Mytheresa’s financial performance in the first quarter shows mixed results with increasing net sales but widening losses.
- The company reported a 7.6% increase in net sales, reaching €201.7m, but operating losses have more than doubled to €30m.
- The luxury etailer introduced exclusive collections with renowned brands and hosted elite events, boosting customer engagement.
- Despite the challenges, the adjusted EBITDA margin improved, indicating better operational efficiency.
- Future business forecasts are optimistic, with expected sales growth and strategic acquisitions in progress.
Mytheresa, the German luxury online retailer, has experienced a notable increase in net sales, rising by 7.6% to €201.7m for the first quarter ending 30 September 2024. This reflects a significant engagement through strategic partnerships and exclusive launches with brands such as Loewe, The Row, and Chloé. Events like a dinner reception with designer Simone Rocha have further strengthened customer relations.
However, the company also faced a challenging commercial environment, leading to a widening of its operating losses to €30m — a 123% increase compared to the prior year’s same period. Despite these losses, Mytheresa has shown resilience by achieving a positive shift in its EBITDA, improved by 200 basis points to a 1.4% margin, compared to a negative 0.6% margin a year earlier.
The CEO of Mytheresa, Michael Kliger, remarked on the business’s performance, highlighting strong revenue growth and improved customer satisfaction scores. With a record-high average order value of €720, the company is poised to leverage improved market conditions in the upcoming quarters.
In its strategic pursuits, Mytheresa has not only projected a positive EBITDA margin between 3% and 5% for the full fiscal year ending 30 June 2025 but also anticipated sales growth of between 7% and 13%. A significant move towards expanding its market hold includes the acquisition of a 33% stake in Yoox-Net-A-Porter from Richemont, projected to conclude in the first half of 2025.
Kliger’s confidence in maintaining leadership is evident as he states, “We have reaffirmed our leading position in a clearly consolidating sector and displayed our unique characteristic of profitable growth.”
Despite current financial challenges, Mytheresa remains optimistic about its growth trajectory and strategic initiatives.
