Mytheresa ‘outperforms’ in second quarter as luxury fashion sales grow

Mytheresa reported an adjusted EBITDA loss of €7.9m (£6.76m) for the three months to December 31, 2023, as well as an operating loss of €4.4m (£3.77m).

Net sales during the second quarter were up 3.6%, and 8.3% on a constant currency basis, to reach €197m (£168.6m), up from €190.1m (£162.7m) during the same quarter in 2022.

Mytheresea posted double-digit growth in the US during the period, with net sales up 17.4% in the region.

The luxury fashion retailer also recorded a “record high” average order value, which jumped 5.4% to €672m (£575.1m) during the quarter.

Mytheresa highlighted the launch of its “exclusive” capsule collections and product pre-launches during the quarter with the likes of Loro Piana, Alexander McQueen, Victoria Beckham and Chloé.

Looking ahead, Mytheresa confirmed it expects its guidance to fall “at the lower end of the ranges”, with gross profit growth anticipated to be between 8% and 13%. Adjusted EBITDA margin for the full year is expected to be between 3% and 5%.

Chief executive Michael Kliger said: “We are pleased with our results in a challenging macro environment. With positive revenue growth and positive adjusted EBITDA in the second quarter, we not only surpassed market expectations but also outperformed almost all competitors.

”Our resilient business model and our clear focus on the high-spending, wardrobe-building top customers allow us to win market share in the current market environment and we are thus well positioned to benefit and accelerate when market conditions will improve.

“We are very confident about the medium-term outlook for the company given the very positive projections for the digital luxury sector and our competitive strength. We believe that Mytheresa offers the best digital luxury shopping experience for big-spending consumers and true luxury brands.”