German luxury e-tailer Mytheresa has reported strong growth in fourth-quarter sales as the company continues to benefit from shoppers’ continued shift to online shopping during the pandemic.
In the three months to June 30, net sales came in at 162.4 million euros, a 36.1 percent increase from a year earlier and a 60.5 percent increase compared to pre-Covid levels from two years ago.
It said sales growth was strong across all geographies, in particular in the US where they were up 133.3 percent.
Adjusted EBITDA during the quarter narrowed to 11.2 million euros, compared to 15.1 million euros a year earlier, with the company citing temporary cost-saving measures put in place during the quarter.
Adjusted net income fell to 7.6 million euros from 9.4 million euros.
CEO Michael Kliger was upbeat on the company’s “excellent results” despite a year of “continued uncertainty and unprecedented changes”.
“Mytheresa’s focus on curation, content and service drove exceptional top-line results beating our expectations, at stable gross profit margin and most importantly with extremely high customer satisfaction,” he said.
For the full year, net sales reached 612.1 million euros, 36.2 percent higher than a year earlier and 61.5 percent higher than two years ago.
Adjusted EBITDA came in at 54.9 million euros, up from 35.4 million euros a year earlier, while adjusted net income increased to 32.1 million euros from 19.3 million euros.
The business also expanded its active customer base by 38 percent to 671,000.
“The shift of consumer demand to online in luxury has been significantly accelerated by the pandemic,” Kliger said. “We clearly believe this trend will continue in the post-pandemic world, probably reverting to the strong market growth rates we had seen before the pandemic started.”
Looking ahead, the company now expects net sales for the year ending June 2022 to be between 680 million euros and 700 million euros, representing a growth of 22 percent to 25 percent.