MYTE - Why MYT Netherlands Parent Stock Is Soaring Today
2023-09-14 15:25:49 ET
MYT Netherlands Parent (NYSE: MYTE) stock is making big gains in Thursday's trading. The company's share price was up 12% as of 2:30 p.m. ET in the daily session, according to data from S&P Global Market Intelligence .
MYT Netherlands Parent, which is the parent company of luxury e-commerce business Mytheresa, published results for the fourth quarter of its fiscal year that ended on June 30. Sales, gross merchandise volume, and customer engagement results came in ahead of expectations, and the performance is powering gains for the stock.
MYT's gross merchandise value (GMV) increased 13% year over year in Q4 to reach 222.2 million euros, and its revenue rose 16.5% to reach 203.8 million euros. While the company slipped into posting a loss of 5.7 million euros in the quarter after posting a profit of 1.6 million euros in last year's quarter, the expansion doesn't look particularly concerning in light of progress on efforts to reach new customers and increase engagement with those already using the Mytheresa platform.
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Why MYT Netherlands Parent Stock Is Soaring Today