Mytheresa warns ‘macro headwinds persist’ in Q3 preliminary results

German e-commerce luxury platform Mytheresa announced its preliminary unaudited financial results for Q3 ended March 31, 2023, as well as an updated outlook for the full fiscal year, ending June 30, 2023.

In the report, the company said “macro headwinds persist and continue to affect consumer sentiment”, which was reflected in the results for the quarter and its outlook in the year ahead.

For Q3 FY23, the retailer saw net sales in the range of 196 to 199 million euros, while its gross merchandise value came in between 218 to 221 million euros. Meanwhile, its gross profit was reported to be in the range of 89 to 92 million euros, with its adjusted EBITDA between two and four million euros.

Its previous outlook, published in February 2023, initially pointed to the lower end of the given range for top and bottom line, however as the year unfolds, the company said it was facing “multi-faceted challenges in the macro environment”, including concerns over the financial sector and inflationary pressures.

For the full year, it now expects a net sales growth between 750 to 765 million euros, up 9 to 11 percent, with a gross merchandise value rise of 13 to 15 percent. For its gross profit, the group forecasted a 7 to 9 percent rise, between 380 to 386 million euros, while its adjusted EBITDA is now expected in the range of 34 to 43 million euros, with a margin between 4.5 and 5.5 percent.

In the report, Michael Kliger, CEO of Mytheresa, said, “Despite the near-term headwinds that we regard as transitory, we remain confident in our strategy and mid and long-term goals.

“We will deliver profitable growth for the full fiscal year 2023 regardless of persisting macro headwinds and increasing promotional intensity in some geographies. This speaks to our unique positioning and resilient business model.”