusted EBITDA was 28.3 million euros compared to 22.1 million euros in Q2 FY21.

Chief executive Michael Kliger was upbeat on the results, hailing a record number of first time customers in the quarter and the increased spend from existing ones.

‘Gaining traction’ in the US

Kliger said the company is “gaining traction as a top of mind shopping destination for luxury consumers in the US”.

“We are excited to reach an increasing number of customers across the US with particular strength in Florida, Texas and California which are emerging as major markets for luxury demand. We see a long runway for Mytheresa growth in the US,” he said.

Looking ahead, Kliger said there are still “massive growth opportunities” for Mytheresa in terms of new categories and geographies, fueled by luxury consumers’ continued shift to online channels.

For the year ending June 30, 2022, the company expects GMV in the range of 755 million euros to 775 million euros, which would represent growth of 23 percent to 26 percent.

That’s up from the retailer’s previous estimate of GMV between 750 million euros to 770 million euros.

MYTHERESA