MyTheresa raises annual guidance after positive Q3

By

Matthieu Guinebault

Translated by
Nicola Mira

Published
May 20, 2021

Fashion and luxury e-tailer ​MyTheresa recorded a 47.5% growth in sales, reaching €164.8 million, in the current financial year’s third quarter, closed at the end of January. The e-tailer’s revenue in the year’s first nine months was €449.7 million. This was equivalent to a solid 36.2% growth, leading MyTheresa to revise upwards the guidance for the financial year ending on June 30.

MyTheresa is now forecasting an annual revenue between €600 million and €605 million, equivalent to a growth between 33% and 35% on an annual basis, while EBITDA is expected to improve by at least 9.1%, reaching approximately €55-59 million.

In the first nine months of the year, EBITDA was €43.7 million, well up from €20.3 million recorded a year earlier, while the profit margin rose to 9.7%, up from 6.2% the previous year.

“In Q3, the company was even able to accelerate its growth rate,” said General Manager Michael Kliger, adding that “we set a fresh record in terms of new buyers in the [third] quarter, and these new customers are showing higher-than-before repeat purchasing rates. Also, we are seeing a strong increase in spending by our top customers, who are beginning to return to pre-pandemic levels of activity, enjoying social events and holidays. We recorded robust growth in nearly all regions, especially in the USA, where we posted a sales rise in excess of 76%.”

The number of MyTheresa’s active customers increased by 24% on an annual basis, up to 621,000. And in Q3, the website posted a record growth in first-time buyers, whose number exceeded the Q2 record of over 100,000.

MyTheresa was launched in 2006, and in the 2020 financial year it reported a revenue of €449 million. The site is active in 133 countries, and in January it was listed on the New York Stock Exchange, with an IPO which valued MyTheresa at $2.2 billion. In April, the company put Heather Kaminetsky, a former vice-president at Net-a-Porter, in charge of its North America business, for which it has ambitious plans.