📈 Sales and Growth
Mytheresa reported impressive growth in the third quarter of the 2023/24 financial year. From January to March, sales reached €233.9M ($251.5M), marking a 17.6% increase from the previous year. The gross merchandise value (GMV) also saw a 14.7% rise, amounting to €252.2M ($271.2M). CEO Michael Kliger stated, “We are very pleased with the strong performance in the third quarter.” He emphasized the double-digit sales growth and the high-growth US business as key drivers.
🌟 EBITDA and Loss Reduction
Mytheresa's earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted for special effects, were €9.2M ($9.9M) in Q3, a remarkable 183.8% increase. The company also managed to significantly reduce its net loss to €3M ($3.2M), which is 41.7% less compared to the same period last year. Kliger commented, “We see ourselves as one of the few winners in an otherwise still difficult market environment.”
📊 Future Outlook
For the entire 2023/24 financial year, ending in June, Mytheresa expects GMV and net sales to grow between 8% and 13%. The EBITDA margin, adjusted for special effects, is projected to be between 3% and 5%. Despite challenges, Mytheresa is optimistic about maintaining gross profit levels similar to the previous year. The company attributes its success to changing customer preferences towards digital channels and a consolidating luxury e-commerce landscape.
🌐 Market Position
Mytheresa continues to gain market share, supported by above-average growth rates. The CEO stated, “With our above-average growth rates, we are clearly gaining market share.” The focus on building a community for luxury lovers and creating desire through both digital and physical experiences has positioned Mytheresa as a strong player in the luxury e-commerce sector. Their success in the US market underscores their strategic initiatives and customer-centric approach.
How will Mytheresa sustain its growth in a tough market?
