MUNICH - MYT Netherlands Parent B.V. (NYSE: MYTE), also known as Mytheresa, announced its third-quarter fiscal year 2024 results, revealing a significant 17.6% increase in net sales to €233.9 million, surpassing the analyst consensus of €221.75 million.
Despite this revenue outperformance, the company reported an adjusted earnings per share (EPS) loss of -$0.06, which fell short of the expected $0.04 EPS.
The luxury e-commerce platform's gross merchandise value (GMV) also saw a robust 14.7% growth to €252.2 million compared to the same period last year. Mytheresa's US business particularly stood out with a remarkable GMV growth of 41.6%, alongside a 48.3% increase in US Top Customers.
The overall number of Top Customers grew by 17.0% in the third quarter, contributing to the company's strong global customer base expansion. Additionally, the Average Order Value over the last twelve months (LTM) climbed by 8.0% to a record high of €692.
Adjusted EBITDA for the quarter significantly improved, reflecting enhanced profitability over the prior year. However, the gross profit margin experienced a slight decline, dropping to 43.4% from 45.6% in the previous year, a decrease of 220 basis points (BPs).
CEO Michael Kliger expressed satisfaction with the quarter's performance, highlighting the double-digit revenue and Top Customer growth, as well as the substantial growth in the US business. Kliger attributed these successes to Mytheresa's unique approach to building a community for luxury enthusiasts and creating desirability through digital and physical experiences.
For the full fiscal year ending June 30, 2024, Mytheresa expects gross profit to remain at last year's level and has confirmed its guidance for top- and bottom-line growth at the lower end of the 8% to 13% range, with an adjusted EBITDA margin between 3% and 5%.
The company's financial results reflect its position as one of the few winners in a challenging market environment, benefitting from a consolidating landscape of luxury e-commerce players and a market with significant growth prospects driven by customer preferences shifting towards digital channels.
Mytheresa's commitment to providing exclusive collections and unique customer experiences, along with the successful conversion of its Revolving Credit Facility into a new multi-year agreement, positions the company for continued growth and market share gains.
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