MYT Netherlands Parent B.V. (MYTE) 19 Nov 242025 Q1 Earnings call transcript

Greetings, and welcome to the Mytheresa First Quarter of Fiscal Year 2025 Earnings Conference Call. [Operator Instructions] Today's call is being recorded, and we have allocated 1 hour for prepared remarks and Q&A. It is now my pleasure to introduce your host, Martin Beer, Mytheresa's Chief Financial Officer. Thank you, sir.

You may begin.

welcome, quarter Mytheresa's of and for Conference operator, first the fiscal you, everyone, Investor to Call Thank year XXXX. is today me our Kliger. Michael With CEO,

materially. Before results risks make in factors about that are remind uncertainties forward-looking include we described are like our to including expectations statements. discussions could subject the and to and forward-looking we today Report. Many will uncertainties, cause begin, you comments Any differ statements would and actual we Annual our to risks

under to duty are We forward-looking statements. no update

will addition, not In this certain reported in refer we to call. financial accordance on measures with IFRS

You Michael. can available our on these the investors.mytheresa.com. I financial is earnings Relations Investor measures turn website at find in reconciliations of our will which to press over release, now non-IFRS call

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the on fiscal performance today year comment our of XXXX. will results first quarter and We of

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strong growth extremely hand this I provide improve will, well-positioned expected are our as profitability for support and of to of first in YNAP to even the and to profitable financial course, targets. And acquisition market opportunities over confidence quarter medium-term the of discuss tremendous in results growth. more We detail. trajectory All The the now growth from conditions benefit to our results Martin globally. the prospects continue

'XX truly excited focus XXXX. the plans our we the provide ended highlights therefore, of about on more quarter YNAP, fiscal for and this XX, of of in-depth the Thank acquisition and also a after view closing. September I performance on will, you, first year financial our call Michael. our I'm will future

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inventory levels our now already performance. to top line reached have in relation We target

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the growth plus XX.X% the the and We continue revenue markets, top by of leadership especially Europe, position In number in East. world, customers our at profit XX%. EUR increase of EUR increased manifest first to gross Middle to the our all regions stood million XX.X% The period. U.S. in and core grew again as to of U.S. XX.X%, plus an strong preceding XX.X to year XX.X margin in basis at XXX year compared million 'XX, as points quarter fiscal gross of fiscal compared QX the by year. The prior the of showed

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the brand price selling, in promotional cost on payment to decreasing customer shipping adjusted during of on at and efficiencies ratio return shipping, rates, our our in and standing market, focus we first While competitors QX now full demonstrate able our from resulting gross XX.X% in This in a payment that to profit the basis improved clearly decreased and result 'XX. route. With still high compared unique AOVs, were our fiscal efforts focus is year experienced quarter, improvement customs improved implementing XX as of unique of in our continuous creation, sell-through by global and following points effects some activities we success to achieve rates XX.X% with setup. increased the continue margins support not price during full The we quarter.

focus to marketing high of softer potentials. the on mindful and efforts We market overall environment our continue be

XX.X% year in by adjusted expenses points remained by During XX in SG&A year SG&A compared 'XX, the modestly EUR The general year-over-year. With marketing at of million now increased decreased that, to the XX costs XX.X% modestly year fiscal ratio quarter period. cost million. EUR from QX by selling, $X.X The to adjusted prior now as to cost increased administrative our basis only million prior stable GMV only XX.X%. ratio and X.X XX.X% marketing of

X.X transaction-related legal first year successfully distribution quarter. due the XX.X fully The adjusted X.X net fiscal EBITDA we expectations basis Mostly minus of moved our previous net above have in Adjusted which center income remaining cost certain at increased in distribution profit increased of closed amortization in income points the is expenses adjusted QX million X.X Adjusted other improved net net Depreciation center guidance center of and we operating the visible EUR our EUR of fiscal lines. million to operating YNAP, increase our full increased EUR other the X.X income or during level. by to Adjusted margin X.X also an EUR a all quarter, at adjusted million. The down closed points the X.X% million our basis EUR end million. EUR in and of quarter XXX warehouse QX the by installation new of in EUR increasing driven 'XX. a and XXX acquisition in million, and EBITDA and year. performance in margin adjusted to were due EUR onetime write-off first million year In X.X% distribution X.X million quarter X.X% our fiscal legacy year Heimstetten, August. Profit was in the EUR incurred improvements for million. the of by positive improvements X.X our were operations We to 'XX, increased by at sales, line X.X or legacy to by in income by with in Leipzig. and gross

Let's move flow to the cash statement.

three up the cash 'XX, EUR million, XX.X ended typical flow months our operating used September following seasonal For pattern. a XX,

to accordingly. have levels inventory We and manage buying continued our successfully adjusted

XXX Our the inventory buildup. below year-over-year seasonal by our With of inventories KPI end days. our even that, of 'XX XXX target September, DIO X.X% despite of around inventory reaching slightly inventory levels days minus are and already June at outstanding decreased end stands level the at days

the the our our as only warehouse. To on business Mytheresa or flow we EUR GMV average X% X.X with Our now Leipzig cash X.X% have of million is below stay flow of completed cash of remaining another up CapEx new from investing of used highlight model. GMV payments

at are continue comes that with no growth. the all ended the finished will surprise we we September success positioning above, and unique profitable business our clear confident on in very of and the as three hand. our we focus $X With months cash model, the quarter XX, of million For strong and it

our full We GMV and net for an margin sales between X%. growth the XXXX and between adjusted EBITDA XX% guidance also with and X% confirm and fiscal year X%

call our acquisition of to of the will long-term profitable luxury XXXX, closing that, his our growth we leadership value excited and expected thereby strong and for shareholders position YNAP multi-brand turn now set the creating remarks. the of stakeholders our all outlook I With to in YNAP. And global market over and of for HX in fortify for very Michael as aim medium- Mytheresa concluding calendar are in significant with we clear and back

Martin. you, Thank

very We XXXX are our fiscal see guided We earnings ourselves fiscal track year targets. to first year of pleased with XXXX our quarter achieve well results. on

The support second of first our weeks confidence. the quarter

continue ongoing in the from will to the by best inspiration-seeking We to high-spending online the spend, with digital desire the luxury to segment the customer only benefit of shift multi-brand importance platforms and and brand market. the consumer work increasing partners

Mytheresa line very ask are growth We a confident for your these offers participate the to trends. And that great questions. the with to in opportunity operator open investors I that,

Your first Instructions] question TD line from of Cowen. the Oliver from today [Operator Chen comes

new Chen. of component versus Katy success in customers speak on this you with I'd architecture follow-up product? is Thank This afterwards. solid how to have you. the the and quick to rates. Hallberg to on a of the I Congratulations success platform then the with for And bit return much a is the around Oliver dig first just lower like quarter little Can a performance.

picky while in for an and Thank about have many increasing return being it, And I around in really hypothesis what it's a rates. but there quite seen customers are you. buy also a the think sector they I probably very keep. as hypotheses end mean we

Jimmy that decreasing second while. two return drivers keep, also brands. They I these Louboutin tend success nail but a return Choo customers shoe we but of to is to with the slowly customers size see in Gianvito. course, or sizes or think to to of rates part, the because increasing is customers they for first so helping customers, need the spending recurring there often different you the slightly which know only One is, sign the for rate appetite a buy, of success from know And heavy their is with a exactly try. And hit existing

on high rates. these also focusing So on repeat return customers helps

rest to a around then the to related It how trended and And quarter-to-date a some quarter of Could I bit there's and potential really there there. just thinking year? or more election the like speak in macro if lot the of little any greater uncertainty would how like about growth Excellent. U.S. the noise U.S. the progress looks news was you color just the you're the to success provide for

been great success absolutely company for United over us two has The right. years. as You're a the a States last

here doing team is an amazing United Our job. States in the

is, drivers big making reaching to course, of of clients, the ongoingly out our aware of One offer. them

event in Investor think, our for, weeks, event recall, in the Rebecca Porsche in the to we an a we Presentation, new York of in Hamptons, did visible customers. But cohort it's jewelry events, will Hilton. and completely pop-up activation We with You New summer L.A. Nicky fine Vallance had I over in continue and whole L.A. have menswear generating X with a Bucherer, with

U.S. And now, the bring engagement other bring top their very new in top is because, was so QX. further election, the also driving We strong top the outreach, a ongoing the right high we decisive. customers. If always We had improved. at sentiment an outcome, this U.S. the us regardless we of with actually expect the invite friends, customers that look we which potential people as has that customers consumer customers say, believe ongoing

also did who we not won. is So uncertainty was I that who the market. No in And clear one hanging It removing result. knows have won. a think really

Mytheresa. for we So continued -- we at in continued moment, the will success expect and growth U.S. the

the Morgan. next from question J. Matthew of Boss comes P. [Operator Instructions] line Your from

a seeing notable I how core the regions mentioned Any by differences that health So progression positive today? any so would characterize quarter? in in across And the of U.S. you spending? observing overall second you're your overall know category, that customer far performance in you're Michael, luxury you maybe in shift category

Thank you, Matt.

you're right. I think

it -- in dimensions. You by cut different have to

So geography. with the let me start

with see good and consumer happy This in the luxury plus very outcome. I As grew Europe. the last Europe, very U.S. happy U.S., for quarter. also time, U.S. an is XX%, double-digit had, including growth excellent continues. X% Germany, We're We Europe. the the shape. said, challenges We with some in in a

believe removed. here economic Asia Many prospects have we is the uncertainties happened. been still markets and good also of European that countries, China. actually The In region expansion. influenced have So particularly one for some by elections really lags there's geography

So Uncertainties clear. that's and challenges are there.

So there, we are continued for account probably recovery. But good Europe would which U.S., XX% still our for shape, have to continued and for wait of sorry, in -- improvements Germany business say. I

with terms customers group. our customer The that excellent per In are driven in in top XX% by of of customer business the shape. almost was customers our more expansion overall groups, top spend

So the top of customer. XX% XX%, we added increase same, not an increase in spend of top more the it's almost amazing only customers. also per U.S., And average we the roughly this had

been segment is specific always our that in has good focus this So very shape.

to customer quite will some of Everyone sort year. business about continues of we up. The course, by, be in vacation. luxury, question top didn't the ready-to-wear, do of continues sentiment and logic, see customer. brands everything a and picks customer their for be Christmas driven will luxury in consumer accessories any put better is, continues purchase course, business QX loosely of bags. segment, you believe item connected jewelry. improvements, is, year. We that be for to I sort QX that, not a main be aspirational categories there of we to focus important skipped improvements to the fine course, will quiet the our them to think business under -- course, believe full aspirational last continues see be see and as We can of We a drive our also of better the And next but some improvements. recovery,

early clients launch the where resort launch the cruise start Jan, in festive will beautiful go for evening and we to the our be We will December, February, December, of because it -- will our ready-to-wear. we, Caribbeans, at beginning think it be But moment, Mediterranean. to campaigns already

to business luxury actually that experiences to So growth. boom good show continues also as continue

elaborate for of you then promotional today what levels inventory And Martin. as second quarter Great. And gross means the the back luxury holiday? Could for maybe the across on year? and margin we just enter half follow-up in backdrop, the it a channel

eased mean in margin. promotions, to have and due the that we preceding and heavy led saw quarters the gross even talked market, Yeah. that there about Matt, and I season, that less a market, continued overall. And our accordingly. stay more the Fall/Winter inventory inventory focus and on continue to less happy to 'XX in Spring/Summer focused, full that pressure true we with profit is excess 'XX our stay with to Exactly. selling do levels promotional very that And to managing price to in so. inventory decreasing

in approach our a we balanced -- and shows So clearly numbers. this always followed

side, profit reversed that. slippage stabilized gross margin the one we the On and

profit were customers top our very including the 'XX. And fiscal very the the levels and is we promotional and overall this expect but margin line in showed a gross the improvement rates, of margin with on and sell-through a So points line our rebalance of in. we also to improvement already playing inventory a inventory higher increase stabilization quarter. more in full we're therefore, for that gross the And in continue profit the a strong in share, quality to year able we strategy, to basis leads in really high the rebalancing gross better expectations. full price And to potential profit. that top same margin customers sale higher time, the that And the XXX and on subtle on focusing getting the new

to buildup. inventory levels despite So June I called growth are minus and the seasonal now inventory despite slightly figures also the inventory below year-over-year -- out below the are X.X% compared that

as fiscal stable, we days overall the around healthy planned to our also development target So up be around days mean, to be XXX XXX year -- fluctuations for we expected very but days the there quarters, exactly enabled the for. will XXX. Obviously, and DIO in always this the level outstanding And expect at now as inventory. I coming end inventory be is to we

looking So that inventory reached side balancing inventory basis gross also a managed of and quite stabilization levels. gross margin the that and and going profit and a in slippage quarter, this levels margin a achieved points the with profit stabilization and on turnaround reflected the the successful slightly customer fully XXX target, We -- the on brand of side improvement. strategy ahead

competitors a situation becoming but and promotional effect customer being see improved as is the activities, inventory so especially competitors So on being less still clearly we target and struggling promotional -- the customers relevant as or the always, we in customers our as industry us. we our overall all therefore, of and market, the in from less do less what ] activities and for the the [ at different see less

of from Your line next Helgans the Ashley Jefferies. question comes from

Blake for on Ashley. It's

end -- that case? And still So a QX then on Do at to I But expansion, ask you bottom know expect be your expect your just that. be you see line. positive I think weaker if to I and believe don't inflection philosophy. said you gross like if more I high margin. you guidance you QX that wanted EBITDA range. I previously QX to gross the It's on had could have would nice feel the also margin the on continued comment to margin of there. specifically, a

why maybe Is for incrementally investing or that ahead reason conservative? being there you the is be in higher reason expenses deal there EBITDA margin couldn't if any year? you can are just the maybe of comment or So any

I I Yeah, mean, quarter. this mean the happy to question. take that -- first overall the is

will top June, continue margin, profit full we the to So have in which you develop. pointed we our with 'XX, the lines year exactly in fully track for line obviously but will all manage line, expectations. we to how cost see gross fiscal on we Right ends with and QX, through, now, are good out, the as are

not strategy, So shift especially no one-offs, for acquisition. major through no in YNAP upcoming

And QX margin improvement expect for case EBITDA profit always five last margin the stick in with obviously confirm guided. profit year-over-year. for the margin earnings We on of adjusted the strategy versus to, that EBITDA continue very for X% of That QX year last in full in and margin. achieved X% lower called not very and in QX this improved nice current our that compared EBITDA as the will EBITDA fiscal guided EBITDA expectations. QX XXX improvement and points -- overall the to to QX We continue we typical versus we're to quarter quarters are adjusted -- was So lead X% completely to for stays and it's the X% QX, the quarter X.X%. an margin gross we EBITDA line guidance, adjusted years. EBITDA situation, gross the on what outside and in go-to-market. that guidance. for expectations guidance seasonal in adjusted to QX the That overall call 'XX improved. QX. basis overall the for see fiscal performance. And we we with out adjusted to mean, is clearly been guiding of the than typical. very line has margin weaker margin It That's or year secure really I That's an an the and typical, expect but the margin it that And that our QX we margin of the I the QX example,

margin. in lines So continue and to with secure full very driven cost we EBITDA completely will enable improvement right. growth. again, Part year all the improvement will that adjusted good, aligned And profitable the guidance to margin, that be on X% all clear gross other our work visible our expectations of but an profit to and fiscal you're for X% by of

that I was you'll be what That's integration And to proposed how able now the know last it. have you could work ask, one, deal, an or part be very there? if of deal just then think of -- helpful. can going important the could I a don't you talk about integration you confidence I ahead there any to maybe but smooth start it, tech Is gives much doing

until is of conducted analyzed all tax supporting the the the that at We proper mean, any cannot stack a the I lifting. YNAP, we due authorities, is course, moment at place heavy But Sure. diligence. deal by approved the we in do all that on different businesses. And develop And work fulfill the part stack prepare course, businesses. identified. what to part we defined on still start. That of to needs we the we, needs that our can we to tax can supporting side our

been we So the only once deal actual the start ongoing together has approved. working engagement, other can But already. the in that sense, with is work side, actual the

have And your question-and-answer of the end we conference you Thank concludes This for participation. call. our today's session. reached

You disconnect. may now