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Mytheresa closes the year with strong sales

Sep 27, 2021 Germany
Mytheresa closes the year with strong sales
The German-based luxury e-commerce platform reported net sales increase of 36.1% to 162.4 million euros in the fourth quarter of 2021 and a 36.2% sales jump for the full fiscal year of 2021
"Despite a year of continued uncertainty and unprecedented changes, we again achieved strong new customer growth and delivered excellent results. We view this as a strong affirmation of our unique and superior value proposition to customers and brand partners at a global level. 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. (…) The shift of consumer demand to online in luxury has been significantly accelerated by the pandemic. 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”, commented Michael Kliger, Chief Executive Officer of Mytheresa.

Fourth Quarter Results

In the fourth quarter of 2021, net sales increased by 36.1% to 162.4 million euros, as compared to the same period last year. Gross margin corresponded to 47.7%, as compared to 46.3% in the prior year.

Adjusted EBITDA narrowed from 15.1 million euros to 11.2 million euros in the last quarter of 2021, on a comparable basis to 2020. Adjusted net income also decreased from 9.4 million euros to 7.6 million euros this quarter, as compared to similar period in 2020. The company recalled the temporary cost-saving measures put in place in the fourth quarter of 2020, at the start of the COVID-19 pandemic.

Sales growth was strong in all geographies for the fourth quarter of 2021, but especially in the US where they were up by 133.3%, as compared to the same period last year. The company also reported record growth of first-time buyers in this period, with 110 000 new customers.

Full-Year Results

In the fiscal year ended on 30th of June 2021, net sales increased 36.2% year-over-year to 612.1 million euros. Gross margin remained stable at 46.9%, as compared to 46.7% in the full year of 2020.

Adjusted EBITDA grew from 35.4 million euros last year to 54.9 million euros in 2021. Adjusted net income also increased to 32.1 million euros, as compared to 19.3 million euros in 2020.

In 2021, Mytheresa also managed to expand its active customer base by 38% to 671 000.

Image credits: lofficielbaltics.com

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