Mytheresa reports strong Q4 GMV and sales growth, but swings to loss

Mytheresa has reported a strong increase in GMV and sales in the fourth quarter and full year as “big spending” customers continued to drive growth.

The German luxury retailer posted a 13 percent increase in gross merchandise value (GMV) to 222.2 million euros in the fourth quarter ended June 30, while net sales increased 16.5 percent to 203.8 million euros.

However, the Munich-based company swung to a Q4 net loss of 5.7 million euros from a profit of 1.6 million euros the prior year, while its adjusted profit narrowed to 0.8 million euros from 12.4 million euros.

For the full year, GMV grew 14.5 percent to 855.8 million euros, while net sales increased 11.4 percent to 768.6 million euros.

Its net loss in that period widened to 15.1 million euros from 7.9 million euros, while its adjusted profit narrowed to 20.3 million euros from 46.9 million euros.

“We are extremely pleased with our excellent full fiscal year 2023 results,” said Mytheresa CEO Michael Kliger in a statement.

“Double-digit growth across all geographies as well as continued profitability sets us apart especially in the current very difficult market environment.”

He said the driver of the growth was a “continued focus on the big spending, wardrobe building top customers and not the aspirational, occasional luxury shoppers”.

Looking ahead, Mytheresa said it expects a “much stronger” second half of the year as “the market environment improves and the full leverage of major infrastructure investments boost the business”.

For FY24, it expects GMV and net sales growth in the range of 8 percent and 13 percent, and an adjusted EBITDA margin in the range of 3 percent and 5 percent.