MYTHERESA(US:MYTE)2024-09-12 12:30Financial Performance - In fiscal 2024, the company reported net sales of €840.8 million, representing a growth of 9.8% from fiscal 2023[233]. - The average order value in fiscal 2024 was €703, an increase from €641 in fiscal 2023[230]. - The company experienced a net loss of €24.9 million in fiscal 2024, compared to €17.0 million in fiscal 2023[233]. - Adjusted EBITDA for fiscal 2024 was €25.8 million, down from €38.4 million in fiscal 2023[233]. - Gross profit for FY24 was €384.5 million, a year-over-year increase of €4.6 million or 1.2%[274]. - Operating loss increased to €22.0 million in FY24 from €8.7 million in FY23, with net loss rising to €24.8 million from €17.0 million[274]. - Adjusted EBITDA decreased from €38.4 million in the fiscal year ended June 30, 2023, to €25.8 million in the fiscal year ended June 30, 2024, a decline of 32.8%[332]. - Net loss increased from €17.0 million in the fiscal year ended June 30, 2023, to €24.9 million in the fiscal year ended June 30, 2024, representing a 46.4% increase[332]. - The gross profit margin decreased from 49.6% in the fiscal year ended June 30, 2023, to 45.7% in the fiscal year ended June 30, 2024, a decline of 390 basis points[332]. Customer Metrics - Mytheresa's active customer base has grown at a 25.7% CAGR since fiscal 2016, with 75.5% of net sales in fiscal 2024 coming from existing customers[253]. - The number of active customers decreased slightly from 856,345 in FY23 to 852,223 in FY24, while top customers grew by 5.0%[274]. - The company has achieved an 80% net sales retention rate from prior year cohorts, demonstrating strong customer loyalty[253]. - Customer satisfaction is evidenced by a net promoter score of 75.2% in fiscal 2024[243]. Sales and Market Trends - The personal luxury goods market reached a value of €362 billion in 2023, with expected growth of 4% to 6% in 2024[236]. - The wealth of high net worth individuals (HNWIs) increased at a CAGR of 4.7% from 2016 to 2023, reaching $86.8 trillion as of 2023[237]. - Gross Merchandise Value (GMV) rose from €853.2 million to €913.6 million, reflecting a growth of 7.1%[306]. - The net sales percentage of GMV improved from 89.8% to 92.0%, an increase of 220 basis points[306]. - Net sales for online operations increased from €751.3 million in the fiscal year ended June 30, 2023, to €826.7 million in the fiscal year ended June 30, 2024, a growth of 10.0%[327]. Product and Category Development - The company launched 76 exclusive capsule collections and pre-launch campaigns in fiscal 2024[242]. - Mytheresa's Fine Jewellery and Watches category launched in 2023, with sales from products above €10,000 now making up 25% of the sales mix[260]. - The kidswear segment has expanded from 35 to 57 brands since its launch in January 2019, showing double-digit growth compared to the prior year[259]. - Mytheresa launched new categories including Mytheresa Kids in 2019, Mytheresa Men in January 2020, and Life in May 2023, expanding its luxury offerings[290]. Marketing and Customer Acquisition - Customer acquisition cost (CAC) accounted for approximately 80% of total marketing expenses in FY24, reflecting a focus on efficient customer acquisition strategies[279]. - Marketing expenses decreased from €112.0 million for the fiscal year ended June 30, 2023, to €96.7 million for the fiscal year ended June 30, 2024, with a marketing cost ratio in relation to net sales decreasing by 310 BPs[312][313]. Management and Governance - Michael Kliger has been the CEO since September 2020, previously serving as President and CEO of mytheresa.com GmbH since March 2015[358]. - Dr. Martin Beer has been the CFO since September 2020, with 14 years of experience in CFO and COO roles in e-commerce companies[359]. - The Supervisory Board includes members with extensive experience in finance and management from companies like LEGO Group and Amazon[363][365][367]. - The company is committed to maintaining strong governance with independent directors on the Supervisory Board[363]. - The total compensation for management board members for the year ended June 30, 2024, was €17,481 thousand, a decrease from €26,077 thousand in the previous year[386]. Financial Position and Cash Flow - Cash and cash equivalents as of June 30, 2024, were €15.1 million, with approximately 72% held in Germany[349]. - Net cash inflow from operating activities for the fiscal year ended June 30, 2024, was €10,015 thousand, a significant improvement from a cash outflow of €55,050 thousand in 2023[352]. - Total cash outflow from investing activities decreased to €11,809 thousand in 2024 from €22,758 thousand in 2023, primarily due to lower capital expenditures[353]. Future Outlook and Strategy - The company plans to leverage proprietary data insights to optimize customer experience and enhance inventory management[266]. - The global luxury market is projected to reach €540-580 billion by 2030, more than double its size in 2020[288]. - The company continues to invest in personnel quality to sustain medium and long-term growth strategy while managing expenses prudently[320].