Mytheresa Q3 sales leap by 47.3% as it benefits from customer shift to digital
Mytheresa sales jumped by 47.3% in Q3 compared to the same period last years as the luxury online fashion retailer benefited from the continuing consumer shift to digital.
In the quarter ending 31 March 2021, the Munich-based and New York-listed businesses, posted net sales of €164.8 million with strong profit growth. Adjusted EBITDA hit €11.1m compared to €3.1m in Q3, FY 2020. The company pointed out that the acceleration in its sales was evident by the 66% two-year net sales growth versus Q3, FY 2019, giving a pre-pandemic comparison.
As a result of the strong performance it has upped its sales and profit guidance for the full fiscal year to between €600m and €605m in net sales, translating into 33-35% full fiscal year growth, and €55m-€59m adjusted EBITDA at a 9.1% to 9.8% margin.
Mytheresa CEO Michael Kliger said: “In the third quarter, our company was even able to accelerate our growth. This was largely driven by the continuous shift of consumer behavior towards digital and multi-brand offerings. We had a new record in first-time buyers in the quarter and our recently acquired customer cohorts show higher re-purchase rates than before.
"Additionally, we are seeing a strongly increased spend from our top customers as they begin to resume pre-pandemic activities such as social events and vacation. We grew strongly in almost all geographies, especially in the US, where we saw net sales growth of over 76%.”
Kliger continued: “Even when we adjust for the relatively low comparables of the third quarter in 2020 it is very clear that our positioning as a curated, multi-brand luxury platform gives us both strategically and financially a fantastic position to capitalise both on the short-term as well long-term growth opportunities in the market.
"Our success continues to be based on a sharp luxury customer focus, strong brand partnerships and an execution-driven and profit-making business model. The extraordinary results of the third quarter demonstrate our strong position as the leading curated platform for luxury fashion. Accordingly, we have raised our guidance for the full fiscal year 2021.”
Other highlights from the quarter include a growth of active customers by 34% year-over-year to 621,000, as well as record growth in first-time buyers. Average net sales per customer across all customer groups was up 10%, while new customers acquired during this time show a greater propensity for repurchase.
Mytheresa was floated on the New York Stock Exchange in January in a move which valued the business at the time at $2.2bn.