Thank you, Michael.
with and fiscal June our with growth, and beats extremely in top-line quarter our regarding performance profitability. exceeding consensus additional are fourth ending pleased throughout and year We market expectations, ‘XX, ‘XX, the excellent our full
outperforming capturing consolidating in our in continued successfully regions strongly We market. of market. grow to continue a We path all share the the of world, market
the model I valuable year. Unless ‘XX, year business continue from superior Our and growth fiscal profitable our is full like times during clear exclusive us stated, difficult believe otherwise details offering. all we quarter to market speak in now. top-line on positioning numbers to multi-brand We'll additional end boost top which of refer will certain and a XXXX, our profitable financial even will the to Euro. highly and to and focus fourth clearly base, of apart and loves inspiring customer the key provide which quarter our and sign very the growth, on double-digit XX, others, developments fiscal sets results now of June full
period compared quarter to increased by growth, market above expectations, by again clearly ‘XX, to XX%, running from EURXXX.X April beat constant the to impressive peers. June, In as at grew an currency, this year million GMV GMV of EURXXX.X double-digits, the Also, million. delivering With growth prior XX.X%. superior strong we fiscal (ph) of fourth
top per and customer. by grew be expanding valuable to of highly top the GMV by X% of their customers driven average increased Our in plus as The continues quarter customer spent our number growth base. XX% well top
year fiscal GMV also EURXXX.X to prior ‘XX, to above year. full the by in This grew million EURXXX.X XX.X% expectations. as the For is compared million
XX%. For the full fiscal customer by base our year, top we grew
as revenues. our ‘XX, the able year were top also customer per top of saw customer. GMV average. per a total XX.X% by which generates X.X% achieved in customer grow reflected now addition, strong higher customer base by per GMV by last on of three In X.X% the growth years, we In to we customer grew our fiscal XXX%, we our by X.X% base and increase total In a performance
the last Total on during in million the increased X AOE months XX value operating XX%, delivered to EURXXX. past reflects shipment first of order quarters improves price EURXX time. order in increase The sweet of average per focus full economics our high record increased the and by Our selling the spot breaking successful clearly years high-end the continuous and mark order shipped luxury. a by in for and
quarter. customers visible highly the attractive the in is the our Our grew in our our is top superior positioning, performance competitive customers a Despite in to especially of by market, of which top being business. U.S. The U.S. also XX%. number XX% by by first-time grew and number our the total up during the buyers grew U.S. XX% makes GMV The last in of U.S. the in quarter, XX% in now
price expanding opportunities profitability We due benefit grow in enjoy leadership margins to note other worldwide are and world. business of parts asset-like management, region to position worldwide our and in focus, any cost model, of It continuing to the capturing our important Europe the similar are full and that growth strict from is we world. and
industry. growth, and consistent delivering which We is are unique in the to committed robust
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uncertain As for expect of full June remain until XXXX, GMV we the challenging growth XX%. optimistic cautiously times, fiscal to we which face XX, and year macroeconomic runs X% very and
We net performance also above delivered expectations. sales
For the year. prior the an full at XX.X% million, EURXXX.X year, were net million increase EURXXX.X sales from in fiscal
we the model GMV season, reminder, overall the differ us the in a wholesale independent market the performance operating different in brands either operate the expect sales luxury a and wholesale of as growth of each net the because under rates brand or brand and is As quarter individual ongoing model the of may with CPM. of under This CPM. deviations
CPM the revenues. we net our At book fee commission of only sales,
XXX% net from million wholesale better and June, GMV brand to EURXXX.X some several During rate than increased The performance net period. in in wholesale sales CPM the as sales XXX% individual sales. is higher brands to million compared in EURXXX.X the to XX.X% by prior of to a in year due performing brands. April is net to quarter Remember, reflected growth
is XXX% above CPM of reflected in in of reflected GMV. a sales. than brands Performance wholesale brand rate GMV, net even growing only but sales Therefore, in strength results is several net its commission average faster
we in to ‘XX, growth expect differences expect that the the sales sales therefore, similar forward, growth. will and fiscal significant. to growth be full we Going And X% range not GMV for also net those net the XX%, between GMV year of
of flexibility one the As our offer or our will ‘XX, each both brand fiscal fiscal CPM. and operating have major seamlessly partners under we of efforts the We provide seven full two can in QX collaboration year fashion that switch brands to brands wholesale and CPM expect models from model to year.
the expectations the fiscal Gross X.X% the at profit fiscal year and year. above The respectively, growing million for million continuously for was high during EURXX.X quarter at EURXXX.X full market full and before. which points the of already in year, margin gap profit stable operating gross the versus last during gross of profit XX% saw quarter XXX basis margin we a explained quarter in
exactly will calculation, for compare this quarter to which in you line GMV promotional of it and margin stable margin And profit now our effects I operative XXX with the effects the gross profit environment the indicates that gross points. achieved guidance. manageable. slippage and is heavy technical forecast later. exclude explain and are was around This year's If the in last basis and The
gross the basis profit profit margin to this effect current narrow year in outlined is quarter, to ‘XX. the of compared more we GMV expect sales result, the before. XXX margin decrease towards as than on stronger additional a points calendar based We reported net An see around growing Already gap. last a the in margin gross technical decrease end significantly of year
not XXX growing net stronger decline even reported the gross several for net showed Therefore, to CPM is last year. than sales individual CPM this growing of was due to therefore it than sales, This and brands brands to in is points. period share faster same basis margin wholesale some is a profit As the relation the GMV. comparable quarter
the GMV Comparing fairer a to gross profit development. on margin the you gives view
which absolute EURXX.X slippage, at expectations. call. was noted expected, points quarter, our the of XXX basis the in earnings outperformed achieved the Here, gross end million, we profit last the At the stable which saw and was margin in is as day,
As be be this the gross mathematically affected profit model of brands there performance the reported will from certain in operating under differences CPM, will the quarters. of individual wholesale margin
the also and profit ‘XX gross with Our growing to on fiscal gross grow we X% focus figure remains XX% year growth. absolute profit in line for line expect to top
full of industry EURXXX.X fiscal margin the is leading grew For above ‘XX, profit year profit an to gross expectations. The level by XX.X%. gross X.X% at million
on in stable quarter. and a continue to we ratio to remarkable combined focus prior compared This customer considering broaden XX.X% price worldwide unchanged. shipping Our full experience remains with high remains base end success the cost QX pressures. selling our at payment cost and our is positioning The
net while setup. cost successful and the outside further worldwide Our sales implementation share to improving from duty XX% customer The high-performing stability ratio XX%. mirrors increased of our and payment Europe efficiencies cost our
For shipping by full fiscal ‘XX, ratio points slightly XX the to and increased basis payment XX.X%. cost year the
deliver our to is environment. Mytheresa growth for and rates, line top is this double-digit unique able which in industry
are We attention. successful, in market marketing and and base. share top saw we QX, top continued high new In efforts growing acquisition customer capturing as customer we our customer potential investing our
also is prior During events held million, led year million, due the ratio. a marketing to comp increase expenses EURXX.X effect basis the low to XXX rose quarter. points the against in QX, shift The as reaching marketing of which comparing EURX.X cost increase by it is customer in
stable were the XX.X% increased marketing XX.X%, EURXXX of the year points prior marketing For million XX almost year, in period. from expenses an with basis full ratio fiscal cost
were we ratio keep cost the again, able to stable. Once marketing
efficient customer buyers. while activities top increasing online marketing our marketing being geared and towards continue time approach efforts in We with first successful events
at spent, our quickly model us were million modify business to looking to the macroeconomic change if EURXXX especially over flexible marketing dramatically. allows environment our Our approach,
Adjusted of the as and quarter, EURX.X year million XX.X% despite percentage cost market. decreased expenses selling, down EURXX.X in the by S&A as XX.X% during only GMV administrative in significantly fourth points prior grew Adjusted to the pressures by general marginally to basis million a compared quarter. to XX
unique We ensure even looking are we'll overall growth now. and diligently at its leverage departments efficiencies profitable like cost continues and in that path Mytheresa cost all in times
ratio EURXX.X full in at with SG&A to slight rose Looking to increase XX.X%. the basis adjusted S&A million a year, points XX of by EURXXX.X expense expenses fiscal million the
‘XX, fiscal expectations adjusted In year margin above QX, was EBITDA X.X%. of an market adjusted million with EBITDA EURX.X
full adjusted was EBITDA million, adjusted For fiscal year, EURXX.X of margin at the representing an X.X%. EBITDA
reporting consistent resilience of and record model. business Our track EBITDA positive robustness of the our adjusted exemplifies
We benchmark consistently market unique profitability bottom and the last or structural deliver barriers are results, us prevent outstanding from of industry-leading in positioning over performance, in in There the achieving experienced term. we levels line our both terms the business industry. to a setting model top medium years no in the
the macroeconomic an the given towards For and uncertainties X% promotional current EBITDA margin fiscal environment, ‘XX, year we guide of prudently X%. extraordinary to
the in market above between past, balance and growth we confident right As profitability. strong to the are strike
continues be the Our operating net income income levels. and adjusted end-to-end visible P&L profitability throughout both adjusted at the to
of flow logistic was and CapEx EURXX center despite continuous EURXX our net above X.X%. of in of fiscal amounted Adjusted In paid. than ramp EURXX.X net margin adjusted of of been to new year EURXX.X resulting cash year year cash positive fiscal flow and more amounted previous is ‘XX, income in free Leipzig, adjusted of an an operating QX a positive has X.X%. which This income ‘XX, with margin XX% income achieved million million, we million. levels a had of operating In million up of operating to the income adjusted
our of capital create for solid players debt, in players as This the hand. them EURXX utilization and managing cash other the million the will balance issues maximization. bank and our cash forced strength finished cash other the million which gives manifold no in no short-term sheet inventory some working into We We're for profit industry. EURXX a revolver, we're in financial to of us year strength, Because medium compared on fiscal term. levels industry, not with generation
current price, retain and undue attract enacted inventory to preventing this being with of customer of cohorts to right is the the levels we approach normal and XXX With focus focus return medium overarching to days term. on relationships from outstanding days mindful brand our of expect XXX aging. days the in around inventory full and Our measures,
any us elevated to The deliveries is last position year. compared first, June earlier level concerns because, for current inventory create does not due to the
We XXX million points, have to basis of earlier deliveries fall/winter compared or EURXX last year.
influenced by reduction is there CPM with a merchandise year. previous and Second, programs was buyback in stock unique therefore last year brands
our XX% and third, peers. inventory a current price targeted over our longer covers high-end than sales we the rates and With positioning seasons. to full period luxury, much and the of are able upcoming And achieve
As continue additional over bear a mind XX% us in a reminder, double-digit and [indiscernible] successfully others, achieved clear unlike we also rates, that merchandise. months. sales growth target usually we're enabling to out to achieve of XX Please
operate only at a we around points of an margin slippage addition, In reported industry-leading profit fiscal margin gross XX% year. of profit last XXX gross and basis
in XX-month availability EURXX a bank equivalence total of year fiscal ‘XX cash of XX, and We no facilities as credit unused ‘XX. ended period financial of in million, the EURXX.X role June position a cash of with under million and strong the debt, of
Leipzig EURX year paid million and to ‘XX. of inventory EURXX fully in around the warehouse the warehouse remaining CapEx only have in is fiscal We our million
in weeks In model we bear double-digit after them flow addition the we inventory we growth from high have only with partners, the the our conversion our cash customer in a with our as risk cash cycle and we favorable business CPM to pay payment receive rates, free model. no CPM
change to great position top our to in growth We to dramatically. double-digit adjust are are line macroeconomic situation and fuel if therefore able short-term the a were
gross guiding to and adjusted profitable calendar between uncertainties fiscal of year and are between for to macroeconomic X%. very XX%, continue profit We're in XX%, GMV for difficult EBITDA now. proud like that thus growth believe X% even for an XXXX, story, full market X% sales our ‘XX a optimistic We are environment cautiously and sure. growth We continued margin will the year net and X% between growth
remember HX our seasonality. weaker QX year stack QX talked much The our fiscal please As seen benefits years, new terms year, we expect improvements. our tech stronger. and improved and prior already in a QX of IT growth flexibility, our of stronger quarterly HX performance But Michael varies due in in new personalization, this whereas leveraging technology usually development QX of quarters, that to are are addition, the regionalization, versus cost in HX. platform margin performance. of drive about for speed, will performance and and
Furthermore, in distribution HX of of fiscal delivery also speed in fully benefit new year XXXX, international in of airfreight Leipzig start center processing efficiencies. adjacency we terms to the DHL will direct to of from and hub our in
the points EBITDA margin basis also aware season, that over for pressure by line an HX. adjusted ‘XX. XXX Therefore, in XXX many and HX. from the to the significantly year margin to of players reduce compared amount be of ordered Finally, HX ’XX to reduced, growth XXX expect a for basis improvement points last therefore which XX end with upper our inventory on we promotional HX of points figures, basis ranges year was guided to HX a fiscal will we're clearly top will Spring/Summer HX of acceleration basis points
in expect headwinds, the and line for full EBITDA infrastructures, and performance be to range, new ‘XX. negative guidance guided Given This QX. adjusted the of to promotional slightly marginally QX below the year. fiscal still year we macro our stages current only reflected also year we early top already in above prior heavy above way, our In expect due is the same our environment
long-term remain We the confident very medium our outlook for and for business.
are currently gaining We market share.
We infrastructure have just milestones. major two completed
which and behind benefit when will does fast. more proportionally market usually current leaves the economic luxury challenges, the very We quickly, over thus it
Our is position every getting stronger month. market
During for will top you multi-brand this top beyond, a the most customers see and building and our leadership luxury the powerhouse the successful fiscal luxury brands. position luxury year luxury, fortification in of
now for back the call remarks. turn over will concluding to I his Michael
