German luxury retailer, Mytheresa, has announced strong preliminary results for the third quarter, indicating a near-return to profitability. The company reported net sales between €196 million and €199 million, a notable increase from last year’s €169.5 million. Mytheresa also expects gross merchandise value (GMV) for the three months ending March 31 to be between €218 million and €221 million, compared to €186.6 million in the same quarter the previous year. Furthermore, the adjusted EBITDA is projected to range between €34 million and €43 million, marking a significant increase from €10.2 million in the previous year.

In addition to these positive results, Mytheresa has updated its guidance for the full year, ending on June 30. The company now anticipates a growth in gross merchandise value of 13% to 15%, amounting to €845 million to €860 million. It also expects net sales growth of 9% to 11%, reaching €750 million to €765 million. The adjusted EBITDA is forecasted to be in the range of €34 million and €43 million.

Despite acknowledging the presence of near-term obstacles, Mytheresa remains confident in its strategic approach and long-term goals. Michael Kliger, the CEO of Mytheresa, expressed his optimism, stating, “We will deliver profitable growth for the full fiscal year 2023 regardless of persisting macro headwinds and increasing promotional intensity in some geographies. This speaks to our unique positioning and resilient business model.”

In addition to its financial achievements, Mytheresa has recently launched its China Designer Program, which showcases the works of four emerging Chinese fashion designers: Susan Fang, Didu, Jacques Wei, and Xu Zhi. Through this initiative, Mytheresa aims to expand its business in China and tap into the potential of the Chinese fashion market.

Overall, Mytheresa’s preliminary results demonstrate its resilience and ability to adapt to changing market conditions. With increasing sales and a positive outlook, the company is well-positioned to achieve profitable growth in the coming years.

Useful links:
Mytheresa Official Website
CNBC article on Mytheresa’s Q3 sales