Mytheresa, Wachstum

Mytheresa beschleunigt Wachstum im 4. Quartal und endet das Geschäftsjahr 2022 mit einem GMV-Wachstum von 21,3%, einem Zweijahres-GMV-Wachstum von 66,3% und einer Rekordprofitabilität von 9,6% bereinigter EBITDA-Marge

15.09.2022 - 12:05:02

Mytheresa beschleunigt Wachstum im 4. Quartal und endet das Geschäftsjahr 2022 mit einem GMV-Wachstum von 21,3%, einem Zweijahres-GMV-Wachstum von 66,3% und einer Rekordprofitabilität von 9,6% bereinigter EBITDA-Marge. MYT Netherlands Parent B.V. (NYSE: MYTE) ("Mytheresa" oder das "Unternehmen"), die Muttergesellschaft der Mytheresa Group GmbH, gab heute die Finanzergebnisse für das vierte Quartal und das gesamte Geschäftsjahr 2022 bekannt, welches am 30. Juni endete. Die digitale Multibrand-Luxusplattform verzeichnete hervorragende Ergebnisse für das gesamte Geschäftsjahr und ein weiteres Quartal mit anhaltendem Umsatzwachstum und erhöhter Profitabilität. Mytheresa sieht sich perfekt positioniert, um von der anhaltenden Veränderung des Kaufverhaltens des Luxuskonsumenten hin zu digitalen Angeboten, der Konsolidierung im digitalen Luxussektor und den Möglichkeiten weitere Marktanteile global zu gewinnen, zu profitieren.

auf die Konferenz zugreifen. Diejenigen, die per Telefon teilnehmen möchten, können sich unter +1 (844) 200-6205 (USA) oder +1 (929) 526-1599 (International) einwählen. Der Passcode lautet 702246. Eine Aufzeichnung wird als Webcast über die Investor Relations Website von Mytheresa verfügbar sein. Die telefonische Aufzeichnung wird ab 11:00 Uhr Eastern Time am 16. September 2022 bis zum 22. September 2022 unter der Nummer +1 (866) 813-9403 (USA) oder +44 204 525-0658 (International) verfügbar sein. Der Passcode für die Aufzeichnung lautet 829670.

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; the impact of restrictions on use of identifiers for advertisers (IDFA); 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” included in the form 20-F filed on October 15, 2021 under Rule 424(b)(4) of the Securities Act. 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 AND OPERATING METRICS

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, Adjusted Net Income and Adjusted EBITDA Margin as well as Adjusted Operating Income Margin and Adjusted Net Income Margin 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 well as Adjusted EBITDA Margin, Adjusted Operating Income Margin and Adjusted Net Income Margin 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 IPO preparation and transaction costs, other transaction-related costs and IPO-related share-based compensation expenses. Adjusted EBITDA Margin is a non-IFRS measure which is calculated in relation to net sales.Adjusted Operating Income is a non-IFRS financial measure that we calculate as operating income, adjusted to exclude IPO preparation and transaction costs, other transaction-related costs and IPO-related share-based compensation expenses. Adjusted Operating Income Margin is a non-IFRS measure which is calculated in relation to net sales.Adjusted Net Income is a non-IFRS financial measure that we calculate as net income, adjusted to exclude finance expenses on our Shareholder Loans, IPO preparation and transaction costs, other transaction-related costs, IPO-related share-based compensation expenses and related income tax effects. Adjusted Net Income Margin is a non-IFRS measure which is calculated in relation to net sales.

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.

Gross Merchandise Value (GMV) is an operative measure and 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. GMV does not represent revenue earned by us. We use GMV as an indicator for the usage of our platform that is not influenced by the mix of direct sales and commission sales. The indicators we use to monitor usage of our platform include, among others, active customers, total orders shipped and GMV.

ABOUT MYTHERESA
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. In 2022, Mytheresa expanded its luxury offering to home décor and lifestyle products with the launch of the category “LIFE”. 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. The NYSE listed company reported €612.1 million net sales (+36.2% vs. FY20) in its first fiscal year as a public company (https://investors.mytheresa.com).

Source: MYT Netherlands Parent B.V.

MYT Netherlands Parent B.V.

Financial Results and Key Operating Metrics
(Amounts in € millions)

Three Months Ended

 

 

Twelve Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

June 30, 2022

 

Change
in % / BPs

 

 

June 30, 2021

 

June 30, 2022

 

Change
in % / BPs

(in millions)

Gross Merchandise Value (GMV)(1)

€ 166.4

 

€ 196.7

 

18.2%

 

 

€ 616.1

 

€ 747.3

 

21.3%

Active customer (LTM in thousands)(1,2)

671

 

781

 

16.4%

 

 

671

 

781

 

16.4%

Total orders shipped (LTM in thousands)(1,2)

1,505

 

1,765

 

17.2%

 

 

1,505

 

1,765

 

17.2%

Net sales

€ 162.4

 

€ 174.8

 

7.7%

 

 

€ 612.1

 

€ 689.8

 

12.7%

Gross profit

€ 77.4

 

€ 94.8

 

22.4%

 

 

€ 287.0

 

€ 355.0

 

23.7%

Gross profit margin(3)

47.7%

 

54.2%

 

650 BPs

 

 

46.9%

 

51.5%

 

460 BPs

Adjusted EBITDA(4)

€ 11.2

 

€ 13.8

 

22.7%

 

 

€ 54.9

 

€ 66.3

 

20.7%

Adjusted EBITDA margin(3,4)

6.9%

 

7.9%

 

100 BPs

 

 

9.0%

 

9.6%

 

60 BPs

Adjusted Operating Income(4)

€ 9.1

 

€ 11.4

 

25.4%

 

 

€ 46.7

 

€ 57.2

 

22.6%

Adjusted Operating Income margin(3,4)

5.6%

 

6.5%

 

90 BPs

 

 

7.6%

 

8.3%

 

70 BPs

Adjusted Net Income(4)

€ 7.6

 

€ 11.8

 

55.1%

 

 

€ 32.1

 

€ 44.5

 

38.6%

Adjusted Net Income margin(3,4)

4.7%

 

6.7%

 

200 BPs

 

 

5.2%

 

6.5%

 

130 BPs

(1) Definition of GMV, Active customer and Total orders shipped can be found on page 62 in our Annual Report.
(2) Active customers and total orders shipped are calculated based on orders shipped from our sites during the last twelve months (LTM) ended on the last day of the period presented.
(3) As a percentage of net sales.
(4) Adjusted EBITDA, Adjusted Operating Income, Adjusted Net Income and Adjusted EBITDA Margin, Adjusted Operating Margin and Adjusted Net Income Margin are measures not defined under IFRS. For further information about how we calculate these measures and limitations of its use, see the following pages.

MYT Netherlands Parent B.V.

Financial Results and Key Operating Metrics
(Amounts in € millions)

The following tables set forth the reconciliations of net income to EBITDA and adjusted EBITDA, operating income to adjusted operating income and net income to adjusted net income:

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

June 30, 2022

 

Change
in %

 

 

June 30, 2021

 

June 30, 2022

 

Change
in %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

€ (8.0)

 

€ 1.6

 

(120.6%)

 

 

€ (32.6)

 

€ (7.9)

 

(75.8%)

 

Finance expenses, net

€ (0.3)

 

€ 0.3

 

(191.5%)

 

 

€ (15.1)

 

€ 1.0

 

(106.6%)

 

Income tax expense

€ 2.1

 

€ (0.7)

 

(133.0%)

 

 

€ 15.5

 

€ 11.7

 

(24.5%)

 

Depreciation and amortization

€ 2.1

 

€ 2.4

 

11.0%

 

 

€ 8.2

 

€ 9.1

 

10.4%

 

thereof depreciation of right-of use assets

€ 1.3

 

€ 1.5

 

14.5%

 

 

€ 5.2

 

€ 5.7

 

8.3%

 

EBITDA

€ (4.1)

 

€ 3.6

 

(188.0%)

 

 

€ (23.9)

 

€ 13.9

 

(158.2%)

 

IPO preparation and transaction

costs(1)

€ 0.0

 

€ 0.0

 

N/A

 

 

€ 7.0

 

€ 0.0

 

(100.0%)

 

Other transaction-related, certain

legal and other expenses(2)

€ 0.0

 

€ 1.2

 

N/A

 

 

€ 0.0

 

€ 2.5

 

N/A

 

IPO related share-based

compensation

€ 15.3

 

€ 9.0

 

(41.4%)

 

 

€ 71.9

 

€ 49.9

 

(30.6%)

 

Adjusted EBITDA

€ 11.2

 

€ 13.8

 

22.7%

 

 

€ 54.9

 

€ 66.3

 

20.7%

 

 

 

Reconciliation to Adjusted EBITDA Margin

 

Net Sales

€ 162.4

 

€ 174.8

 

7.7%

 

 

€ 612.1

 

€ 689.8

 

12.7%

 

Adjusted EBITDA Margin

6.9%

 

7.9%

 

100 BPs

 

 

9.0%

 

9.6%

 

60 BPs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

June 30, 2022

 

Change
in %

 

 

June 30, 2021

 

June 30, 2022

 

Change
in %

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

€ (6.2)

 

€ 1.3

 

(120.2%)

 

 

€ (32.2)

 

€ 4.8

 

(115.0%)

IPO preparation and transaction

costs(1)

€ 0.0

 

€ 0.0

 

N/A

 

 

€ 7.0

 

€ 0.0

 

(100.0%)

Other transaction-related,

certain legal and other expenses(2)

€ 0.0

 

€ 1.2

 

N/A

 

 

€ 0.0

 

€ 2.5

 

N/A

IPO related share-based

compensation)

€ 15.3

 

€ 9.0

 

(41.4%)

 

 

€ 71.9

 

€ 49.9

 

(30.6%)

Adjusted Operating Income

€ 9.1

 

€ 11.4

 

25.4%

 

 

€ 46.7

 

€ 57.2

 

22.6%

 

Reconciliation to Adjusted Operating Income Margin

Net Sales

€ 162.4

 

€ 174.8

 

7.7%

 

 

€ 612.1

 

€ 689.8

 

12.7%

Adjusted Operating Income Margin

5.6%

 

6.5%

 

90 BPs

 

 

7.6%

 

8.3%

 

70 BPs

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

June 30, 2022

 

Change
in %

 

 

June 30, 2021

 

June 30, 2022

 

Change
in %

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

€ (8.0)

 

€ 1.6

 

(120.6%)

 

 

€ (32.6)

 

€ (7.9)

 

(75.8%)

IPO preparation and transaction

costs(1)

€ 0.0

 

€ 0.0

 

N/A

 

 

€ 7.0

 

€ 0.0

 

(100.0%)

Other transaction-related, certain

legal and other expenses(2)

€ 0.0

 

€ 1.2

 

N/A

 

 

€ 0.0

 

€ 2.5

 

N/A

IPO related share-based

compensation (3)

€ 15.3

 

€ 9.0

 

(41.4%)

 

 

€ 71.9

 

€ 49.9

 

(30.6%)

Finance expenses on shareholder

loans(4)

€ (0.3)

 

€ 0.0

 

(100.0%)

 

 

€ (16.2)

 

€ 0.0

 

(100.0%)

Income tax effect(5)

€ 0.5

 

€ 0.0

 

(100.0%)

 

 

€ 2.1

 

€ 0.0

 

(100.0%)

Adjusted Net Income

€ 7.6

 

€ 11.8

 

55.1%

 

 

€ 32.1

 

€ 44.5

 

38.6%

 

Reconciliation to Adjusted Net Income Margin

Net Sales

€ 162.4

 

€ 174.8

 

7.7%

 

 

€ 612.1

 

€ 689.8

 

12.7%

Adjusted Net Income Margin

4.7%

 

6.7%

 

200 BPs

 

 

5.2%

 

6.5%

 

130 BPs

(1) Represents non-recurring professional fees, including consulting, legal and accounting fees, related to our planned initial public offering (“IPO”), which are classified within selling, general and administrative expenses.
(2) Other transaction-related, certain legal and other expenses represents (i) professional fees, including advisory and accounting fees, related to potential transactions, (ii) certain legal expenses incurred outside the ordinary course of our business and (iii) other non-recurring expenses incurred in connection with the costs of establishing our new central warehouse in Leipzig, Germany.
(3) In fiscal 2021, with the effective IPO, certain key management personnel received a one-time granted share-based compensation, for which the share-based compensation expense will be recognized upon defined vesting schedules in the future periods, including €49.9 million for fiscal 2022. We do not consider these expenses to be indicative of our core operating performance.
(4) Our Adjusted Net Income excludes finance expenses associated with our Shareholder Loans, which we do not consider to be indicative of our core performance. We did not receive any cash proceeds under the Shareholder Loans, which originated as part of the Neiman Marcus acquisition in 2014. In January 2021, we repaid our Shareholder Loans (principal plus outstanding interest) using a portion of the net proceeds from our initial public offering.
(5) Reflects adjustments to historical income tax expense to reflect changes in taxable income for each of the periods presented due to changes in finance expenses related to the Shareholder Loans, assuming a statutory tax rate of 27.8%.

MYT Netherlands Parent B.V.

Consolidated Statements of Profit or Loss and Comprehensive Income
(Amounts in € thousands, except share and per share data)

(in € thousands)

 

Three Months Ended

 

Twelve Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

June 30,
2022

 

June 30, 2021

 

June 30, 2022

 

 

Gross Merchandise Value (GMV)

 

166,395

 

196,654

 

616,123

 

747,277

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

162,368

 

174,836

 

612,096

 

689,750

 

Cost of sales, exclusive of depreciation and amortization

(84,939)

 

(80,042)

 

(325,053)

 

(334,758)

 

Gross profit

 

77,429

 

94,794

 

287,043

 

354,992

 

Shipping and payment cost

 

(19,535)

 

(27,075)

 

(71,466)

 

(97,697)

 

Marketing expenses

 

(22,326)

 

(26,558)

 

(81,558)

 

(96,093)

 

Selling, general and administrative expenses

 

(39,449)

 

(36,820)

 

(157,151)

 

(148,172)

 

Depreciation and amortization

 

(2,125)

 

(2,360)

 

(8,232)

 

(9,088)

 

Other expense, net

 

(231)

 

(721)

 

(799)

 

892

 

Operating income

 

(6,237)

 

1,261

 

(32,162)

 

4,834

 

Finance income

 

459

 

0

 

22,416

 

0

 

Finance costs

 

(135)

 

(296)

 

(7,325)

 

(998)

 

Finance income (costs), net

 

324

 

(296)

 

15,091

 

(998)

 

Income (loss) before income taxes

 

(5,913)

 

965

 

(17,070)

 

3,836

 

Income tax (expense) income

 

(2,070)

 

683

 

(15,534)

 

(11,734)

 

Net income (loss)

 

(7,983)

 

1,648

 

(32,604)

 

(7,898)

 

Cash Flow Hedge

 

43

 

1,721

 

-

 

-

 

Income Taxes related to Cash Flow Hedge

 

20

 

(479)

 

-

 

-

 

Foreign currency translation

 

-

 

(35)

 

-

 

(74)

 

Other comprehensive income (loss)

 

63

 

1,207

 

-

 

(74)

 

Comprehensive income (loss)

 

(7,920)

 

2,855

 

(32,604)

 

(7,972)

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share in €

 

(0.09)

 

0.02

 

(0.42)

(0.09)

 

Weighted average ordinary shares outstanding (basic & diluted) - in millions

86.3

 

86.4

 

77.4

 

86.3

 

 

MYT Netherlands Parent B.V.

Consolidated Statements of Financial Position
(Amounts in € thousands)

(in € thousands)

 

June 30, 2021

 

June 30, 2022

 

Assets

 

 

 

 

Non-current assets

 

 

 

 

Non-current financial assets

 

175

 

294

Intangible assets and goodwill

 

155,611

 

155,223

Property and equipment, net

 

8,810

 

17,691

Right-of-use assets

&nb

@ businesswire.com