Mytheresa outperforms market despite falling profits

Luxury clothing retailer Mytheresa has hailed its Q2 performance as it said it “outperformed almost all competitors” despite posting an operating loss of €4.4m (£3.7m).

For the second quarter ended 31 December 2024, Mytheresa said it saw solid growth with Net Sales increasing +8.3% on a constant currency basis despite facing what it called a “challenging macro environment” in Q2 FY24.

The performance was particularly aided by its US market outperformance with Net Sales growth of +17.4%.

The group also hailed continued global Top Customers Growth with the number of customers growing by +15.6% in Q2 FY24 while also seeing a new record high of Average Order Value LTM increasing by+5.4% to €672 (£574) in Q2 FY24.

For the full fiscal year ending June 30, 2024, it now expects Adjusted EBITDA margin in the range of 3% and 5%.

Michael Kliger, CEO of Mytheresa, said: “We are pleased with our results in a challenging macro environment. With positive revenue growth and positive adjusted EBITDA in the second quarter, we not only surpassed market expectations but also outperformed almost all competitors. Our resilient business model and our clear focus on the high-spending, wardrobe-building top customers allow us to win market share in the current market environment and we are thus well positioned to benefit and accelerate when market conditions will improve.

“We are very confident about the medium-term outlook for the company given the very positive projections for the digital luxury sector and our competitive strength. We believe that Mytheresa offers the best digital luxury shopping experience for big-spending consumers and true luxury brands.”