Luxury retail platform Mytheresa has reported a 6.8% increase in sales for the first quarter, reaching an impressive €187.8 million. Despite a slowdown in various geographic markets, the company experienced double-digit growth in the United States. In addition to this, Mytheresa’s gross merchandise value (GMV) rose by 3.1% to €204.1 million during the quarter ending September 30.
These positive results can be attributed to a strong average order value of €660 and a noteworthy 19% increase in the number of top customers. Furthermore, Mytheresa significantly reduced its net loss for the quarter to €3.8 million, compared to a net loss of €11.9 million during the same period last year.
Mytheresa’s CEO, Michael Kliger, expressed satisfaction with the company’s solid financial performance and its ability to attain growth despite challenging market conditions. Kliger acknowledged the slowdown in demand from aspirational customers across all markets but remained confident in Mytheresa’s resilient business model, specifically its focus on high-spending customers. He emphasized that the company would be in the best position to accelerate when market conditions improve.
Looking ahead, Mytheresa is optimistic about the second half of fiscal year 2024. The company anticipates an improvement in the overall market environment, as well as the positive impact of major infrastructure investments on the business. As a result, Mytheresa has set its guidance for the full fiscal year, expecting GMV and net sales growth to range from 8% to 13%.
For more information on Mytheresa’s financial performance: Link 1
To learn more about Mytheresa’s luxury retail platform: Link 2
