MYTHERESA(US:MYTE)2024-09-12 12:40Financial Performance - Mytheresa reported a 14% Net Sales growth in H2 FY24 compared to the previous year, with a 10% increase in Q4 FY24[6] - Net Sales for FY24 increased to €840.9 million, reflecting a 9.8% growth from €766.0 million in FY23[10] - Net sales rose by 9.7% to €223.2 million for the three months ended June 30, 2024, compared to €203.4 million in 2023[26] - Net sales increased from €203,401 thousand in Q2 2023 to €223,188 thousand in Q2 2024, representing a growth of 9.0%[33] Customer Metrics - The US market experienced a 25% growth in full FY24, expanding its Net Sales share to 20%[6] - Average Order Value (AOV) reached a record high of €703 in full FY24[6] - Active customers decreased by 0.5% to 852,000 for the twelve months ended June 30, 2024, down from 856,000 in 2023[26] - Average order value rose by 7.4% to €703 for the twelve months ended June 30, 2024, up from €654 in 2023[26] - Customer satisfaction was highlighted with a Net Promoter Score of 83.0% in Q4 FY24[6] Profitability and Margins - Adjusted EBITDA margin improved to 4.3% in H2 FY24, up from 1.7% in H1 FY24 and 2.3% in H2 FY23[10] - Adjusted EBITDA increased by 50.7% to €10.6 million for the three months ended June 30, 2024, up from €7.0 million in 2023[28] - Adjusted Net Income surged by 295.3% to €4.5 million for the three months ended June 30, 2024, compared to €1.1 million in 2023[30] - Adjusted Operating Income increased by 68.9% to €6.5 million for the three months ended June 30, 2024, compared to €3.9 million in 2023[30] - Gross profit margin decreased by 150 basis points to 47.4% for the three months ended June 30, 2024, from 48.9% in 2023[26] Operational Metrics - Gross Merchandise Value (GMV) grew by 11.4% in H2 FY24 and 7.8% in Q4 FY24 compared to prior year periods[10] - Total orders shipped increased by 3.9% to 2,090,000 for the twelve months ended June 30, 2024, compared to 2,012,000 in 2023[26] - Gross Merchandise Value (GMV) increased by 7.8% to €239.3 million for the three months ended June 30, 2024, compared to €221.9 million in the same period of 2023[26] Future Outlook - The company plans to achieve GMV and Net Sales growth in the range of 7% to 13% for the upcoming fiscal year[10] - Mytheresa is focusing on exclusive collaborations and pop-up experiences to strengthen its luxury brand positioning[10] Expenses and Financial Position - Marketing expenses decreased from €32,116 thousand in Q2 2023 to €26,461 thousand in Q2 2024, a decrease of 17.6%[33] - Finance costs increased from €972 thousand in Q2 2023 to €1,285 thousand in Q2 2024, an increase of 32.2%[33] - Cash and cash equivalents decreased from €30,136 thousand at the beginning of the period to €15,107 thousand at the end of the period, a decline of 50.0%[39] - Total shareholders' equity decreased from €443,429 thousand in June 2023 to €435,643 thousand in June 2024, a reduction of 1.8%[35] - Total assets remained stable, increasing slightly from €693,970 thousand in June 2023 to €696,511 thousand in June 2024[35] Losses and Improvements - Operating Income loss improved by 39.5% to a loss of €1.6 million for the three months ended June 30, 2024, from a loss of €2.6 million in 2023[30] - Operating loss improved from €2,639 thousand in Q2 2023 to €1,598 thousand in Q2 2024, a reduction of 39.5%[33] - Net loss decreased from €5,353 thousand in Q2 2023 to €3,604 thousand in Q2 2024, reflecting a 32.6% improvement[33]