Mytheresa warns of sales slump as retailers prepare to reopen stores

// Mytheresa sales rose over 30% to £247.1 million for the 6 months to December 31

// Gross profit increased over 30% to £119.1 million

// Adjusted EBITDA soared over 89% to £28.3 million

Mytheresa has recorded a sales rise of 30.4 per cent year on year to €285 million (£247.1 million) for the six months to December 31.

The online retailer increased its gross profit by 31.1 per cent year on year to €137.3 million (£119.1 million).

Adjusted EBITDA rose by 89.1 per cent year on year to €32.6 million (£28.3 million).

Its adjusted operating profit rose to €28.5 million (£24.7 million), a colossal 113.3 per cent rise on the previous year.

Mytheresa has expanded its menswear collection and launched exclusive capsule collections and pre-launches with designers including Valentino, Moncler, Dolce & Gabbana, Loewe, Christian Louboutin and Max Mara.

The retailer achieved a record number of first time buyers, totalling over 100,000 in the three months to December 2020.

“Even considering clear tailwinds, the strong results of the second quarter of fiscal year 2021 confirm once more our strategy and unique business model: Mytheresa is about inspiration not aggregation,” Mytheresa chief executive Michael Kliger said.

“It is about an unrivalled, highly curated offering, a focus on high-end luxury customers, sophisticated technologies and a first-class in-house managed service experience.

“Our full commitment to acquire and retain the best customer base in the market creates a reinforcing cycle of outstanding brand relationships that feed a superior customer value proposition to generate strong customer economics, which allows us to stay true to our strategic focus. Therefore, we will continue to deliver growth as well as profitability.”

Mytheresa expects a strong performance for the financial year ending June 30.

However, it is expecting the sales rise to slow down as shops reopen on the high street.

For the financial year, it predicts sales to be in the range of €565 million (£489.9 million) to €580 million (£50.9 million), representing a growth between 26 per cent and 29 per cent.

Last month, Mytheresa raised $407 million (£297 million) in a US IPO after parent company MYT Netherlands Parent sold around 15.65 million depositary shares for $26 (£18.98) each.

The shares begun trading on the New York Stock Exchange on January 21, and the offering closed on January 25.

The listing was underwritten by Morgan Stanley, JP Morgan, Credit Suisse, UBS, Jefferies and Cowen.

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