Mytheresa increases Q1 sales by 12 percent

For its first quarter, Mytheresa, the luxury multi-brand digital platform reported net sales increase of 12 percent on a constant currency and 6.8 percent on an IFRS basis to 187.8 million euros.

The company recorded GMV growth of 8 percent on a constant currency and 3.1 percent on an IFRS basis to 204.1 million euros, while gross profit margin for the quarter was 42.5 percent.

However, the company reported a slightly negative adjusted EBITDA margin of negative 0.4 percent.

Commenting on the first quarter performance, Michael Kliger, chief executive officer of Mytheresa, said: “With our positive revenue growth and a small adjusted EBITDA loss, we demonstrated the fundamental strength of our business model compared to peers. As expected we saw a continued slow-down in demand with aspirational customers across all geographies and a high promotional intensity in the market.”

The company’s average order value LTM increased to 660 euros and number of customers increased 19 percent.

For the full fiscal year ending June 30, 2024, Mytheresa confirms its guidance at the lower end of the GMV and net sales growth range of 8 percent to 13 percent, gross profit growth range of 8 percent to 13 percent and adjusted EBITDA margin range of 3 percent and 5 percent.