Mytheresa Announces Fiscal Year 2024 Fourth Quarter and Full Year Financial Results
Intellectia.AI2024-09-12
Mytheresa Announces Fiscal Year 2024 Fourth Quarter and Full Year Financial Results
MYT Netherlands Parent B.V. (NYSE: MYTE), operating as Mytheresa, released its financial results for the fourth quarter and full fiscal year ending June 30, 2024. The company, a leading luxury multi-brand digital platform, reported strong revenue growth and notable profitability improvements amidst ongoing macroeconomic challenges.
Key Financial Metrics
| Financial Metric | Q4 FY24 | Q4 FY23 | YoY Change |
|---|---|---|---|
| Net Sales | €840.9 million | €766.0 million | +9.8% |
| Adjusted EBITDA | €25.8 million | - | - |
| Adjusted EBITDA Margin | 3.1% | - | - |
The company demonstrated a substantial 9.8% increase in net sales for the full fiscal year 2024, reflecting its strong market presence and demand. The adjusted EBITDA margin also saw growth, indicating improved profitability.
Revenue Performance by Segment
| Segment | Revenue in FY24 | Performance vs. Guidance |
|---|---|---|
| Total GMV | €913.6 million | Aligned |
| US Market | Share Increased to 20% | Positive |
Mytheresa reported an overall improvement in Gross Merchandise Value (GMV), recording €913.6 million in FY24, a 7.1% YoY increase. The US market demonstrated outstanding growth, expanding to 20% of total sales, underscoring its significance in the company's strategic operations.
Key Developments and Operational Highlights
- Achieved a record-high Average Order Value (AOV) of €703 in FY24.
- Conducted highly impactful customer events globally in partnership with luxury brands.
- Launched exclusive capsule collections with top brands like Valentino and Gucci.
- Successfully ramped up operations at the Leipzig warehouse, enhancing customer satisfaction, with over 80% of orders processed.
Comments from Company Officers
Michael Kliger, CEO of Mytheresa, expressed satisfaction with the company's performance, particularly in the fourth quarter, which continued to drive momentum with double-digit growth and nearly doubled profitability compared to the previous year. He emphasized Mytheresa's role as a leading luxury platform delivering unique experiences and remarkable customer satisfaction.
Forward Guidance and Stock Performance
For FY25, the company anticipates GMV and net sales growth in the 7% to 13% range, with an adjusted EBITDA margin between 3% and 5%. Following the earnings release, Mytheresa's stock experienced a slight decline, with a reported after-event change of -1.40%.
Mytheresa remains committed to capitalizing on its strategic strengths, focusing on high-end luxury offerings, digital innovations, and customer relationship enhancements to sustain and grow its market position in the coming fiscal year.
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