Q2, FY 2021 Results: Mytheresa Continues Strong Growth and Profitability

Rhea-AI Summary

MYT Netherlands Parent B.V. (NYSE:MYTE), parent of Mytheresa, reported impressive financial results for the fiscal second quarter ended December 31, 2020. Key highlights include a 32.9% increase in net sales to €158.6 million and active customer growth of 28.2% to 569,000. The company's gross margin rose to 49.5%, and adjusted EBITDA reached €22.1 million, compared to €12.9 million year-over-year. Successful IPO in January 2021 generated roughly $344.2 million in proceeds.

Positive

• Net sales increased by 32.9% year-over-year to €158.6 million.
• Active customer growth of 28.2% to 569,000.
• Adjusted EBITDA rose to €22.1 million from €12.9 million YoY.
• Gross margin increased to 49.5%, up 60 basis points YoY.
• Operating income improved to €16.6 million from €7.3 million YoY.
• Net income surged to €15.7 million, compared to €6.3 million YoY.
• Successful IPO raised approximately $344.2 million in January 2021.

Negative

• None.

MYT Netherlands Parent B.V. (NYSE:MYTE) (“Mytheresa” or the “Company”), the parent company of Mytheresa Group GmbH, today announced financial results for its fiscal second quarter ended December 31, 2020.

Michael Kliger, Chief Executive Officer of Mytheresa, said, “Even considering clear tailwinds by the COVID pandemic, the strong results of the second quarter of fiscal year 2021 confirm once more our strategy and unique business model: Mytheresa is about inspiration not aggregation. It is about an unrivaled, highly curated offering, a focus on high-end luxury customers, sophisticated technologies and a first-class in-house managed service experience.”

Kliger continued, “Our full commitment to acquire and retain the best customer base in the market creates a reinforcing cycle of outstanding brand relationships that feed a superior customer value proposition to generate strong customer economics, which allows us to stay true to our strategic focus. Therefore, we will continue to deliver growth as well as profitability.”

FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER ENDED DECEMBER 31, 2020

• Net sales increase of 32.9% year-over-year to €158.6 million
• Active customer growth of 28.2% to 569,000
• Gross margin of 49.5%, a slight increase of 60 basis points year-over-year
• Adjusted EBITDA of €22.1 million, as compared to €12.9 million in the prior year period
• Adjusted EBITDA margin of 14.0%, as compared to 10.8% in the prior year period
• Operating income of €16.6 million, as compared to €7.3 million in the prior year period
• Adjusted operating income of €20.1 million, as compared to €10.9 million in the prior year period
• Net income of €15.7 million, as compared to €6.3 million in the prior year period
• Adjusted net income of €14.8 million, as compared to €6.4 million in the prior year period
• Successfully completed IPO in January 2021 to raise proceeds, net of underwriting discounts and before related expenses of approximately $344.2 million

FINANCIAL HIGHLIGHTS FOR THE SIX MONTHS ENDED DECEMBER 31, 2020

• Net sales increase of 30.4% year-over-year to €285.0 million
• Gross margin of 48.2%, a slight increase of 20 basis points year-over-year
• Adjusted EBITDA of €32.6 million, as compared to €17.2 million in the prior year period
• Adjusted EBITDA margin of 11.4%, as compared to 7.9% in the prior year period
• Operating income of €24.8 million, as compared to €8.9 million in the prior year period
• Adjusted Operating income of €28.5 million, as compared to €13.4 million in the prior year period.
• Net income of €25.4 million, as compared to €2.0 million in the prior year period
• Adjusted net income of €20.1 million, as compared to €10.0 million in the prior year period

RECENT BUSINESS HIGHLIGHTS

• Maintained business continuity in all operations with focus on health and well-being of all Mytheresa employees as top priority since the pandemic started
• Record number of daily shipments, processing 11,000 parcels in just one day during Q2, FY 2021
• Record high of first time buyers (over 100,000 new customers) in Q2, FY 2021
• Further decreased customer acquisition costs
• Significant increase in customer satisfaction with a Net Promoter Score of 87% in Q2, FY 2021
• Continued expansion of the Mytheresa menswear business above expectations with net sales share surpassing 10% in December 2020
• Hosted digital events targeting top customers in collaboration with the designers of Khaite, Wardrobe NYC, Eera, selected influencers and a physical VIC event in Shanghai, China in December 2020
• Strong ongoing support of brand partners with the launch of exclusive capsule collections and pre-launches in collaboration with Valentino, Moncler, Dolce &

FAQ

What were the financial results for MYTE in Q2 2020?

MYT Netherlands Parent B.V. reported a net sales increase of 32.9% year-over-year to €158.6 million for Q2 2020.

How many active customers does MYTE have as of December 31, 2020?

As of December 31, 2020, MYTE reported 569,000 active customers, representing a growth of 28.2%.

What is the adjusted EBITDA for MYTE reported in Q2 2020?

MYTE reported an adjusted EBITDA of €22.1 million for the fiscal second quarter of 2020.

What was the net income for MYTE in the second quarter of FY 2021?

MYTE's net income for the second quarter of FY 2021 was €15.7 million, up from €6.3 million in the prior year period.

What were the gross margin figures for MYTE for Q2 2020?

MYTE achieved a gross margin of 49.5% in Q2 2020, a slight increase of 60 basis points year-over-year.

What was the total funds raised during MYTE's IPO?

MYTE's IPO in January 2021 raised approximately $344.2 million in proceeds.