MyDeal’s Milestone-Packed Third Quarter

Power Retail By Power Retail | 02 May 2022

MyDeal’s third quarter was one of its most successful, surpassing one million active customers and an increase in revenue and gross sales. 

The Australian online retailer recorded gross sales of $60.4 million, increasing 35.2 percent on pcp. Moreover, its revenue is up a ‘staggering’ 92 percent on pcp, reaching $16 million. According to the marketplace, this was driven by growth in gross sales and a growing contribution from the in-stock range.

MyDeal has also reported a record number of active customers, increasing 15.4 percent, and now surpassing one million in total. Within this, 61.8 percent of all transactions are from returning customers. In comparison, this figure was 56.1 percent in Q3 FY21.

“I’m pleased to report that once again, MyDeal has delivered strong quarterly growth, with Gross Sales of over $60 million, up over 35 percent on the prior year,” said Sean Senvirtne, the CEO of MyDeal. The business believes that with this ongoing momentum and sustained growth, the business will be positioned well to reach its FY22 gross sales guidance of $270 million.

“We also continued to see strong customer advocacy for MyDeal, with Active Customer growth of over 15 percent, up to a record 1,019,698 customers,” Senvirtne continued.

“Returning customers continue to grow, now accounting for 61.8 percent of all transactions, which is testament to our continued focus on user experience and personalisation across platforms including the MyDeal app, as well as the attractiveness of our In-stock range which continues to show strong growth momentum.”

Revenue has grown to $16 million, which was driven by its gross sales and in-stock range. In-stock, which includes its third party and private label range delivered $9.1 million, which is a 301 percent increase compared to the same period last year.

“A key ambition of ours has been to leverage our proprietary technology to launch new marketplaces,” Senvirtne said. This quarter, MyDeal launched its experiences marketplace, Amazed.com, which Senvirtne believes can scale quickly by leveraging its existing marketing and customer acquisition capability to continue driving revenue for the company.

MyDeal reported a negative cash flow of $9.9 million for the quarter, which is in line with expectations, and ‘primarily reflected seasonality’ in the timing of payments and build-up of working capital, the business shared. MyDeal remains well capitalised, and currently has $29.2 million cash at bank as at 31 March 2022.

“Given the growth we are experiencing and the confidence in our value proposition, I am pleased to reaffirm that MyDeal is on track to deliver to our FY22 Gross Sales guidance of $270 million, which will position us on the pathway to achieve $500 million Gross Sales and positive EBITDA by FY25,” Senvirtne said.

MyDeal’s shares have increased from $0.60 a share to $0.64 over a five-day period. It is one of the only well-performers on the ASX E-Com Index, shedding 13.5 percent over 90 days.

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