Q4, FY 2021 Results: Mytheresa Reports Another Quarter of Exceptional Net Sales Growth; Full FY 2021 Net Sales at €612.1 Million, a Growth of 36.2% Over Last Year and 61.5% Compared to Full FY 2019
Increase in net sales of 36.1% year-over-year to €162.4 million in Q4 FY21 and 36.2% for full FY 2021 to €612.1 million
Top-line strength evident by two-year net sales growth of 60.5% (Q4 FY21 vs. Q4 FY19) and full fiscal year net sales growth of 61.5% (FY 2021 vs. FY 2019)
Continued strong profitability with adjusted EBITDA for full FY 2021 of €54.9 million, compared to the €35.4 million in FY 2020, representing a significant growth of 55.2%
Increase of adjusted EBITDA margin to 9.0% from 7.9% in FY 2020
Confirmation of long-term GMV CAGR of 22%-25% with sustainable profitability levels at 7%-9% Adjusted EBITDA. Full FY 2022 guidance for GMV at €750-770 million and adjusted EBITDA margin in the upper half of the long-term range
MUNICH--(Business Wire / Korea Newswire) September 16, 2021 -- MYT Netherlands Parent B.V. (NYSE: MYTE) (“Mytheresa” or the “Company”), the parent company of Mytheresa Group GmbH, today announced financial results for its fourth quarter and full fiscal year 2021 ended June 30, 2021. The luxury multi-brand digital platform successfully continued to deliver strong growth driven by a fundamental change of consumer behavior, and a superior business model based on a sharp luxury customer focus and strong brand partnerships. Mytheresa was thus able to deliver outstanding growth while keeping its gross profit margins stable throughout the full FY 2021 and strengthening its bottom-line. The consistent growth is evidenced by the two-year growth rate in net sales of 60.5% in Q4 FY21 over Q4 FY19 and of 61.5% for full FY 2021 over FY 2019.
Michael Kliger, Chief Executive Officer of Mytheresa, said, "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. All this strengthened our position as one of the world's leading digital platforms for luxury fashion. 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.”
Kliger continued, "Looking ahead, we will continue to deliver a superior customer experience and deepen our partnerships with the most coveted global brands. Given our strong financial position, excellent momentum with customer cohorts, and superior execution, we feel extremely confident to continue achieving strong results in fiscal year 2022.”
FINANCIAL HIGHLIGHTS FOR THE FOURTH QUARTER ENDED JUNE 30, 2021
· Net sales increase of 36.1% year-over-year to €162.4 million
· Strong Gross margin of 47.7%, as compared to 46.3% in the prior year period
· Adjusted EBITDA of €11.2 million, as compared to €15.1 million in the prior year period, which was impacted by temporary cost saving measures put in place in Q4 FY 20 at the start of COVID, which were out of line with historic trends
· Adjusted net income of €7.6 million, as compared to €9.4 million in the prior year period
FINANCIAL HIGHLIGHTS FOR THE TWELVE MONTHS ENDED JUNE 30, 2021
· Net sales increase of 36.2% year-over-year to €612.1 million
· LTM Active customer growth at 38.0% with 671,000 active customers
· Stable gross margin of 46.9%, as compared to 46.7% in FY 2020
· Adjusted EBITDA of €54.9 million, as compared to €35.4 million in the prior year period
· Adjusted EBITDA margin of 9.0%, as compared to 7.9% in the prior year period
· Adjusted operating income of €46.7 million, as compared to €27.5 million in the prior year period
· Adjusted net income of €32.1 million, as compared to €19.3 million in the prior year period
RECENT BUSINESS HIGHLIGHTS
Continued Global Expansion:
· Strong net sales growth across all geographies with +36.1% vs. Q4 FY20 and +60.5% vs. Q4 FY19
· Outstanding net sales growth in the United States with +133.3% vs. Q4 FY20 as consumer demand jumped up
· High-impact Top Customers events in Beijing at TRB Temple and in Paris in collaboration with the Centre Pompidou
Strong Brand Partnerships:
· Exclusive capsule collections and pre-launches in collaboration with Alexander McQueen, Loro Piana, Jacquemus, Missoni, Brunello Cucinelli, Roger Vivier, Valentino, Christian Louboutin and many more
· Curated Platform Model developed as an evolution of the partnership approach to truly integrate operations with major brands for scale, replenishment and capital efficiency
· First beauty Pop-Up in collaboration with Estée Lauder Companies featuring La Mer, Frédéric Malle and By Killian
High-quality Customer Growth:
· Growth of active customers by 38.0% year-over-year to 671,000 (LTM)
· Record growth of first-time buyers in Q4 FY21 with 110,000 new customers
· Continued positive repurchase rates of new customer cohorts acquired in Q2 FY21 in Q4 FY21, as compared to Q2 FY20 in Q4 FY20
· Strong growth of number of Top Customers with 64% as well as average net sales per Top Customer in Q4 FY21
· New partnership with Vestiaire Collective offering a unique resale service for Mytheresa’s high-end luxury customers
Consistent Strong Operational Performance:
· Maintained business continuity across all operations with focus on health and well-being of all Mytheresa employees as top priority
· Continued to have very high customer satisfaction with a Net Promoter Score of 85.6% in Q4 FY21
· Achieved strong gross profit margin based on high full-price sales and delivered stable operational cost margin trends in Q4 FY21 and for the full FY 2021
For the full fiscal year ending June 30, 2022, we expect:
· GMV in the range of €750 million to €770 million, representing a 22% to 25% growth
· Active customer growth of 22% to 25%, enlarging the customer base to 820,000 to 845,000 active customers
· Net Sales at €680 million to €700 million
· Gross Profit at €345 million to €355 million, representing a 21% to 24% growth
· Adjusted EBITDA margin at the upper half of the long-term range of 7% to 9%
The foregoing forward-looking statements reflect Mytheresa’s expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. Gross Merchandise Value (GMV) means the total Euro value of orders processed. GMV is inclusive of merchandise value, shipping and duty. It is net of returns, value added taxes and cancellations. We view GMV as an operating metric. Mytheresa does not intend to update its forward-looking statements until its next quarterly results announcement, other than in publicly available statements.
CONFERENCE CALL AND WEBCAST INFORMATION
Mytheresa will host a conference call to discuss its fourth quarter fiscal 2021 financial results on September 14, 2021 at 8:00am Eastern Time. Those wishing to participate via webcast should access the call through Mytheresa’s Investor Relations website at https://investors.mytheresa.com. Those wishing to participate via the telephone may dial in at +1 (833) 979-2860 (USA) or +1 (236) 714-2917 (International). A replay will be available via webcast through Mytheresa’s Investor Relations website. The telephone replay will be available from 11:00am Eastern Time on September 14, 2021, through September 21, 2021, by dialing +1 (800) 585-8367 (USA) or +1 (416) 621-4642 (International). The replay passcode will be 5598406.
FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to the impact of the COVID-19 global pandemic; future sales, expenses, and profitability; future development and expected growth of our business and industry; our ability to execute our business model and our business strategy; having available sufficient cash and borrowing capacity to meet working capital, debt service and capital expenditure requirements for the next twelve months; and projected capital spending. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements are only predictions. Actual events or results may differ materially from those stated or implied by these forward-looking statements. In evaluating these statements and our prospects, you should carefully consider the factors set forth below.
We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.
You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made.
Further information on these and other factors that could affect our financial results is included in filings we make with the U.S. Securities and Exchange Commission (“SEC”) from time to time, including the section titled “Risk Factors” in our final prospectus under Rule 424(b) filed with the SEC on January 22, 2021 in connection with our IPO and 6-K (reporting our quarterly results). These documents are available on the SEC’s website at www.sec.gov and on the SEC Filings section of the Investor Relations section of our website at: https://investors.mytheresa.com.
ABOUT NON-IFRS FINANCIAL MEASURES
We review a number of operating and financial metrics, including the following business and non-IFRS metrics, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. We present Adjusted EBITDA, Adjusted Operating Income and Adjusted Net Income because they are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Further, we believe these measures are helpful in highlighting trends in our operating results, because they exclude the impact of items that are outside the control of management or not reflective of our ongoing operations and performance. Adjusted EBITDA, Adjusted Operating Income, and Adjusted Net Income have limitations, because they exclude certain types of expenses. We use Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income as supplemental information only. You are encouraged to evaluate each adjustment and the reasons we consider it appropriate for supplemental analysis.
Our non-IFRS financial measures include:
· Adjusted EBITDA is a non-IFRS financial measure that we calculate as net income before finance expense (net), taxes, and depreciation and amortization, adjusted to exclude U.S. sales tax expenditures temporarily borne by us through the fourth quarter of fiscal 2020, IPO preparation and transaction costs and share-based compensation expenses.
· Adjusted Operating Income is a non-IFRS financial measure that we calculate as operating income, adjusted to exclude U.S. sales tax expenditures temporarily borne by us through the fourth quarter of fiscal 2020, any IPO preparation and transaction costs and share-based compensation expenses.
· Adjusted Net Income is a non-IFRS financial measure that we calculate as net income, adjusted to exclude U.S. sales tax expenditures temporarily borne by us, finance expenses on our Shareholder Loans, IPO preparation and transaction costs, share-based compensation expenses and related income tax effects.
We are not able to forecast net income (loss) on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect net income (loss), including, but not limited to, Income taxes and Interest expense and, as a result, are unable to provide a reconciliation to forecasted Adjusted EBITDA.
Mytheresa is one of the leading global luxury fashion e-commerce platforms shipping to over 130 countries. Founded as a boutique in 1987, Mytheresa launched online in 2006 and offers ready-to-wear, shoes, bags and accessories for womenswear, menswear and kidswear. The highly curated edit of over 200 brands focuses on true luxury brands such as Bottega Veneta, Burberry, Dolce&Gabbana, Gucci, Loewe, Loro Piana, Moncler, Prada, Saint Laurent, Valentino, and many more. Mytheresa’s unique digital experience is based on a sharp focus on high-end luxury shoppers, exclusive product and content offerings, leading technology and analytical platforms as well as high quality service operations.
For more information, please visit https://investors.mytheresa.com/
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MYT Netherlands Parent B.V.
Investor Relations Contacts
Ed Yuen / Maria Lycouris
Media Contacts for public relations
mobile: +49 152 54725178
phone: +49 89 127695-236
Media Contacts for business press
mobile: +49 152 38297355
phone: +49 89 127695-1358
Ted McHugh / Nicole Briguet
+1 201 341-0211 / +1 646 750-7235
Germany, Austria, Switzerland
mobile: +49 162 4909624
phone: +49 22182828111
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