Munich – MYT Netherlands Parent BV (NYSE: MYTE), also known as Mytheresa, announced its results for the third quarter of fiscal year 2024, revealing a significant raise in net sales of 17.6% to EUR 233.9 million, exceeding the analyst consensus of 221.75 million euros.

Despite higher revenues, the company reported an adjusted earnings per share (EPS) loss of -$0.06, which was less than the expected EPS of $0.04.

The gross merchandise value on the luxury e-commerce platform (GMV) also saw a significant raise of 14.7% to €252.2 million compared to the same period last year. Mytheresa’s US operations particularly stood out with remarkable GMV growth of 41.6%, with top US customer base growth of 48.3%.

The overall number of Top Customers increased 17.0% in the third quarter, contributing to the robust growth of the company’s global customer base. In addition, the average order value in the last twelve months (LTM) increased by 8.0% to a record level of EUR 692.

Adjusted EBITDA for the quarter improved significantly, reflecting improved profitability compared to the prior year. However, gross profit margin declined slightly, falling to 43.4% from 45.6% in the prior year, a decline of 220 basis points (BP).

CEO Michael Kliger expressed satisfaction with the quarter’s results, highlighting double-digit revenues and growth in the number of top customers, as well as significant growth in the U.S. business. Kliger attributed these successes to Mytheresa’s unique approach to building a community of luxury enthusiasts and creating appeal through digital and physical experiences.

Mytheresa expects gross profit for the full fiscal year ending June 30, 2024 to be in line with last year’s level and reaffirmed its earnings and earnings growth forecasts at the lower end of the range of 8% to 13%, with an adjusted EBITDA margin of 3% to 5%.

The company’s financial performance reflects its position as one of the few winners in a challenging market environment, benefiting from a consolidating landscape of luxury e-commerce players and a market with significant growth prospects driven by customer preferences shifting towards digital channels.

Mytheresa’s commitment to providing exclusive collections and exceptional customer experiences, together with the successful conversion of the revolving credit facility into a modern multi-year agreement, positions the company to continue to grow and raise market share.

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