German luxury retail platform Mytheresa has reported strong sales growth in the first quarter of fiscal 2024, bucking the trend of a slowdown in all geographic markets. The company experienced a 6.8% increase in revenues, amounting to €187.8 million, with particularly impressive growth in the United States counterbalancing slower growth in other regions. Furthermore, Mytheresa saw a 3.1% increase in its Gross Merchandise Value (GMV), reaching €204.1 million. These positive figures are reflective of the company’s successful efforts in attracting and retaining customers, with the average order value during the quarter amounting to €660 and the number of top customers growing by 19%.

In addition to the promising sales results, Mytheresa announced a significant reduction in its net loss to €3.8 million, down from €11.9 million in the same period the previous year. This signifies a solid financial performance for Mytheresa, especially considering the challenging market conditions. Despite a decrease in demand from aspirational customers and heightened promotional activity within the industry, Mytheresa managed to achieve impressive revenue growth in the US and alleviate margin pressures through cost-cutting measures.

Michael Kliger, CEO of Mytheresa, expressed his satisfaction with the company’s results, emphasizing that they demonstrate the underlying strength of their business model compared to their competitors. Kliger also highlighted the company’s strategic focus on high-spending customers who build their wardrobes over time, positioning Mytheresa favorably to capitalize on market improvements and accelerate growth. Looking ahead, Mytheresa expects a stronger second half of fiscal 2024 as the market environment improves and significant investments in infrastructure begin to yield positive results.

For the full fiscal year ending on June 30, Mytheresa has set its guidance at the lower end of its expected ranges, anticipating GMV and net sales growth between 8% and 13%. Despite the challenges posed by the current market conditions, Mytheresa remains optimistic about its future prospects and remains confident in its ability to deliver strong financial results.

Useful links:
1. Mytheresa Official Website
2. Mytheresa’s Outlook Report