MYT Netherlands Parent BV-ADR (NYSE:MYTE) posts decent growth

MYT Netherlands Parent BV-ADR (NYSE:MYTE),  is a Germany-based holding company, stock fell 1.38% (As on September 16, 11:13:36 AM UTC-4, Source: Google Finance) after the company in the fourth quarter of FY 22 has reported the gross merchandise value, GMV, by plus 18.2% compared to Q4 of fiscal year 2021. The United States, which is one of the key growth markets showed again an above-average GMV growth with plus 28% compared to Q4 of fiscal year 2021. The fourth quarter saw a record number of brand collaborations, which gives evidence to the unparalleled luxury brand relationships the company have as a business. Examples from the fourth quarter include the launch of an exclusive 72-piece capsule collection from Dolce & Gabbana only available on MyTheresa. The exclusive prelaunch of the Loro Piana resort collection on MyTheresa and the launch of an exclusive capsule collection from Christian Louboutin on MyTheresa. The average spend per customer grew by plus 5.8% in the fourth quarter of fiscal year 2022 compared to Q4 of fiscal year 2021. The top customer base grew by plus 22.1% in the fourth quarter of fiscal year 2022 compared to Q4 of fiscal year 2021. The adjusted EBITDA margin was at 7.9% compared to 6.9% in the previous year quarter. Adjusted net income in this quarter was EUR 11.8 million as compared to EUR 7.6 million in the prior year period, representing an increase of 55.1%

Meanwhile, in May 2022, the company had successfully launched a four-main category called Life in addition to the womenswear, menswear and kids were offering on MyTheresa. Life offers the high-end luxury customers a curated of the home and lifestyle products. The company launched with a curated set of 50-plus brands across categories such as tabletops, furniture, glassware and vases, as well as travel and pet accessories and other lifestyle products. The offer combined fashion luxury brands such as Gucci, Dolce & Gabbana, Cazal and Missoni, with true lifestyle brands such as Vitra, Genovi, Alessi or Zanat.

For fiscal year ’23 is GMV is expected to be in the range of EUR 865 million to EUR 910 million, representing 16% to 22% growth. Net sales is expected to be of EUR 755 million to EUR 800 million, representing 10% to 16% growth. Gross profit at EUR 410 million to EUR 435 million, growing in line with GMV, also representing 16% to 22% growth. And adjusted EBITDA is expected to be in the range of EUR 68 million to EUR 76 million and an adjusted EBITDA margin to be between 9% and 9.5%.

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