MYT Netherlands Parent B.V. (NYSE: MYTE) (“Mytheresa” or the
“Company”), the parent company of Mytheresa Group GmbH, today
announced preliminary unaudited financial results for the third
quarter ended March 31, 2023, and updated outlook for the full
fiscal year ending June 30, 2023, as macro headwinds persist and
continue to affect consumer sentiment. The company also announced
the date for the release of its third quarter fiscal year 2023
ended March 31, 2023 financial results.
Mytheresa’s previous outlook, from February 2023, pointed to the
lower end of the given range for top and bottom line. As the fiscal
year unfolds, significant uncertainty persists regarding the
multi-faceted challenges in the macro environment and their impact
on the company, including recent concerns over the financial
sector, persistent inflationary pressures and increased promotional
intensity by other players putting pressure on gross margins.
PRELIMINARY THIRD QUARTER FISCAL YEAR 2023 RESULTS
- Gross Merchandise Value (GMV) in the range of €218-221
million
- Net Sales in the range of €196-199 million
- Gross Profit in the range of €89-92 million
- Adjusted EBITDA in the range of €2-4 million
UPDATED BUSINESS OUTLOOK
For the full fiscal year ending June 30, 2023, the company now
expects:
- Gross Merchandise Value (GMV) growth of 13% to 15%, to €845-860
million
- Net Sales growth of 9% to 11%, to €750-765 million
- Gross Profit growth of 7% to 9%, to €380-386 million
- Adjusted EBITDA in the range of €34-43 million with an Adjusted
EBITDA margin between 4.5% and 5.5%.
Michael Kliger, Chief Executive Officer of Mytheresa,
said, “Despite the near-term headwinds that we regard as
transitory, we remain confident in our strategy and mid and
long-term goals. We will deliver profitable growth for the full
fiscal year 2023 regardless of persisting macro headwinds and
increasing promotional intensity in some geographies. This speaks
to our unique positioning and resilient business model.”
CONFERENCE CALL AND WEBCAST INFORMATION
Mytheresa will release third quarter fiscal year 2023 financial
results before the U.S. market open on May 10, 2023. A conference
call to discuss its results will follow at 8:00am Eastern Time that
same day. Those wishing to participate via webcast should access
the call through Mytheresa’s Investor Relations website at
https://investors.mytheresa.com. Those wishing to participate via
the telephone may dial in at +1 (888) 550-5658 (USA). The
participant access code will be 4922601. The conference call replay
will be available via webcast through Mytheresa’s Investor
Relations website. The telephone replay will be available from
11:00am Eastern Time on May 10, 2023, through May 17, 2023, by
dialing +1 (800) 770-2030 (USA). The replay passcode will be
4922601. For specific international dial-ins please see here.
FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements relating to the impact of the
COVID-19 global pandemic; the impact of restrictions on use of
identifiers for advertisers (IDFA); future sales, expenses, and
profitability; future development and expected growth of our
business and industry; our ability to execute our business model
and our business strategy; having available sufficient cash and
borrowing capacity to meet working capital, debt service and
capital expenditure requirements for the next twelve months; and
projected capital spending. In some cases, you can identify
forward-looking statements by the following words: “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“may,” “ongoing,” “plan,” “potential,” “predict,” “project,”
“should,” “will,” “would” or the negative of these terms or other
comparable terminology, although not all forward-looking statements
contain these words. These statements are only predictions. Actual
events or results may differ materially from those stated or
implied by these forward-looking statements. In evaluating these
statements and our prospects, you should carefully consider the
factors set forth below.
We undertake no obligation to update any forward-looking
statements made in this press release to reflect events or
circumstances after the date of this press release or to reflect
new information or the occurrence of unanticipated events, except
as required by law.
The achievement or success of the matters covered by such
forward-looking statements involves known and unknown risks,
uncertainties and assumptions. If any such risks or uncertainties
materialize or if any of the assumptions prove incorrect, our
results could differ materially from the results expressed or
implied by the forward-looking statements we make.
You should not rely upon forward-looking statements as
predictions of future events. Forward-looking statements represent
our management’s beliefs and assumptions only as of the date such
statements are made.
Further information on these and other factors that could affect
our financial results is included in filings we make with the U.S.
Securities and Exchange Commission (“SEC”) from time to time,
including the section titled “Risk Factors” included in the form
20-F filed on September 14, 2022 under Rule 424(b)(4) of the
Securities Act. These documents are available on the SEC’s website
at www.sec.gov and on the SEC Filings section of the Investor
Relations section of our website at:
https://investors.mytheresa.com.
ABOUT NON-IFRS FINANCIAL MEASURES AND OPERATING
METRICS
Our non-IFRS financial measures include:
- Adjusted EBITDA is a non-IFRS financial measure that we
calculate as net income before finance expense (net), taxes, and
depreciation and amortization, adjusted to exclude Other
transaction-related, certain legal and other expenses and
Share-based compensation expense. Adjusted EBITDA Margin is a
non-IFRS measure which is calculated in relation to net sales.
Three Months Ended March 31,
2023
Low
High
(in millions) (unaudited)
Net loss
€ (7.1)
€ (4.4)
Finance expenses, net
€ 0.9
€ 0.5
Income tax benefit
€ (1.3)
€ (1.7)
Depreciation and amortization
€ 3.3
€ 3.0
EBITDA
€ (4.2)
€ (2.6)
Other transaction-related, certain legal
and other expenses (1)
€ 0.2
€ 0.6
Share-based compensation (2)
€ 6.1
€ 6.1
Adjusted EBITDA
€ 2.0
€ 4.0
Reconciliation to Adjusted EBITDA
Margin
Net Sales
€ 196
€ 199
Adjusted EBITDA margin
1.0%
2.0%
(1) Other transaction-related, certain legal and other expenses
represent (i) professional fees, including advisory and accounting
fees, related to potential transactions, (ii) certain legal
expenses incurred outside the ordinary course of our business and
(iii) other non-recurring expenses incurred in connection with the
costs of establishing our new central warehouse in Leipzig,
Germany.
(2) Certain key management members and supervisory board members
have been granted share-based compensation for which the
share-based compensation expense will be recognized upon defined
vesting schedules in the future periods. Our methodology to adjust
for share-based compensation and subsequently calculate Adjusted
EBITDA includes both share-based compensation expenses connected to
the IPO and share-based compensation expenses recognized in
connection with grants under the Long-Term Incentive Plan (LTI) for
the Mytheresa Group key management members and share-based
compensation expenses due to Supervisory Board Members Plans. We do
not consider share-based compensation expenses to be indicative of
our core operating performance. For further information about how
we calculate these measures and limitations of its use including a
reconciliation of amounts under our former methodology to our
current methodology, see page 28 of our Q2 quarterly report.
We are not able to forecast net income (loss) on a
forward-looking basis without unreasonable efforts due to the high
variability and difficulty in predicting certain items that affect
net income (loss), including, but not limited to, Income taxes and
Interest expense and, as a result, are unable to provide a
reconciliation to forecasted Adjusted EBITDA.
Gross Merchandise Value (GMV) is an operative measure and means
the total Euro value of orders processed. GMV is inclusive of
merchandise value, shipping and duty. It is net of returns, value
added taxes and cancellations. GMV does not represent revenue
earned by us. We use GMV as an indicator for the usage of our
platform that is not influenced by the mix of direct sales and
commission sales. The indicators we use to monitor usage of our
platform include, among others, active customers, total orders
shipped and GMV.
ABOUT MYTHERESA
Mytheresa is one of the leading global luxury e-commerce
platforms shipping to over 130 countries. Founded as a boutique in
1987, Mytheresa launched online in 2006 and offers ready-to-wear,
shoes, bags and accessories for womenswear, menswear and kidswear.
In 2022, Mytheresa expanded its luxury offering to home décor and
lifestyle products with the launch of the category “LIFE”. The
highly curated edit of over 200 brands focuses on true luxury
brands such as Bottega Veneta, Burberry, Dolce&Gabbana, Gucci,
Loewe, Loro Piana, Moncler, Prada, Saint Laurent, Valentino, and
many more. Mytheresa’s unique digital experience is based on a
sharp focus on high-end luxury shoppers, exclusive product and
content offerings, leading technology and analytical platforms as
well as high quality service operations. The NYSE listed company
reported €747.3 million GMV in fiscal year 2022 (+21.3% vs.
FY21).
For more information, please visit
https://investors.mytheresa.com.
Source: MYT Netherlands Parent B.V.
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version on businesswire.com: https://www.businesswire.com/news/home/20230419005490/en/
Investor Relations Contacts Mytheresa.com GmbH Stefanie
Muenz phone: +49 89 127695-1919 email: investors@mytheresa.com
Solebury Strategic Communications Deena Friedman / Maria Lycouris
phone: +1 800 929 7167 email: investors@mytheresa.com Media
Contacts for public relations Mytheresa.com GmbH Sandra Romano
mobile: +49 152 54725178 phone: +49 89 127695-236 email:
sandra.romano@mytheresa.com Media Contacts for business
press Mytheresa.com GmbH Alberto Fragoso mobile: +49 152
38297355 phone: +49 89 127695-1358 email:
alberto.fragoso@mytheresa.com
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