Mytheresa Q1 sales grow but it posts small loss as aspirational consumers cut back

Mytheresa has posted "solid" sales growth of 12% to €187.8 million in the quarter ending 30 September but recorded a small EBITDA loss of -0.4% as aspirational shoppers cut back their spend.

The luxury fashion platform's strategy is to focus on high-spending wardrobe builders, as opposed to occasional aspirational shoppers, which its says will set it in good stead when the market recovers.

GMV growth was reported as +8.0%, despite challenging market conditions, while the number of top spending customers was up 19% with average order value up 5.4% at €660.

The US was a particularly strong performer with net sales growth of +28.9% and +56.1% growth in US top customer numbers.

CEO Michael Kliger said: “We are pleased with our results in a very difficult macro environment. With our positive revenue growth and a small Adj. EBITDA loss, we demonstrated the fundamental strength of our business model compared to peers. As expected we saw a continued slow-down in demand with aspirational customers across all geographies and a high promotional intensity in the market.”

Kliger continued: “We achieved strong double-digit revenue growth in the United States, grew again our business with our global top customers over-proportionally and managed to mitigate significant margin pressures with cost reductions. With our resilient business model and our focus on the high-spending, wardrobe-building customers we will be best positioned to benefit and accelerate when market conditions improve.”

The Munich-based business said it expected a stronger Q2 performance and for the full financial year is expecting GMV and net sales growth in the range of 8% to 13% with gross profit between 8% to 13%. Adjusted EBITDA is forecast to be between 3% and 5%.