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Mytheresa ups full-year outlook following strong Q3 sales

By Huw Hughes

18 May 2021

Mytheresa has reported a 47.5 percent increase in net sales in the third quarter of the year and upped its full-year outlook as the German luxury e-tailer continued to benefit from consumers’ shift to online shopping during the pandemic.

Net sales increased to 164.8 million euros in the three months to March 31 compared to a year earlier when the pandemic was in full swing.

The company’s adjusted net income was 4.5 million euros, compared to an adjusted net loss of 0.1 million euros in the prior-year period.

Adjusted EBITDA was 11.1 million euros, compared to 3.1 million euros a year earlier.

CEO Michael Kliger cited the “continuous shift of consumer behaviour towards digital and multi-brand offerings” as driving the company’s growth.

“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,” he said in a release.

Kliger was also upbeat about the reopening of markets like the US, which saw net sales growth of over 76 percent. He said the company is seeing “a strongly increased spend from our top customers as they begin to resume pre-pandemic activities such as social events and vacation”.

He 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 capitalise both on the short-term as well long-term growth opportunities in the market.”

Mytheresa ups FY21 guidance

For the nine months to March 31, net sales increased 36.2 percent to 449.7 million euros, while adjusted net income was 24.5 million euros, compared to 9.9 million euros a year earlier.

Adjusted EBITDA was 43.7 million euros, compared to 20.3 million euros in the prior-year period.

“Our success continues to be based on a sharp luxury customer focus, strong brand partnerships and an execution-driven and profit-making business model,” Kliger said. “The extraordinary results of the third quarter demonstrate our strong position as the leading curated platform for luxury fashion.”

Accordingly, Mytheresa raised its FY21 outlook. It now expects net sales in the range of 600 million euros to 605 million euros, representing 33 percent to 35 percent growth, and adjusted EBITDA in the range of 55 million euros to 59 million euros.

Mytheresa launched its US IPO at the beginning of the year, valuing the company at about 2.2 billion dollars.