MYTHERESA(US:MYTE)2024-11-19 11:00Financial Performance - Gross Merchandise Value (GMV) increased by 6.3% from €203.8 million to €216.6 million[8] - Active customers decreased by 2.7% from 865,000 to 842,000[8] - Net sales rose by 7.6% from €187.5 million to €201.7 million[8] - Adjusted EBITDA improved significantly from €(1.2) million to €2.9 million, a 353.0% increase[8] - Adjusted Net Income turned positive at €5.4 million compared to a loss of €(3.3) million, representing a 265.4% change[13] - Operating loss widened from €(13.5) million to €(30.0) million, a 122.9% increase[8] - The company reported a net loss of €(23.5) million, which is a 93.2% increase compared to the previous year[11] - For the three months ended September 30, 2023, Mytheresa Group reported a net loss of €12,174 thousand, which increased to €23,522 thousand for the same period in 2024, reflecting a 93.5% increase in net loss year-over-year[27] - Adjusted Net Income for the three months ended September 30, 2024, was €5.4 million, a significant improvement from an Adjusted Net Loss of €3.3 million in 2023, resulting in an Adjusted Net Income margin of 2.7%[114] Sales and Orders - Total orders shipped increased by 3.3% from 2,027,000 to 2,095,000[8] - Net sales for the three months ended September 30, 2023, were €187,467 thousand, which rose to €201,701 thousand in 2024, indicating a growth of 7.6%[49] - Net sales increased from €187.5 million in September 2023 to €201.7 million in September 2024, reflecting a growth of approximately 7.1%[114] Profitability Metrics - Gross profit margin improved by 150 basis points from 42.4% to 43.9%[8] - Gross profit for Q3 2024 was €88.6 million, an increase of €9.1 million, or 11.5%, with a gross profit margin improvement from 42.4% to 43.9%[152] - Adjusted EBITDA improved to €2.9 million, with an adjusted EBITDA margin of 1.4%, compared to an adjusted EBITDA loss of €1.2 million and a margin of -0.6% in the prior year[112] Expenses and Losses - Selling, general and administrative expenses surged by €17.6 million, or 45.8%, from €38.4 million to €56.0 million, with the SG&A cost ratio increasing by 700 basis points[156] - Operating loss for Q3 2024 was €30.0 million, compared to a loss of €13.5 million in Q3 2023[147] - Net loss for Q3 2024 was €23.5 million, compared to a net loss of €12.2 million in Q3 2023[147] - General and administrative expenses surged by €14.9 million (202.6%) from €7.4 million in Q3 2023 to €22.3 million in Q3 2024, primarily due to corporate transaction-related expenses[161] Cash Flow and Financial Position - Mytheresa Group's cash and cash equivalents at the end of the period increased from €7,497 thousand in Q3 2023 to €8,960 thousand in Q3 2024, showing an increase of 19.5%[27] - The company reported a net cash used in operating activities of €33,317 thousand for Q3 2023, which improved to €26,655 thousand in Q3 2024, indicating a reduction of 20.1%[27] - Cash and cash equivalents as of September 30, 2024, were €9.0 million, with approximately 83% held in Germany[170] Market and Strategic Developments - The online penetration of luxury personal goods is projected to rise from 21% to 33% from 2021 to 2025, indicating a significant market opportunity for the company[132] - The company launched Mytheresa Kids in 2019 and Mytheresa Men in January 2020 to capture underserved categories, enhancing its product offerings[133] - The company is investing in a new distribution center in Leipzig, Germany, to support its growth and operational efficiency[135] - On October 7, 2024, Mytheresa announced an agreement to acquire YOOX Net-A-Porter Group S.p.A for €555 million in cash, with Richemont Italia Holding S.P.A retaining a 33% stake in Mytheresa[103] Customer Metrics - Active customers decreased to 842 thousand from 865 thousand year-over-year, while total orders shipped increased to 2,095 thousand from 2,027 thousand[112] - Active customers are defined as unique customer accounts making at least one purchase in the preceding twelve months, which is a key growth indicator for the company[117]