Mytheresa Q1 GMV up 21 percent, EBITDA narrows

Luxury e-commerce platform Mytheresa has reported a 20.8 percent increase in gross merchandise value (GMV) in the first quarter of the year.

The German retailer posted a GMV of 197.9 million euros in the three months to September 30, up from 163.9 million euros a year earlier.

That came as sales increased 11.4 percent to 175.9 million euros.

The company’s adjusted EBITDA narrowed to 11.6 million euros from 14 million euros a year earlier.

Mytheresa achieved growth across all geographies during the quarter as well as all categories, including its recently launched Life category, which comprises home and lifestyle products.

CEO Michael Kliger said the business continued to achieve “above average GMV growth” in the US market.

He also said Mytheresa achieved “very good growth” in Mainland China, where the company is growing its local teams and making investments under its new local leadership.

“With our unique customer focus, a highly adaptive business model and operational excellence we are very confident to deliver against our communicated targets for full fiscal year 2023, despite ongoing challenges in the macro environment,” Kliger said.

Looking ahead, Mytheresa continues to expect full-year GMV in the range of between 865 million euros and 910 million euros, representing growth of between 16 percent and 22 percent.

It expects net sales of between 755 million euros and 800 million euros, representing growth of between 10 percent and 16 percent.

Adjusted EBITDA is expected to be in the range of 68 million euros to 76 million euros.