Mytheresa Q1 losses rise 122% to £25m despite improved sales

Mytheresa’s operating loss increased by 122% to €30m (£25m) despite an increase in sales during the first quarter of FY25.

Despite the loss in profits, net sales for the German luxury retailer increased 7.6% to €201.7m (£168.1m). 

The company was said to have had a “strong” financial performance during the quarter, with Gross Merchandise Value (GMV) reaching €216.6m (£180.5m), up 6.3% on 2023. 

Profitability improved by 200bps at an adjusted EBITDA margin level of 1.4% in Q1 2025, compared to -0.6% in the year prior. 

During the period, the company launched capsule collections in collaboration with Chloé, Bottega Veneta, Saint Laurent, Loewe and Gucci among others. 

In addition, on 7 October Mytheresa and Richemont Italia Holding signed an agreement to buy Yoox Net-A-Porter. The deal is expected to close in the first half of 2025.

For the full fiscal year ending on 30 June 2025, the group expects GMV and net sales growth in the range of 7% to 13%. Adjusted EBITDA is expected to be in the range of 3% and 5%. 

Michael Kliger, chief executive officer of Mytheresa, said: “We are very pleased with our results despite many short-term uncertainties. With strong revenue growth and positive adjusted EBITDA in the first quarter, we continued our very positive business momentum that we have seen since the third quarter of fiscal year 2024. 

“We have reaffirmed our leading position in a clearly consolidating sector and displayed our unique characteristic of profitable growth. We strongly believe that we will benefit significantly from the improving market conditions over the next quarters. Our strong growth with top customers, our record high AOV, our improved gross margin and the excellent customer satisfaction scores all highlight the fundamental health of our business.”