Mytheresa Reports Q1 FY25 Financial Results
Intellectia.AI2024-11-19
Mytheresa Reports Q1 FY25 Financial Results
MYT Netherlands Parent B.V., operating under the brand Mytheresa, announced its financial results for the first quarter of fiscal year 2025, which ended on September 30, 2024. The digital luxury platform demonstrated robust financial growth and improved profitability despite ongoing market uncertainties.
Key Financial Metrics
| Metric | Q1 FY25 | Q1 FY24 | Year-over-Year Change |
|---|---|---|---|
| Total Revenue (€M) | 201.7 | 187.5 | +7.6% |
| GMV (€M) | 216.6 | 203.7 | +6.3% |
| Gross Profit Margin (%) | 43.9 | 42.4 | +150bps |
| Adjusted EBITDA Margin (%) | 1.4 | -0.6 | +200bps |
Mytheresa achieved a revenue growth of 7.6% year-over-year, reaching €201.7 million. The company also improved its gross profit margin by 150 basis points to 43.9% and achieved enhanced profitability with an adjusted EBITDA margin of 1.4%, a notable improvement from -0.6% in the same quarter last year.
Revenue Performance by Segment
| Segment | Q1 FY25 | Guidance or Previous Period |
|---|---|---|
| US Market Growth (%) | +14% | - |
| Average Order Value (€) | €720 | +9% Year-over-Year |
The US market demonstrated substantial growth with a 14% increase in net sales share, which now represents 20% of Mytheresa's total sales. The average order value (AOV) reached a record €720, signaling increased customer engagement and spending.
Key Developments and Operational Highlights
- Acquisition of YOOX NET-A-PORTER (YNAP):
- The acquisition agreement includes YNAP being sold with a cash position of €555 million and no financial debt.
- Mytheresa will issue shares representing 33% of its full diluted share capital to Richemont Italia Holding S.P.A.
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Closing is expected in the first half of 2025, subject to regulatory approvals.
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Customer Engagement and Product Launches:
- Launch of exclusive collections in collaboration with high-end luxury brands such as Chloé, Saint Laurent, and Gucci.
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Events like an intimate dinner with Simone Rocha and Mytheresa’s annual cocktail soirée in Milan.
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Expansion into China:
- Launch of Mytheresa’s Chinese brand name, 美遴世, and the Mytheresa WeChat Mini Program to enhance market penetration.
Executive Commentary
Michael Kliger, CEO of Mytheresa, expressed satisfaction with the results, stating, "We are very pleased with our results despite many short-term uncertainties. With strong revenue growth and positive adjusted EBITDA, we continued our positive business momentum. Our record high AOV, improved gross margin, and excellent customer satisfaction scores highlight the fundamental health of our business."
Forward Guidance
For the fiscal year ending June 30, 2025, Mytheresa anticipates GMV and net sales growth in the range of 7% to 13%, with an adjusted EBITDA margin between 3% and 5%.
Stock Price Movement
Post-earnings release, Mytheresa's stock saw a decline of 1.13%.
The company's strategic initiatives and continuous expansion efforts underscore its commitment to maintaining a robust growth trajectory despite a challenging market environment.
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